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  • SINGAPORE Dec 29- U.S. crude rose more than $1 in early Asian trade on Monday, reversing a fall in the previous session as escalating clashes in Libya threatened oil exports and supply disruptions from the OPEC member. Forces loyal to Libya's recognised government launched air strikes on the western city of Misrata on Sunday in apparent retaliation against a...

  • UPDATE 1-Libya fighting destroys two days oil supply Sunday, 28 Dec 2014 | 10:08 AM ET

    BENGHAZI, Libya, Dec 28- A fire caused by fighting at one of Libya's main export terminals has destroyed more than two days of the country's oil production, officials said on Sunday, as clashes escalated between factions battling for control of the OPEC member nation. A missile hit an oil storage tank last week at the port of Es Sider during fighting between forces...

  • SEOUL, Dec 26- U.S. oil rose above $56 a barrel in early trade on Friday after news that a rocket hit a storage tank at Libya's biggest oil port, but prices were on track for a fifth weekly drop with data showing a surprise build in crude stocks in the United States. *U.S. crude's front-month contract for February delivery gained 37 cents a barrel at $56.21 as of 0032 GMT,...

  • Dec 22- Canada's Encana Corp will sell some natural gas gathering and compression facilities in British Columbia it owns jointly with a unit of Mitsubishi Corp to Veresen Midstream LP. Veresen Midstream will provide gathering and compression services to Encana and Cutbank Ridge Partnership, its partnership with a Mitsubishi unit, for a fee.

  • BISMARCK, N.D., Dec 19- Tumbling U.S. oil markets approached an important if obscure milestone on Thursday, closing near a price that could trigger a $5.3 billion, two-year tax break for North Dakota oil drillers as soon as next summer. "We're really at the point where we could start calculating this," Ryan Rauschenberger, North Dakota's tax commissioner, said in an...

  • PARIS/ LONDON, Dec 19- Bargain hunters may have to think twice before scooping up shares of beaten-down oil services companies, as a slump in crude prices raises questions about their ability to pay back debt. "People are just starting to dump these bonds given the trajectory of oil prices," Saxo Bank Chief Investment Officer Steen Jakobsen said.

  • LONDON, Dec 19- Large oil companies flush with cash are expected to seize on the recent collapse in oil prices to begin a shopping spree for smaller rivals, focusing on oil producers and explorers in Africa, Asia and the United States. Those include British oil and gas company BG Group, which produces oil and gas in regions including Brazil, East Africa and Australia.

  • BISMARCK, N.D., Dec 19- Tumbling U.S. oil markets hit an important if obscure milestone on Thursday, closing for the first time at a price that could trigger a $5.3 billion, two-year tax break for North Dakota oil drillers as soon as next summer. "We're really at the point where we could start calculating this," Ryan Rauschenberger, North Dakota's tax commissioner, said...

  • Russia rout hits European shares Tuesday, 16 Dec 2014 | 5:00 AM ET

    *Stocks with strong exposure to Russia tumble. Shares in Austrian lender Raiffeisen Bank International, which relies heavily on Russia for profits, slid 5.3 percent to a record low, after Russia's central bank raised its key interest rate to 17 percent from 10.5 percent in an emergency move that failed to immediately halt the collapse in the rouble.

  • LONDON, Dec 15- The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping. Supertanker rates are already close to five-year highs of over $83,000 a day- helped by a drop in shipping fuel bunker prices. Herbjorn Hansson, chairman and chief...

  • LONDON, Dec 15- The most important characteristic of the U.S. oil industry is inertia- or to put it another way, drilling and production respond sluggishly even to a large change in prices. Since 1974, there have been four episodes in which oil prices declined sharply over a relatively short time. These price slumps occurred between December 1985 and July 1986;...

  • *Technip up 8 pct after ruling out CGG takeover. French oil services group Technip was the top performer on the FTSEurofirst 300 index of pan-European shares, rising 8 percent after it dropped a bid for seismic surveys specialist CGG. Oil and gas majors and services companies were among top gainers on the FTSEurofirst 300, with Tullow Oil, Total and BG Group up...

  • Dec 12- Energy companies cut 29 oil drilling rigs in the United States this week, the most in two years, as oil prices kept sliding, bringing crude down 47 percent since June, data showed on Friday. The number of rigs drilling for oil declined to 1,546 in the week to Dec. 12, according to data from oil services firm Baker Hughes. Twenty-one of the 29 rigs that were cut were in...

  • European shares set for biggest weekly loss in 3 years Friday, 12 Dec 2014 | 11:11 AM ET

    The broad STOXX Europe 600 has lost 5.2 percent during the week, representing a wipeout in market capitalisation of roughly $468 billion, nearly twice the size of Greece's GDP. Saipem dropped 5 percent on Friday, hitting a 10- year low, while Royal Dutch Shell was down 2.4 percent, Repsol down 4.8 percent and CGG down 4.6 percent. Crude has dropped more than 45...

  • PARIS, Dec 12- European stocks tumbled again on Friday, leaving them on course for their biggest weekly loss since May 2012 as shares in oil and oil services firms sank further along with crude oil prices. Saipem dropped 4.2 percent on Friday, hitting a 10- year low, while Royal Dutch Shell was down 2.4 percent, Repsol down 2 percent and CGG down 6.2 percent.

  • European shares extend slide; Airbus drops again Thursday, 11 Dec 2014 | 4:29 AM ET

    *Airbus sags; worries on demand for fuel-efficient aircrafts. PARIS, Dec 11- European shares fell in early trading on Thursday, losing ground for the fourth session in a row, as this week's slump in oil and iron ore prices weighed on a number of resource-related stocks. Shares in Airbus fell as much as 4.5 percent, adding to a 10 percent drop in the previous session...

  • European shares fall for fourth session in a row Thursday, 11 Dec 2014 | 3:07 AM ET

    PARIS, Dec 11- European shares fell in early trading on Thursday, losing ground for the fourth session in a row, as the slump in oil and iron ore prices knocked resource-related shares lower and fuelled worries over the pace of global growth. At 0805 GMT, the FTSEurofirst 300 index of top European shares was down 0.1 percent at 1,355.87 points. Oil services stocks...

  • European shares extend sell-off, Airbus plunges Wednesday, 10 Dec 2014 | 12:51 PM ET

    PARIS, Dec 10- European stocks fell for a third session in a row on Wednesday as a further plunge in crude prices knocked down the shares of oil majors and oil services groups such as Royal Dutch Shell and Fugro. Shares in Shell dropped 2.4 percent and Fugro tumbled 11 percent as Brent crude oil fell below $65 a barrel on mounting signs of oversupply and lacklustre...

  • Texas, North Dakota, Oklahoma, New Mexico and Colorado together account for almost 98 percent of the total rise in U.S. oil output since the beginning of 2008.. But Oklahoma, New Mexico and Colorado have collectively contributed almost an extra half million barrels per day compared with January 2008, according to the U.S. Energy Information Administration.

  • PARIS/ LONDON, Dec 10- European stocks fell for a third session in a row on Wednesday, as a further drop in crude prices knocked down the shares of oil majors and oil services groups such as Royal Dutch Shell and Fugro. Shares in Shell dropped 1.7 percent and Fugro tumbled 12 percent as Brent crude oil slipped below $65 a barrel, hitting a five-year low on rising...