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Canada oil patent suits stir fears of technology slowdown

By Nia Williams CALGARY, Alberta (Reuters) - A subtle shift is under way in the Canadian oil industry, where collegial collaboration over vital new extraction technology is yielding to corporate protectionism in the race to profit from the world's third-largest reserves.

US oil prices edge higher as key shipping route shut

US crude prices Monday edged higher after traffic was halted on a key petroleum-industry waterway in Houston due to an oil spill. US benchmark West Texas Intermediate for May delivery rose 14 cents to $99.60 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for May delivery slipped 11 cents to $106.81 a barrel on the Intercontinental Exchange in London.

US oil prices edge higher as key shipping route shut

US crude prices Monday edged higher after traffic was halted on a key petroleum-industry waterway in Houston due to an oil spill. US benchmark West Texas Intermediate for May delivery rose 14 cents to $99.60 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for May delivery slipped 11 cents to $106.81 a barrel on the Intercontinental Exchange in London.

Precision Drilling increases 2014 capital spending, lands new contracts

CALGARY - Precision Drilling Corp. (TSX:PD) said Monday it is increasing its 2014 capital spending by about 23 per cent and that it's been awarded several new international contracts. The company, which provides drilling and other services to the oil and gas industry, says its budget for this year will be $634 million — a $119 million increase from its forecast released just last month. The new plan includes $320 million for expansion capital, $195 million for sustaining and infrastructure spending and $119 million to upgrade existing rigs.

Arctic regulators consider offshore drilling rules as industry interest grows

Growing industry interest in the offshore oil resources of Canada's Arctic is forcing northerners from east to west to confront hard questions about development. No actual drilling is likely to happen for years. But major decisions are being taken now as projects enter the regulatory system. Governments, aboriginal groups and Arctic communities are considering issues such as how to plug possible blowouts, who benefits from development and whether some waters should remain closed.

Alberta regulator approves new Cenovus oilsands project at Grand Rapids

CALGARY - Cenovus Energy Inc. (TSX:CVE) says the Alberta Energy Regulator has approved its Grand Rapids oilsands project. Grand Rapids, about 300 kilometres north of Edmonton, is expected to eventually produce 180,000 barrels of oil per day over multiple stages. Cenovus says it's been encouraged by production results at a pilot project at the site that uses steam-assisted gravity drainage technology to extract the bitumen. It says it'll decide on the timing of the project later this year.

Oil, natural gas prices fall as supply reports spur worries over demand

Oil and natural gas prices fell Thursday on concerns that demand for both is waning. Benchmark West Texas Intermediate crude for April delivery dropped 94 cents to US$99.43 a barrel on the New York Mercantile Exchange. The contract expires Thursday. Most trading has moved to the May contract, which fell 27 cents to US$98.90 a barrel. Natural gas lost 12 cents to US$4.37 per 1,000 cubic feet.

Oil market stages modest rebound

Global oil prices rebounded from earlier losses on Thursday, as traders continued to dwell on mixed US stockpiles data in the top crude consuming nation. Brent North Sea crude for May rose 58 cents to $106.43 per barrel in late afternoon London deals. New York's main contract, West Texas Intermediate (WTI) for delivery in April delivery, gained 72 cents to $99.65 a barrel. "Both the major crude oil contracts have turned higher," said Forex.com analyst Fawad Razaqzada.

US oil prices rise following inventory report

Oil prices in New York rose Wednesday after a US oil inventory report showed lower supplies at a crucial trading hub. US benchmark West Texas Intermediate (WTI) for April delivery advanced 67 cents to finish trade at $100.37 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for May delivery fell 94 cents to $105.85 a barrel in London.

Dozens arrested as Nepalese protest fuel price rise

Nepalese students protesting at fuel price rises set a parked bus on fire and vandalised other vehicles Wednesday during a strike in the capital Kathmandu, leading police to make more than 60 arrests. The city-wide strike, called by student unions to protest at an increase in the price of petrol, diesel, kerosene and aviation fuel last week, saw schools and colleges shut and most government vehicles stay off the roads. Some 2,000 police patrolled the streets, detaining protesters as they tried to enforce the strike by stopping vehicles.
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