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  • NEW YORK, May 7- Global oil prices rose by more than $1 a barrel on both sides of the Atlantic on Wednesday as an unexpected drop in United States inventories supported U.S. crude and escalating tensions in Libya pushed Brent higher.

  • *Cushing stocks down 1.4 million barrels- EIA. NEW YORK, May 7- U.S. crude oil prices rose by more than $1 a barrel on Wednesday after a government report showed an unexpected sharp drop in inventories in the United States. U.S. crude rose $1.18 to $100.68 a barrel by 12:57 p.m. EDT, with its discount to Brent narrowing about 40 cents to $7.11 a barrel.

  • VANCOUVER, May 7- Enbridge Inc, Canada's largest pipeline company, said on Wednesday its Flanagan South and Seaway expansion projects in the United States aimed at more than doubling capacity to Gulf Coast refineries were on track to begin operating in the next few months.

  • May 7- Higher gas prices helped Chesapeake Energy Corp beat expectations with a big jump in quarterly profit Wednesday and the company hiked its production forecast for the year, sending its shares up more than 2 percent in midday trading.

  • LONDON, May 7- U.S. crude oil prices jumped by more than 1 percent on Wednesday after a government report showed a sharp drop in inventories in the United States. Brent crude was pressured after Russia called for separatists in the east of Ukraine to postpone an independence referedum.

  • May 7- Chesapeake Energy Corp, the second largest U.S. producer of natural gas, reported a sharply higher quarterly profit on Wednesday that topped expectations, helped by a 53 percent increase in gas prices. Profit in the first quarter was $374 million, or 54 cents per share, compared with $15 million, or 2 cents, in the year-ago period.

  • Chesapeake first-quarter profit surges on pricing Wednesday, 7 May 2014 | 7:14 AM ET

    May 7- Chesapeake Energy Corp, the second largest U.S. producer of natural gas, reported a sharply higher quarterly profit on Wednesday, helped by higher prices. Profit in the first quarter was $374 million, or 54 cents per share, compared with $15 million, or 2 cents per share, in the year-ago period.

  • *Increased risk of Ukraine civil war supports oil prices. LONDON, May 7- Brent crude edged further above $107 a barrel on Wednesday, underpinned by rising tensions in Ukraine, though its premium over U.S. prices narrowed after an industry report showed a sharp draw in inventories in the world's largest oil consumer.

  • *Increased risk of Ukraine civil war supports oil prices. SINGAPORE, May 7- Brent crude edged further above $107 per barrel on Wednesday after an industry report showed U.S. crude stocks declined last week, while increasing geopolitical risks in Ukraine helped put a floor under prices.

  • *Increased risk of Ukraine civil war supports oil prices. SINGAPORE, May 7- Brent crude edged higher above $107 per barrel on Wednesday after an industry report showed U.S. crude stocks declined last week, while increasing geopolitical risks in Ukraine helped put a floor under prices.

  • SEOUL, May 7- U.S. crude futures rose in early Asian trade on Wednesday, moving back towards $100 a barrel after the American Petroleum Institute said U.S. crude stocks declined last week, defying analysts' expectations for a build. *U.S. crude gained 37 cents a barrel at $99.87 as of 0033 GMT after it settled 2 cents higher at $99.50 a barrel on the previous session.

  • NEW YORK, May 6- U.S. crude futures settled nearly unchanged on Tuesday, but later rose in post-settlement trade after industry group the American Petroleum Institute reported that crude stocks decreased last week, defying analysts' expectations for a build. The U.S. Energy Information Administration will issue its official inventory report on Wednesday.

  • API inventory report due 4:30 p.m. EDT. NEW YORK, May 6- U.S. crude futures settled nearly unchanged on Tuesday, paring gains toward the close as traders took profits ahead of a weekly inventory report, while Brent prices fell, pressured by resuming Libyan supply. U.S. oil rose 2 cents to settle at $99.50 a barrel, after hitting a mid-session high of $100.42.

  • UPDATE 7-U.S. crude rises on low Cushing stocks Tuesday, 6 May 2014 | 11:55 AM ET

    *Positions harden in Ukraine crisis. NEW YORK, May 6- U.S. crude futures rose on Tuesday as expectations of a build in inventories were undermined by record low stocks at the benchmark's Cushing delivery point, while Brent was near flat, weighing the Ukraine crisis against rebounding Libyan supplies.

  • May 6- Western Refining Inc and HollyFrontier Corp said they expect refining margins to grow in coming quarters due to lower crude costs. The price for West Texas Intermediate crude oil for delivery into Midland, Texas, which Western Refining and HollyFrontier access easily, is lower than the price for the benchmark crude in Cushing, Oklahoma.

  • UPDATE 1-Western Refining says margins strengthening Tuesday, 6 May 2014 | 6:55 AM ET

    Inland refiners such as Western Refining, HollyFrontier Corp and Marathon Petroleum Corp are benefiting from easy access to cheap shale crude, boosting their refining margins.

  • LONDON, May 6- Brent crude rose above $108 per barrel on Tuesday, supported by clashes across Ukraine and lingering uncertainty over Libya's supply recovery. And in Libya, the vital southern El Sharara oilfield remains closed while new protests shut the Zultun and Raquba oilfields in the central eastern region of the OPEC producer.

  • LONDON, May 6- Brent crude held steady below $108 per barrel on Tuesday as clashes across Ukraine helped support a market that might otherwise buckle from ample supply especially in the United States, the top oil consumer.

  • SINGAPORE, May 6- Brent futures held steady below $108 per barrel on Tuesday as clashes across Ukraine helped to support a market that might otherwise sag under expectations U.S. crude inventories grew again last week to another record high. Brent crude for June delivery was up 5 cents at $107.77 per barrel by 0715 GMT, after settling 87 cents down.

  • SINGAPORE, May 6- Brent crude held steady below $108 per barrel on Tuesday as clashes across Ukraine added to geopolitical risk supporting a market that might otherwise sag due to expectations weekly data will show higher inventories in the United States.