As booming shale pushes U.S. oil production to near 9 million barrels per day, some say U.S. strategic interests are being realigned.» Read More
As the U.S. and Europe announced new sanctions on Russia over Ukraine, Wolfe Research's Paul Sankey says that any sort of risk is enormous for oil.
*Caution on concerns of more sanctions against Russia. LONDON, July 29- European equities climbed on Tuesday, with strong earnings reports from companies such as engineer GKN and retailer Next outpacing the threat to the region's economy from further sanctions against Russia.
European shares closed higher on Tuesday, as investors reacted to corporate earnings while keeping an eye for fresh sanctions against Russia.
NEW YORK, July 29- BP Plc, Royal Dutch Shell Plc, Morgan Stanley and other companies urged a U.S. judge to dismiss nationwide litigation claiming they conspired for 12 years to fix prices of Brent crude oil, a benchmark for the cost of gasoline and heating oil.
*Caution on concerns of more sanctions against Russia. LONDON, July 29- European equities climbed higher on Tuesday, with strong earnings reports from companies such as engineer GKN and retailer Next outpacing the threat to the region's economy from further sanctions against Russia.
*Russia accused by West of arming rebels in Ukraine. MOSCOW, July 29- Vladimir Putin risks becoming an international pariah over the Ukraine crisis but the Russian president is battening down the hatches for the gathering economic and political storm.
Some of the names on the move ahead of the open.
*Caution on concerns of more sanctions against Russia. July 29- European shares steadied on Tuesday, with earnings reports from companies such as British engineer GKN offset by the threat to the region's economy from any more sanctions against Russia by the West.
*BP results see muted reaction after Russia warning. EDINBURGH, July 29- European shares were unchanged on Tuesday, as encouraging corporate results were offset by the threat of economic fallout from more sanctions against Russia.
*BP the biggest foreign investor in Russia with Rosneft stake. LONDON, July 29- Oil and gas producer BP reported a sharp rise in second quarter profits on Tuesday but warned that further Western sanctions on Russia could harm its business there and its relationship with Russian state oil company Rosneft.
Peter Hutton, energy analyst at RBC Capital Markets, says BP will feel the "heat" with further sanctions on Russia, but there will be little impact operationally.
BP, the U.K. oil giant, announced a 34 percent rise in profits Tuesday – but its results bore out the importance of its Russian investments.
The Fed meets for two days, starting Tuesday, and is widely expected to taper back its monthly bond buying program by another $10 billion to $25 billion - and do little else.
A crush of big cap earnings and arguably the most important economic reports until September make next week the busiest of the summer for markets.
HOUSTON, July 25- Exxon Mobil Corp is considering a multibillion-dollar plan to expand its Beaumont, Texas, refinery into the country's largest, the first major refining investment of the U.S. shale oil boom, people with knowledge of the deliberations said.
HONG KONG, July 24- Throughout his career at China's biggest oil producer, Jiang Jiemin was careful to put politics before business, say colleagues who worked closely with the purged executive.
*Bourse opening follows labour, mortgage, other reforms. DUBAI, July 24- Saudi Arabia's decision to open its stock market to foreign investors is part of an accelerating series of economic reforms that may culminate in the most far-reaching change yet: higher domestic energy prices.
*Europe has 2 million bpd excess oil refining capacity. LONDON, July 23- Europe is coming under increasing pressure to close oil refineries as chronic over-capacity hits processing margins, dragging down group profits and hitting share prices.
HOUSTON, July 23- U.S. oil and gas company Apache Corp told Reuters it is looking at ways to wring more cash out of its valuable mineral rights, as it and other energy companies face investor pressure to tap more profits from the North American shale boom.
BRUSSELS, July 21- For all the tough talk, Europe is unlikely to punish Russia over last week's downing of an airliner over Ukraine beyond speeding up the imposition of already agreed individual sanctions when the bloc's foreign ministers meet on Tuesday.