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1st LD Writethru: Crude prices jump on supply prospects

Xinhua, February 4, 2015 Adjust font size:

Oil prices rallied Tuesday as oil companies are expected to cut investment.

Oil giant BP said Tuesday that its spending in 2015 was expected to total about 20 billion U.S. dollars, down from a previous guidance of 24 to 26 billion dollars.

A list of energy companies planning to slash investment this year as lower crude prices bite into group profits.

Exxon Mobil planned to release its 2015 capital expenditure plan on March 4. It spent 38.5 billion dollars in 2014, down 4 billion dollars from 2013. The company has said it expects budget below 37 billion dollars over the next several years.

Chevron Corporation announced last Friday a 35-billion-dollar capital and exploratory investment program for 2015. The 2015 budget is 13 percent lower than the total investments for 2014.

Data from service company Baker Hughes showed the number of rigs drilling for oil in the United States fell by 7 percent last week.

March delivery gained 3.48 dollars to settle at 53.05 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery moved up 3.16 dollars to close at 57.91 dollars a barrel. Endite