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Crude jumps above $102 a barrel on Ukraine unrest, lower forecast for US output

The price of oil climbed above US$102 a barrel Tuesday, supported by renewed unrest in eastern Ukraine and a lowered domestic production forecast from the U.S. Energy Department. Benchmark West Texas Intermediate crude for May delivery gained $2.12, or 2.1 per cent, to US$102.56 a barrel on the New York Mercantile Exchange, its highest closing price since March 7. Brent crude, used to set prices for international oil varieties, rose $1.85 to US$107.67 on the ICE Futures exchange in London.

Energy Department forecasts slightly lower gasoline prices for the summer and year

NEW YORK, N.Y. - Drivers will get the slightest of breaks on gasoline prices this summer, according to the Energy Department. The national average price is forecast to fall — by just one cent — to $3.57 per gallon between April and September, the months when Americans do most of their driving. Still, that would be the lowest average since 2010. For the year, the Energy Department's Energy Information Administration expects gasoline to average $3.45 per gallon, down from $3.51 last year and also the lowest since 2010.

Oil leak at S-Oil's Ulsan refinery extends three days

SEOUL/ULSAN, April 6 (Yonhap) -- An oil leak at a storage facility belonging to S-Oil Corp., South Korea's third largest refiner, continued for a third consecutive day Sunday, but was expected to be stopped before the end of the weekend, officials at Ulsan Metropolitan City Fire Department said. The leak began at about 3:30 p.m. on Friday after a mixer broke down in a tank storing 570,000 barrels of crude at the refiner's plant in Ulsan, a port city 410 kilometers southeast of Seoul, the officials said.

Oil prices mixed in Asian trade

Oil prices were mixed in Asian trade Thursday as investors weighed a surprisingly robust US stockpiles report with an expected return of Libyan supplies after a months-long disruption in exports, analysts said. New York's West Texas Intermediate for May delivery eased 20 cents to $99.42 a barrel in afternoon trade and Brent North Sea crude for May was up 11 cents at $104.90. "There is some downward pressure from the Libyan side," Tan Chee Tat, investment analyst at Phillip Futures in Singapore, told AFP.

Imperial: Kearl crude a hot commodity for refiners, including one in Malaysia

CALGARY - Imperial Oil Ltd. says 22 refineries — including one in Malaysia — have processed crude from its Kearl oilsands mine, which uses a proprietary technology to remove the "heaviest, gooiest" parts of the bitumen before it's put in a pipeline. Also Wednesday, the company said the mine in northern Alberta produced about 70,000 barrels of crude per day during the first quarter of this year — still a ways from its design capacity of 110,000 barrels.

Oil price down slightly ahead of US inventory report, mixed signs of global economic momentum

The price of oil was steady Wednesday after a big fall the day before as traders waited for a report on U.S. crude stockpiles. Benchmark U.S. crude for May delivery was down 2 cents to $99.71 a barrel at 0720 GMT in electronic trading on the New York Mercantile Exchange. The contract slid $1.84 to $99.74 on Tuesday, dented by soft Chinese manufacturing figures and expectations of another increase in U.S. crude stockpiles. Brent crude, used to set prices for international varieties of oil, was up 6 cents to $105.68 a barrel on the ICE exchange in London.

Oil slips below $100 on weak China manufacturing data, forecast of rising US crude supplies

NEW YORK, N.Y. - The price of oil fell 1.6 per cent Tuesday to just below $100 a barrel, dented by soft Chinese manufacturing figures and expectations of another increase in U.S. crude stockpiles. Benchmark U.S. crude for May delivery was down $1.61 to $99.97 a barrel in afternoon trading on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties of oil used by many U.S. refineries, was down $1.72 to $106.04 a barrel in London.

Oilsands processing odours in northwest Alberta may cause health problems: report

PEACE RIVER, Alta. - A new report says odours caused by oilsands processing in northwestern Alberta should be eliminated as much as possible because they could cause health problems. The report released Monday from the Alberta Energy Regulator follows hearings into complaints from people near Peace River who say Baytex Energy Corp.'s operations are creating powerful gassy smells. The report said steps must be taken to eliminate gas venting, reduce flaring and conserve all produced gas where feasible.

Oil steady above $101 a barrel as markets eye US-Russia talks, Chinese manufacturing report

The price of oil was little changed above $101 a barrel Monday as markets kept on eye on talks between the U.S. and Russia over the crisis in Ukraine. By early afternoon in Europe, benchmark U.S. crude for May delivery was down 20 cents to $101.47 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract rose 39 cents leaving it 2 per cent higher on the week, propelled by signs of stronger economic growth in the U.S. and global supply concerns.

Crude oil ends week with 2.2% gain on improving U.S. economy, supply concerns

The price of oil rose slightly Friday, finishing the week just over two per cent higher amid signs of stronger economic growth in the United States and global supply concerns. Benchmark West Texas Intermedite crude for May delivery gained 39 cents to close at US$101.67 a barrel on the New York Mercantile Exchange. For the week, oil rose 2.2 per cent.
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