That could hinder OPEC's ability to boost output later in the year, when the International Energy Agency expects demand for OPEC crude to rise. Outages in the group, such as in Iraq and Libya, are effectively helping OPEC to balance the market, rather than voluntary cutbacks, say analysts.» Read More
U.S. oil futures slipped further below the key $100 a barrel level, and international crude moved closer to U.S. prices as some geopolitical pressures eased.
*BP blames competition from mega-refineries in Asia. SYDNEY, April 2- BP is ceasing production at its Bulwer Island refinery in Brisbane, Australia by mid 2015, blaming competition from new mega-refineries in Asia that are cheaper to operate.
*BP blames competition from mega-refineries in Asia. SYDNEY, April 2- BP said on Wednesday it will cease production at its Bulwer Island refinery in Brisbane by mid 2015, blaming competition from large, more cost-effective, refineries in Asia that has piled pressure on smaller plants in Australia.
*Coming up: API weekly oil stocks data at 4:30 p.m. EDT. NEW YORK, April 1- Brent crude oil futures fell to their lowest settlement in nearly five months on Tuesday as poor manufacturing data from China and Europe weighed, and U.S. oil futures fell in anticipation of another build in domestic supplies.
NEW YORK, April 1- Crude oil futures fell more than $1 per barrel on Tuesday, with U.S. oil futures pressured by expectations for a build in domestic inventories, and Brent by lackluster manufacturing data in China and Europe.
NEW YORK, April 1- Crude oil futures tumbled more than $1 on Tuesday, with U.S. crude pressured by expectations for a build in domestic stocks, and Brent by lackluster manufacturing data in China and Europe.
The next move for world oil prices is likely lower, as growing U.S. oil production outweighs the impact of elevated tensions surrounding Ukraine.
LONDON, April 1- Lifting the ban on U.S. oil exports would cut gasoline and diesel prices for motorists, boost the national economy and create up to 300,000 new jobs, according to a study commissioned by the American Petroleum Institute.
*Russia pulls back some troops from near Ukraine's eastern frontier. LONDON, April 1- Brent crude slipped towards $107 on Tuesday due to lacklustre manufacturing data from China and Europe and the possibility of a jump in supplies from Libya after rebels blocking eastern oil ports hinted at a deal with Tripoli.
*Russia pulls back some troops from near Ukraine's eastern frontier. LONDON, April 1- Brent crude slipped towards $107 on Tuesday due to lacklustre manufacturing data from China and the possibility of a jump in supplies from Libya after rebels blocking eastern oil ports hinted at a deal with Tripoli.
TRIPOLI, March 31- Libya is burning through central bank reserves and scrapping infrastructure projects to overcome its worst budget crisis in decades after the seizure of oil installations by armed groups has reduced the government's income almost to zero.
NEW YORK, March 31- Last year's spike in the price of ethanol blending credits cost independent refiners at least $1.35 billion, more than three times as much as the year before, according to a Reuters' review of securities filings.
NEW YORK, March 31- In 2013, U.S. oil refiners spent at least $1.35 billion on renewable identification number credits, a Reuters review of securities filings shows.
WASHINGTON, March 27- 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.
TRIPOLI, March 27- Libyan protesters have blocked a pipeline carrying oil condensates from the southwestern al-Wafa oilfield to the Mellitah export port, state-owned National Oil Corp said on Thursday.
NEW YORK, March 27- Crude oil futures rose on both sides of the Atlantic on Thursday, with U.S. crude up more than $1 to hit a three-week high as strong U.S. economic data and the end of refinery maintenance season signaled strong demand ahead for crude oil.
The 2,858- mile pipeline would link trillions of dollars worth of oil in land-locked fields in the western province of Alberta to an Atlantic port in the Irvings' eastern home province of New Brunswick, north of Maine, creating a gateway to new foreign markets for Canadian oil.
LONDON, March 27- Brent crude oil rose towards $108 a barrel on Thursday, supported by worries about potential supply disruption due to the possibility of Western sanctions on Russia's energy sector.
LONDON, March 27- Brent crude oil held steady around $107 a barrel on Thursday, underpinned by worries about potential supply disruption due to the possibility of Western sanctions on Russia's energy sector.
President Barack Obama hinting at tougher economic sanctions against Russia, including in the energy sector. The United States and the European Union agreed on Wednesday to work together to prepare possible further economic sanctions in response to Russia's actions in Ukraine and to make Europe less dependent on Russian gas.