Connect to share and comment

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.

Libya not in full control of re-opened eastern port

By Julia Payne TRIPOLI (Reuters) - Libya's oil protection force is not in full control of the Zueitina port as some militiamen are still at the facility following a deal to end their blockade of eastern oil terminals, a Petroleum Facilities Guard spokesman said late on Tuesday. The port, along with the country's two largest, Es Sider and Ras Lanuf, has been under the control of an eastern federalist group led by former guard member Ibrahim al-Jathran, who recruited men from within his ranks.

Oil price 'fair' despite geopolitical factors

Kuwaiti Oil Minister Ali al-Omair said Monday that current oil prices are "fair" despite strong geopolitical factors impacting the region. OPEC member Kuwait is the world's fourth-largest oil exporter, pumping around 3.0 million barrels per day, of which at least 2.6 million bpd are exported in the form of crude oil and petroleum products. "There are geopolitical factors impacting oil prices... which are not only controlled by output levels and production capacity but also by political changes," Omair told reporters on the sidelines of the second Gulf Petroleum Forum.

Exclusive: Enbridge first to confirm re-exports of Canadian crude via U.S.

By Selam Gebrekidan and Nia Williams NEW YORK (Reuters) - Enbridge Inc <ENB.TO> has become the first company to confirm plans to re-export Canadian oil from the United States, a move that could fuel debate over U.S. trade policy and intensify opposition to new oil sands pipelines.

Canada posts trade surplus in February

Canada posted Thursday a Can$290 million (US$263 million) trade surplus for the month of February as auto sales ticked up following extended holiday shutdowns at US and Canadian manufacturing plants. Exports grew 3.6 percent, outpacing a 2.1 percent rise in imports in the month, Statistics Canada said. The surplus follows a January deficit, which was revised downward by the government statistical agency to Can$337 million (US$306 million).

Oil price down despite China mini stimulus, US supply drop

LONDON - The price of oil drifted lower Thursday even after China introduced measures to underpin growth and U.S. crude inventories unexpectedly declined. Benchmark U.S. crude for May delivery was down 53 cents to $99.09 a barrel at 0900 GMT in electronic trading on the New York Mercantile Exchange. The contract shed 12 cents to close at $99.62 on Wednesday. Brent crude, used to set prices for international varieties of oil, was down 13 cents to $104.66 a barrel on the ICE exchange in London.

Key senator says U.S. office can lift part of oil export ban

By Timothy Gardner WASHINGTON (Reuters) - A U.S. government office has the power to approve exports of an abundant type of petroleum and help energy companies begin to partially bypass a 40-year ban on crude exports, according to a report released on Tuesday by Lisa Murkowski, the top Republican on the Senate Energy and Natural Resources Committee.

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.

Oil sector withholding info on rail cargoes: U.S. regulator

By Patrick Rucker WASHINGTON (Reuters) - U.S. transport regulators on Friday scolded the oil industry for not sharing important information on the kinds of rail shipments that have been involved in a number of fiery train derailments. The American Petroleum Institute (API), a trade group that represents oil industry companies, disputed the accusations.
Syndicate content