RIYADH, Broadcasting News Corporation : Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after US data signaled weak fuel demand.
Brent crude futures rose 42 cents, or 0.4 percent, at $97.20 a barrel by 0250 GMT, while West Texas Intermediate crude futures were last up 49 cents, a 0.5 percent gain, at $91.15. Both benchmarks fell to their weakest levels since February in the previous session. Oil producer APA’s second-quarter profit nearly triples US oil producer APA Corp. reported a second-quarter profit that nearly tripled on Wednesday, bolstered by surging crude prices. The company’s net income attributable to common stock rose to $926 million, or $2.71 a share, in the three months ended June 30, from $316 million, or 82 cents per share, a year earlier. Exxon in talks with unnamed party for Sakhalin-1 transition US oil major Exxon Mobil is in the process of transitioning Sakhalin-1 assets in Russia “to another party,” according to a filing with the US Securities and Exchange Commission.
Exxon did not name the other party in its filing. Algeria’s oil output to reach 1.057 million bpd in September Algerian oil production in September will rise to 1.057 million barrels per day, Algerian Energy Minister Mohamed Arkab told state television on Wednesday after a decision by the Organization of the Petroleum Exporting Countries and its allies to raise their output goal by 100,000 bpd. The group, collectively known as OPEC+, had been increasing production by about 430,000-650,000 bpd a month but has struggled to hit full targets because most members have already exhausted their output potential. (With input from Reuters) News collected from ARAB NEWS.