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BP raises estimate of Lake Michigan oil spill, says between 15 and 39 barrels of oil released

WHITING, Ind. - Oil giant BP has raised its estimate of how much crude oil spilled into Lake Michigan during a malfunction at its northwestern Indiana refinery. BP said Thursday a preliminary estimate shows between 15 and 39 barrels of oil have been recovered from the lake at its Whiting refinery. That's between 630 and 1,638 gallons. The new figure is up from BP's initial estimate that nine to 18 barrels of oil entered the lake. BP says its crews have recovered "the vast majority" of oil visible along the shoreline.

LME setback by ruling on aluminium stockpiling

The London Metal Exchange, the main global metals market, suffered a big setback on Thursday in attempts to reform its warehousing network when a court ruled in favour of objections by Russian firm Rusal. The dispute hinges on plentiful supply of aluminium, and on low interest rates which encourage the stockpiling of metals. The decision by the High Court means that the new warehousing arrangements, a top reform for the LME, will be delayed beyond the intended launch date of April 1.

Rusal derails London Metal Exchange plan to cut warehouse queues

By Eric Onstad and Veronica Brown LONDON (Reuters) - Russian aluminium producer Rusal dealt a stunning setback to London Metal Exchange plans to cut logjams in warehouses, winning a court decision to halt the reform because consultations had been "unfair and unlawful".

Oil prices mixed after US data

Oil prices diverged on Wednesday following another large rise in US crude inventories that offset supply disruptions in Libya and Nigeria. New York's main contract, West Texas Intermediate for delivery in May rose 71 cents to $99.90 a barrel. Brent crude for May fell 23 cents to stand at $106.76 a barrel in late London deals.

North Dakota oilman urges U.S. crude exports to Europe

By Timothy Gardner WASHINGTON (Reuters) - Ending the 40-year ban on U.S. crude exports is the fastest way the American drilling boom could bolster energy security in Europe and Ukraine, the CEO of the biggest operator in North Dakota's vast oil fields told lawmakers on Wednesday.

Oil prices steady before US data

Oil prices steadied on Wednesday, with supply disruptions in Libya and Nigeria offsetting expectations of a rise in US crude inventories, analysts said. New York's main contract, West Texas Intermediate for delivery in May edged up eight cents to $99.27 a barrel. Brent crude for May rose four cents to stand at $107.03 a barrel in London deals. "Oil prices are continuing to tread water," said Commerzbank analyst Carsten Fritsch.

Shell declares 'force majeure' on Nigeria crude exports

Anglo-Dutch oil giant Shell said Wednesday it had declared a "force majeure" on crude oil exports from Nigeria as it struggles to repair a sabotaged pipeline. Shell's subsidiary in Nigeria said the force majeure was effective from Tuesday "due to ongoing repairs on the 48-inch crude export line at Forcados Terminal in the Western Niger Delta". "Force majeure" is a legal term releasing a company from contractual obligations when faced with circumstances beyond its control.

Oil prices up in Asia on US data

Oil prices rose in Asian trade Wednesday as data showed a better-than-expected jump in US consumer confidence to a six-year high. New York's main contract, West Texas Intermediate for May delivery, was up 21 cents to $99.40 a barrel in afternoon trade, and Brent crude for May climbed 23 cents to $107.22. The US Conference Board's index for March confidence came in at 82.3 -- its highest since January 2008 -- from 78.3 in February and far better than the 78.9 expected.

Oil prices up in Asia on US data

Oil prices rose in Asian trade Wednesday as data showed a better-than-expected jump in US consumer confidence to a six-year high. New York's main contract, West Texas Intermediate for May delivery, was up 21 cents to $99.40 a barrel in afternoon trade, and Brent crude for May climbed 23 cents to $107.22. The US Conference Board's index for March confidence came in at 82.3 -- its highest since January 2008 -- from 78.3 in February and far better than the 78.9 expected.

Oil prices up in Asia on US data

Oil prices rose in Asian trade Wednesday as data showed a better-than-expected jump in US consumer confidence to a six-year high. New York's main contract, West Texas Intermediate for May delivery, was up 15 cents to $99.34 a barrel in late-morning trade, and Brent crude for May climbed 16 cents to $107.15. The US Conference Board's index for March confidence came in at 82.3 -- its highest since January 2008 -- from 78.3 in February and far better than the 78.9 expected.
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