{"id":11419,"date":"2010-07-12T19:19:02","date_gmt":"2010-07-12T17:19:02","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11419\/brent-oil-trading-at-74-mark-as-bp-makes-well-progress\/"},"modified":"2010-07-12T19:19:02","modified_gmt":"2010-07-12T17:19:02","slug":"brent-oil-trading-at-74-mark-as-bp-makes-well-progress","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11419\/brent-oil-trading-at-74-mark-as-bp-makes-well-progress\/","title":{"rendered":"Brent oil trading at $74 mark as BP makes well progress"},"content":{"rendered":"

Brent oil prices are trading back near the $74 mark on Monday evening, loosing earlier gains as BP announces that it’s oil well plans this week are making progress and it’s UK share price bounces higher.<\/p>\n

In London, Brent crude oil futures for August 2010 delivery was at $74.50 a barrel 18.00 GMT on the ICE Futures Exchange.<\/p>\n

BP’s share price bounced higher for a fifth straight day and the latest jump higher comes amid renewed speculation about takeover attempts and progress in stemming the flow of oil from the Gulf oil spill.<\/p>\n

However, it seems highly unlikely that BP will find any company willing to takeover the troubled firm at this time when the Gulf oil spill continues unabated.<\/p>\n

The producer said it may be able to cut off the flow of oil from the damaged well this week, beginning with a pressure test today.<\/p>\n

“What we have to do is maneuver it on top of the connector and then this connector has a latching mechanism. If it goes smoothly it could be done quickly, otherwise it may take the balance of the day.” said Doug Suttles, chief operating officer.<\/p>\n

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