Oil bounced back from a three-month low to around $57 a barrel on Wednesday after an industry report showed a larger-than-forecast drop in U.S. crude stocks and Iran nuclear talks failed to produce a deal.
Negotiations in Vienna between Iran and six world powers dragged on beyond a self-imposed deadline as officials on both sides talked of important differences preventing a deal to lift sanctions and so allow more Iranian oil onto world markets.
"Those market participants who have been betting on a rapid Iranian return to the oil market are now likely to square their positions, which should lend short-term support to prices," said Carsten Fritsch, senior oil analyst at Commerzbank.
Brent crude LCOc1 was up 34 cents at $57.19 a barrel by 1248 GMT. On Tuesday, Brent fell to $55.10, its weakest since April 6. U.S. crude CLc1 was down 12 cents at $52.21.
Negotiators in Vienna have given themselves at least until Friday to come up with a final deal on the Iranian nuclear programme.
A senior Iranian diplomat said Tehran would not show flexibility regarding its "red lines", suggesting financial markets may have been over-optimistic on the prospects of a deal.
Prices also gained support from expectations that the latest weekly U.S. inventory data would show a drop in domestic crude inventories. The American Petroleum Institute's supply report on Tuesday showed a 958,000-barrel decline, more than analysts expected, ahead of Wednesday's official data.
Crude had come under downward pressure earlier on Wednesday as a plunge in China's stock market accelerated and the Greek debt crisis raised concern about fuel demand.
Chinese stocks slid after the country's securities regulator warned investors were in the grip of "panic sentiment" and the market showed signs of freezing up as firms had their shares suspended.
China is the world's second-largest oil consumer.
In the Greek debt crisis, euro zone members have given Athens until the end of the week to come up with a prop
XsunX Leverages Construction Expertise to Spur Sales Results
ALISO VIEJO, CA--(Marketwired) - XsunX, Inc. (OTC PINK: XSNX), a leading solar power solutions provider, commented today on the rapid growth in customer interest resulting from the Company's recent strategic expansion of operations to include direct design and construction of solar carport systems. This has allowed the Company to significantly reduce costs, and offer a more rapid Return on Investment (ROI) for customers who purchase the Company's solar power systems.
With over 1.3MW in pending solar carport proposals already under customer review, XsunX secured its first carport design/build agreement for a 160kW system in Anaheim, California. The Company is optimistic in its belief that this sale, now in the financing stage, is a strong indicator of customer interest for future agreements, specifically for businesses and organizations seeking to implement cost efficient solar power carports.
Tests by partner AlgEternal indicate algae may reduce conventional fertilizer cost up to 40 percent
LOS ANGELES & WEIMAR, Texas--(BUSINESS WIRE)--
OriginClear Inc. (OTC/QB: OOIL), developer of breakthrough water cleanup technology, and partner AlgEternal, today announced that, based on AlgEternal’s field tests, it believes that its pure algae concentrate, harvested with OriginClear technology, may reduce conventional fertilizer cost by up to 40 percent. (full story at link).
From the latest update: “The opportunities are huge,” said Riggs Eckelberry, OriginClear CEO. “Just this week, a nine-mile slick of spilled crude oil fouled parts of the California coastline near Santa Barbara. We expect that our [joint venture with ServPro] will develop crash-truck response capability, using OriginClear technology, that benefits industries, insurers and communities alike.”
“OriginClear’s EWS technology has tested well in the field,” said Dr. Luis Edgar Cabrales Arriaga, assistant professor at the Department of Physics and Engineering at CSU Bakersfield. “We’re eager to get this high-potential technology into the lab to study its application across various industries. We believe this is a valuable opportunity for students interested in water and environmental reclamation—a growing field in California—to learn from a leader in the field.”
Faculty and students of CSU Bakersfield will conduct research projects to develop and evaluate OriginClear’s technology for wastewater treatment and other industrial uses. It is expected that if available, these research projects will provide CSU Bakersfield students with internship opportunities. The MOU supports CSU Bakersfield’s commitment to educational excellence.
Oil production invention referenced by 107 other patent applications
LOS ANGELES--(BUSINESS WIRE)--
OriginClear Inc. (OTC/QB: OOIL), developer of breakthrough water cleanup technology, announced that the US Patent and Trademark Office recently granted two patents for algae production. The inventors included OriginClear co-founders, Nicholas and Riggs Eckelberry.
“We contributed these early patents to our French joint venture, Ennesys, to support that fast-growing startup,” said Riggs Eckelberry, OriginOil CEO. “Eleven additional inventions covered by 68 filings are in the pipeline, with more innovations on the way. Our respect and congratulations to my brother Nicholas for his innovation leadership.”
The first patent, “Algae growth system for oil production” (US#8,993,314), was dubbed “Quantum Fracturing” by the OriginClear co-founders. It was the first patent filing by OriginClear, then called OriginOil. It focused on the challenge of feeding enough CO2 to algae cells to enable their production at industrial scale. It was subsequently referenced in 107 other industry patents, making it a key early innovation for the fledgling algae sector. (video: Quantum Fracturing demonstration)
The second patent, “Bio-energy reactor” (US# 8,986,531), showed how hydrogen could be generated as a continuous by-product of algae production. It was called the Hydrogen Harvester. In November 2010, the company announced lab data that indicated energy production per square meter that was similar to solar cells. Inventors were co-founder Nicholas Eckelberry and Michael Green, at the time a senior company engineer.
Incentives Program Required Project Completion Speed, Flexibility, and Various Technical Approvals in a Compressed Time Period
ALISO VIEJO, CA--(Marketwired) - XsunX, Inc., a leading solar power solutions provider, addressed the California Solar Incentive (CSI) program for commercial solar projects that resulted in wait-listed applicants, among them a customer that the Company was able to provide speedy and complete implementation of a commercial solar power system guaranteeing the customer access to CSI cash incentive funds.
The California Solar Incentive program became over-subscribed in that they received more applications for incentive funds than funds remaining in the program. To address this, a Wait List was established for applicants to Southern California Edison's General Market Non-Residential CSI program. The program stated that applications on the Wait List are not guaranteed a CSI Incentive. Because of this, companies seeking incentives who receive conditional approval to proceed are required to complete projects within a compressed time schedule, and accurately finalize and deliver all necessary paperwork to secure incentive funds.
Scientific: (SIGL) was extensively tested using a range of analog electrical signals as well as bioelectric signals (specifically, ECG’s or human heartbeats) in a University study (Hymel CM, Application of Signal Advance Technology (SIGL) to Electrophysiology, University of Texas Health Science Center- Houston, Graduate School of Biomedical Sciences, August 2010). Technical: A peer-reviewed article summarizing the technology, the study results, and a host of potential Signal Advance applications was published as a feature article in the IEEE Circuits and Systems Magazine (3rd Qtr., 2011) providing technical validation. Commercial: (SIGL) was awarded first place in the 2011 Goradia Innovation Prize competition for innovative technology (Houston Technology Center Names 2011 Goradia Winners, Houston Business Journal, Oct. 6 2011). Selection criteria included 1) commercial potential of the technology, 2) soundness of the business plan, 3) potential for job growth within the region and 4) likelihood of significant long-term success