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Oil above US$103 a barrel on Ukraine unrest; traders shrug off supply increase

The price of crude oil rose to a five-week high Wednesday amid unrest in eastern Ukraine, even as a report showed a large rise in U.S. supplies. Benchmark West Texas Intermediate crude for May delivery gained $1.04 to close at US$103.60 on the New York Mercantile Exchange. The contract, which gained $2.12 on Tuesday, last closed above $103 on March 4. Brent crude, used to set prices for international oil varieties, rose 31 cents to US$107.98 on the ICE Futures exchange in London.

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.

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 supply after a months-long disruption in exports, analysts said. New York's West Texas Intermediate for May delivery eased 21 cents to $99.41 a barrel in mid-morning trade and Brent North Sea crude for May was up 12 cents at $104.91. "There is some downward pressure from the Libyan side," Tan Chee Tat, investment analyst at Phillip Futures in Singapore, told AFP.

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.

Spain's Repsol ramps up gas production at field in Peru

Lima, Apr 1 (EFE).- Lot 57, a gas field operated by Spain's Repsol, is expected to produce 85 million cubic feet per day of natural gas this year, thanks to investment of $808 million, state-owned oil company Perupetro said. The field, also known as Kinteroni, sprawls over 287,102 hectares (708,893 acres) in Peru's southern jungle, extending into the regions of Cuzco, Ucayali and Junin. Repsol plans to invest an estimated $592 million in the field during the 2014-2018 period, Perupetro's contract administration office said.

Connected watches, virtually absent but still creating buzz at Baselworld

Watches that connect to your smartphone or even a satellite to ensure perfect time, regardless of where you are in the world, or alert you if you leave your phone behind? Although not on prominent display they were a hot topic of discussion this past week at Baselworld, the world's largest watch and jewellery fair. The show in the northern Swiss city was yet again dominated by intricate mechanical watches, symbolising centuries of tradition, and jewel-covered timepieces showcasing the luxury and glamour that never seem to go out of fashion.

Lukoil starts output from massive Iraq oilfield

One of the biggest undeveloped oilfields in the world has begun commercial production in south Iraq, officials said Saturday, part of ambitious plans by Baghdad to dramatically ramp up output. The announcement was made during a ceremony attended by Oil Minister Abdelkarim al-Luaybi and Deputy Prime Minister Hussein al-Shahristani, as well as officials from Russian energy giant Lukoil, the principal firm developing the enormous West Qurna-2 field.

BP raises Lake Michigan oil spill estimate; Senators request meeting

WASHINGTON (Reuters) - More oil than previously thought may have leaked into Lake Michigan this week from BP Plc's Indiana refinery, the company said on Thursday, after two U.S. Senators requested a meeting with the British oil major. The request from Senators Mark Kirk, a Republican and Dick Durbin, a Democrat, both from Illinois, came before BP issued its estimate that between 15 and 39 barrels of oil had spilled - more than an earlier assessment that nine to 18 barrels leaked on Monday.

Watchmakers see uptick for timepieces at Baselworld show

Baselworld, the showcase for watchmakers, opened on a bright note on Thursday, with industry leaders seeing a rise in global demand despite a sharp slowdown for expensive watches in China. "We are confident for 2014," Jean-Daniel Pasche, head of the Swiss Watch Industry Federation, told AFP a day before the world's largest watch fair opened to the public. Francois Thiebaud, who heads the Swiss Exhibitors Committee, agreed.

BP Whiting refinery spilled 9-18 barrels of oil: Coast Guard

By Elizabeth Dilts NEW YORK (Reuters) - Between nine and 18 barrels (378-756 gallons) of oil spilled into Lake Michigan from BP Plc's Whiting refinery in Indiana after a malfunction on Monday, the U.S. Coast Guard confirmed on Wednesday. The amount of oil spilled is based on an initial visual estimate and may change, a U.S. Coast Guard spokesman said.
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