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U.S. oil finished just shy of $65 a barrel and Brent broke through $70 as U.S. refinery breakdowns choked gasoline supplies in the U.S. just ahead of peak summer demand.
Oil climbed towards $63 a barrel on Thursday, supported by refinery closures that are cutting gasoline supplies in top consumer the United States just ahead of the summer driving season.
U.S. oil rose more than 1% Tuesday as unrest in Nigeria cut off more supplies from the world's eighth largest crude exporter.
U.S. crude oil futures ended a choppy session only slightly higher, as slumping RBOB gasoline futures helped pare crude oil's early strength on disrupted African output and concern about further interruptions.
igerian rebel group the Movement for the Emancipation of the Niger Delta (MEND) said on Tuesday its fighters had destroyed three major oil pipelines in the delta, where attacks have intensified in the past week.
U.S. crude oil futures ended more than $1 higher on Friday, backed by another surge to neweight-month highs by gasoline futures.
U.S. crude oil futures ended a choppy session lower as traders booked profits. Earlier in the day, prices jumped above $66 a barrel amid a flurry of refinery glitches. A string of refinery outages in the United States, coming on the heels of a long and extensive maintenance season, has drained gasoline stocks as the giant market gears up for driving season.
Oil rose more than a dollar on Wednesday after U.S. gasoline stocks fell for an 11th straight week, tightening supplies ahead of peak summer demand in the world's top consumer.
Crude oil futures fell more than a dollar as traders took profits ahead of fresh oil inventory data due Wednesday and following Monday's sharp price rise on worries about supply disruptions in the wake of Nigeria's disputed presidential election.
U.S. crude jumped as much as $1.84 to $65.95 a barrel after Nigeria's elections drew condemnation from monitors and investors waited for fresh word on oil supplies from the world's eighth biggest exporter. Thousands of protesters took to the streets of Nigeria's largest northern city. Brent crude was also up sharply.
U.S. crude oil futures ended sharply higher, pushed up at the expiration of the front-month May contract and ahead of Nigeria's presidential election Saturday that has oil markets worried about post-election turmoil disrupting supply.
Oil prices dipped as rising refinery production and a key pipeline restart eased worries of a U.S. fuel supply crunch this summer driving season.
Crude oil prices firmed slightly on Wednesday as worries over Iran's nuclear ambitions countered easing fears of a gasoline supply crunch in the United States this summer driving season.
U.S. crude oil futures dipped this afternoon on book-squaring and crack-spread trading ahead of Wednesday's government inventory report. Front month crude futures earlier rose above $64 as a shut Canada-to-U.S. crude pipeline and a Texas refinery's restart were supportive.
U.S. crude oil futures rose in choppy trading, with products futures slumping as crude was pressured by OPEC comments on supply and demand and by news that Shell expects to resume its Nigeria Forcados crude stream in late May or early June.
Arcelor and Mittal Steel, combining to become the world's largest steelmaker, said Friday they signed agreements worth $2.2 billion with the government of Senegal to mine iron ore in the West African nation.
African nations like Sierra Leone and Namibia might not seem like they would be the first place investors looked to put their money. But they are exactly where China has been investing heavily over the past couple of years. And that raised the question--why is the world’s most populous nation pouring money into the world’s poorest continent?
Two different armed groups have lifted sieges of two oilfield stations in Nigeria, releasing at least 20 workers, industry spokesmen said on Thursday.
Oil prices hovered below $63 a barrel Friday after falling from a three-month high as dealers looked past a deep draw in weekly U.S. crude stocks to focus on unusually warm weather in the U.S. Northeast.
Crude oil futures fell sharply on Thursday on pre-holiday profit-taking after government report of ample fuel supplies amid mild northeastern U.S. weather.