Crude touches lowest point in August
Crude oil futures declined to their lowest level in the entire month to below $66 per barrel on Monday on concerns over the economic recovery. Crude was trading down $1.45 at $66.06 per barrel on the New York Mercantile Exchange ahead of the opening of the market by 8:53 a.m. today.
Egypt lands $2.3 billion oil and gas deal
Egypt has reportedly signed agreements for oil and natural gas explorations totaling $2.3 billion in potential investments. The companies are BP, IEOC (a unit of Eni) and Tharwa, an Egyptian firm, Reuters reported.
China makes 800 GW of power generating capacity
A report today said China has installed more than 800 Gigawatts of power generating capacity. This figure represents the nation already achieved half of its power generating capacity goal set for 2020.