Oil prices rise, recovering some of the 7% drop from last week
The oil prices increased on Monday as the Middle East conflict continued and markets were worried about the supply of crude from the region. Brent crude futures rose 58 cents or 0.79% to $73.63 per barrel at 11:02 am ET. ET (15:02 GMT). U.S. West Texas Intermediate Crude Futures were up 67 cents or almost 1% at $69.89 per barrel. Brent closed the week more than 7% down, while WTI fell around 8%. These were the biggest weekly drops since September 2, due to a slowdown in economic growth in China, and lower risk premiums in Middle East.
Israel to Use Seaborne Missiles to Guard Gas Fields
Israel's military said on Wednesday it had developed a version of its Iron Dome missile interceptor system that can be fired from the deck of a cruising navy ship to protect its offshore gas platforms. The augmented defense system passed a live test two weeks ago when it shot down several short-range ballistic missiles from a moving boat, said Colonel Ariel Shir, the navy's head of operational systems. Israel has boosted its naval defences over the past decade after the discovery of sizeable natural gas deposits off its Mediterranean coast.
Gaza Power Plant Resumes Operations
Gaza's only power plant has resumed operation far sooner than expected after being damaged during last summer's war between Israel and Palestinian militants. Rafiq Maliha, general director of the facility, told Reuters its generators went back online on Sunday, producing 90 megawatts out of a total potential capacity of 140 MW. The plant provides power to around half of Gaza's 1.8 million people. The Gaza Company for Generating Electricity, which operates the plant…
Brent Approaches $108 on Global Tensions
EU threatens new Russian sanctions; Euro slips to 8-month low vs U.S. dollar. U.S. crude stocks seen falling 2.8 mln barrels. Brent crude rose towards $108 a barrel on Wednesday as threats to supplies from oil-producing regions overshadowed weak demand and a stronger dollar. The European Union threatened Russia with harsher sanctions on Tuesday after the downing of the Malaysian airliner in Ukraine, straining the EU's relationship with the world's second-largest oil exporter. "When the U.S.
Israeli gas promises better regional ties
Israel in talks with Egypt, Turkey on major gas export deals; Turkey pipeline may start construction H2 2015. Israel's drive to export its new-found natural gas could help to rebuild strained ties with old regional allies Egypt and Turkey, but could deprive Europe of a precious alternative to Russian gas. Israel has in recent months already signed energy deals with Jordan and the Palestinian Authority, though relations with the Palestinians are at a low ebb, and now needs to expand its export horizons to cash in on its huge energy discoveries.
