NEW YORK, NY -- (Marketwire) -- 06/21/12 -- Oil prices Tuesday rebounded on hopes of stimulus measures from the Federal Reserve and on a rising Euro. Oil investors have been worried about how a potential recession in Europe would affect global oil demand, Europe currently accounts for approximately 20 percent of the world's oil consumption. Any action by the Federal Reserve will provide a boost for oil prices, which on February 24 was at a yearly high of $109.77. The Paragon Report examines investing opportunities in the Independent Oil & Gas Industry and provides equity research on Ivanhoe Energy Inc. (NASDAQ: IVAN) (TSX: IE) and Independence Energy Corp. (OTCQB: IDNG) (PINKSHEETS: IDNG).
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Investors are watching closely for any signs of stimulus from the Federal Reserve as the U.S. central bank began a two-day meeting Tuesday. "A few market participants are still waiting and hoping for the U.S. Fed to trigger a new round of something that can boost global markets," said Olivier Jakob, a Petromatrix energy analyst.
Growing concerns of an embargo or attack on Iran, which significantly cut oil supply, have also pushed oil prices higher. The possibility of a European oil embargo in July has increased as recent talks regarding Iran's nuclear program have done little to ease tensions between Iran and the six world powers.
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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. For the first quarter of 2012 the company posted a net loss of $10.7 million, compared to $11.1 million net loss in the year ago quarter.
Independence Energy Corp. is an oil and gas exploration and development company focused on projects in the United States. Independence Energy is seeking to further advance its existing projects through development or offset drilling and to expand its portfolio to include additional property interests in the United States.
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