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Environmental regulator ends US contract ban on BP

The US Environmental Protection Agency announced Thursday an end to its ban on BP obtaining government contracts following the 2010 Deepwater Horizon disaster in the Gulf of Mexico. The EPA said in a tweeted statement that BP "agreed to safety and ethics improvements" in exchange for removing the ban, which had hurt the British company's ability to do business in the United States.

Athabasca and PetroChina's Dover oilsands project wins Alberta cabinet approval

CALGARY - The Alberta cabinet has approved the Dover oilsands project, one of the last hurdles Athabasca Oil Corp. (TSX:ATH) must clear before it can sell its 40 per cent interest to a Chinese partner. The news comes weeks after a nearby aboriginal band agreed to drop a lawsuit challenging the Alberta Energy Regulator's green-light of the project.

Oil prices mixed on US, China data

Oil prices diverged on Thursday as markets digested a batch of economic data from the United States and China, the world's two biggest consumers of energy. New York's main contract, West Texas Intermediate (WTI) for delivery in April, edged up eight cents to $98.07 a barrel. Brent North Sea crude for April slid 70 cents to stand at $107.32 a barrel in late London deals. Myrto Sokou, senior research analyst at Sucden brokers, said disappointing Chinese economic data weighed slightly on market sentiment and offset any support from the on-going tensions in Ukraine".

Oil prices diverge on US, China data

Oil prices traded mixed on Thursday as markets digested a batch of economic data from the United States and China, the world's two biggest consumers of energy. New York's main contract, West Texas Intermediate (WTI) for delivery in April, rose 31 cents to $98.30 a barrel. Brent North Sea crude for April fell 42 cents to stand at $107.60 a barrel in London afternoon deals.

Oil prices rebound in Asia

Oil prices rebounded in Asian trade Thursday as investors took to bargain hunting after sharp falls induced by a bigger-than-expected rise in US crude stockpiles. New York's main contract, West Texas Intermediate for April delivery, rose nine cents to $98.08 in afternoon trade and Brent North Sea crude for April was up 12 cents at $108.14. "Trade is relatively muted mainly due to bargain hunting activities," Tan Chee Tat, investment analyst for Phillip Futures in Singapore, told AFP.

Oil prices rebound in Asia

Oil prices rebounded in Asian trade Thursday as investors took to bargain hunting after sharp falls induced by a bigger-than-expected rise in US crude stockpiles. New York's main contract, West Texas Intermediate for April delivery, rose 13 cents to $98.12 in mid-morning trade and Brent North Sea crude for April was up 29 cents at $108.31. "Trade is relatively muted mainly due to bargain hunting activities," Tan Chee Tat, investment analyst for Phillip Futures in Singapore, told AFP.

New York's Albany County seeks to limit crude oil processing

NEW YORK (Reuters) - New York's Albany County issued a moratorium on Wednesday on the expansion of crude oil processing in the Port of Albany, pending a public health investigation. Processing and storing crude oil at the port could pose health risks, said County Executive Daniel McCoy, who estimated that the health review could take "many months."

Oil falls below US$98 on China economic slowdown jitters; higher US supplies

The price of oil dropped below US$98 a barrel Wednesday as the possibility of a deeper economic slowdown in China fed expectations of weaker demand and a report showed a rise in U.S. oil supplies. Benchmark West Texas Intermediate crude for April delivery fell $2.04, or two per cent, to close at US$97.99 a barrel on the New York Mercantile Exchange, the first close below $100 in a month. Brent crude, used to set prices for international varieties, dropped 53 cents to US$108.02 a barrel on the ICE Futures exchange in London.

IEA says U.S. oil stocks release meets obligations

PARIS (Reuters) - The International Energy Agency said on Wednesday the United States had informed it of an oil stocks release and the country remained in full compliance of its obligations. The U.S. Department of Energy said on Wednesday it would sell up to 5 million barrels of crude oil from the Strategic Petroleum Reserve, the first sale from the reserve since 1990 specifically designed as a test.

CNRL pulls application to resume steaming near site of Primrose bitumen leak

CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) has pulled an application to resume steaming at its Primrose oilsands site in eastern Alberta, as questions into a months-long bitumen spill there remain unresolved. The Alberta Energy Regulator told CNRL on Friday that its application would be denied, after which the company withdrew it. "We felt it was inappropriate to allow steaming to resume before we've completed the investigation into the leak at the site," said AER spokesman Bob Curran.
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