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.
Oil prices broke above $64 a barrel before pulling back. A drop in crude inventories added to a perception that high fuel stock levels reached in the third quarter have reversed.
U.S. crude oil futures bounced to the upside as traders worry the fogged-in Gulf Coast's shipping delays may show up Wednesday in supply reports showing slumping inventories.
Oil broke below $63 a barrel as OPEC pointed to signs of a weaker market next year and mild weather in the United States limited heating needs.
Crude oil futures ended stronger above $63 a barrel on Friday as fog hampered Gulf Coast tanker traffic.
The new movie "Blood Diamond" hasn't even hit theaters (it opens on Friday) but already it's stirring up quite a bit of controversy--over the use of so-called "conflict diamonds" to fund some of Africa's bloodiest civil wars. Given the sensitive subject matter, the diamond industry--which logs about half of all sales this time of year--has launched a massive PR campaign to offset any potential consumer backlash.