NEW YORK, NY--(Marketwire - Oct 8, 2012) - The recent economic slowdowns in Europe and China has seen global oil demand fall in 2012. Oil prices on Wednesday fell to a two-month low after government reports showed oil production in the U.S. have surged to a 15-year high and fuel demand decreased. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on EXCO Resources Inc. (NYSE: XCO) and Ivanhoe Energy Inc. (NASDAQ: IVAN) (TSX: IE).
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The Energy Information Administration on Wednesday reported that oil production in the U.S. was at its highest level since December 1996 reaching 6.52 million barrels a day last week, sending oil futures down as much as 3.9 percent. For the week ending September 28 fuel demand had also dropped to 18.3 million barrels a day, a 5 month low.
"The inventory numbers were rather neutral but demand looks pretty awful," said Michael Lynch, president of Strategic Energy & Economic Research. "A weak economy and falling demand will probably leave us with fuller oil tanks in the months to come."
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EXCO Resources is an oil and natural gas company with principal operations in East Texas, North Louisiana, Appalachia and West Texas. The company is scheduled to release their third quarter 2012 results on Monday, October 29, 2012, after market close.
Ivanhoe Energy is an independent international heavy oil exploration and development company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary heavy oil upgrading process. The company recently published a special report about the economic drivers and benefits of the Heavy-to-Light (HTL) technology in the September issue of Hydrocarbon Processing.
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