Brent crude oil rose as strong U.S. jobs data fueled hopes of better demand outlook in the world's top oil consumer, while concerns over supply from the Middle East added support.
Alex Pourbaix, Transcanada president, talks about the Keystone XL pipeline and how it can benefit both the U.S. and Canada.
The Shanghai Index fell 3.7 percent as China gets serious about reining in the property sector, ordering a stricter enforcement of sales taxes.
The Keystone XL oil pipeline got a boost after the U.S. State Department said it would not likely change the rate at which Canada's oil sands are produced.
Canada remains cautiously optimistic that Washington will approve the Keystone XL oil pipeline even though President Barack Obama made no mention of it in his State of the Union speech.
Oil declined on reports that the amount of oil moving through a key pipeline to the Gulf Coast had been cut in half.
Nebraska Gov. Dave Heineman has approved a new route for the Keystone XL oil pipeline that avoids the environmentally sensitive Sandhills region.
VANCOUVER, Nov 4- In this era of pipelines spanning thousands of miles, the idea of shipping crude across North America in railway cars might seem a quaint throwback to the oil pioneering days of the West.
ANCHORAGE, Alaska-- Alaska officials on Friday hailed a U.S. Army Corps of Engineers permit decision that will open up drilling at the Point Thomson petroleum field, creating hundreds of jobs and providing key infrastructure that could advance prospects for a large-scale natural gas pipeline.
*DuPont's earnings forecast, job cuts weigh on oil. Chemical company DuPont lowered its earnings forecast, announced 1,500 job cuts and posted lower-than-expected profit, helping push equities, oil and other commodities lower.
*DuPont's earnings forecast, job cuts weigh on oil. Chemical company DuPont cuts its earnings forecast and announced 1,500 job cuts in its third-quarter earnings report that missed Wall Street expectations, helping push equities, oil and other commodities lower.
Benchmark oil fell $2.05 to finish at $90.05 per barrel in New York. Brent crude, which is used to price international varieties of oil, dropped $2.28, or 2 percent, to end at $110.14 per barrel in London. Several companies delivered weaker-than-expected third-quarter results, including Microsoft and McDonald's.
The price of oil is falling after TransCanada reaffirmed plans to restart a pipeline this weekend that carries crude from Canada to the Midwest. TransCanada closed the 2,100- mile pipeline Wednesday after tests showed possible safety issues.
By early afternoon in Europe, benchmark crude for November delivery was up 36 cents to $92.46 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, which many U.S. refiners use to make gasoline, was up 40 cents to $112.82 a barrel on the ICE Futures exchange in London.
TransCanada has reaffirmed its plan to restart the Keystone oil pipeline from Canada to the Midwest on Saturday, although rainy weather is hampering the company's on-site work. TransCanada shut down the 2,100- mile pipeline Wednesday after tests showed possible safety issues.
KANSAS CITY, Mo.-- TransCanada Corp. has temporarily shut down its existing 2,100- mile Keystone pipeline after tests showed possible safety issues, a federal agency said Thursday.
SUMNER, Texas-- Oil has long lived in harmony with farmland and cattle across the Texas landscape, a symbiosis nurtured by generations and built on an unspoken honor code that allowed agriculture to thrive while oil was extracted. In the minds of some landowners approached by TransCanada for land, the company has broken the code.
The governor said earlier this year that the 2013 Legislature could take up gas tax legislation if TransCanada Corp. and the North Slope's major players _ Exxon Mobil Corp., BP and ConocoPhillips _ met a number of milestones in 2012. All of those benchmarks have been met, including cost estimates and a rough timeline for a potential project.
Such a move would force the new Astoria plant to boost its offer price for capacity, leading to major power price increases that would harm consumers, the New York Public Service Commission said in a release Thursday.
Oct 11- TransGlobe Energy Corp:. *Says Q3 average production of 18,145 bopd. *Says 2012 guidance for production remains unchanged.