Oil prices on Wednesday extended gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged. Brent crude futures rose 65 cents, or 1.4 percent to $48.17 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $45.77 per barrel, up 73 cents, or 1.6 percent. Both settled about 1.4 percent higher on Tuesday. "The oil price... climbed sharply overnight as the Energy Information Agency cut [Read more]
Oil rises on firm short-term demand outlook; overall market still weak
Oil rises on firm short-term demand outlook; overall market still weak
Oil prices edged up early on Tuesday, lifted in part by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of ample supplies and a more subdued outlook for long-term demand. Brent crude futures were at $47.13 per barrel at 0147 GMT, up 25 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $44.64 per barrel, up 24 cents, or 0.5 percent. Traders said the uptick in prices was in part due to [Read more]
Fire extinguished at Syncrude oil sands plant -spokesman
A small fire broke out in a sulphur emissions reduction unit at the Syncrude oil sands plant in northern Alberta on Monday morning and was extinguished within two hours with no injuries to workers, a Syncrude spokesman said. Spokesman Leithan Slade said the unit was being assessed for damages and it was too early to tell if there would be any effect to Syncrude production. (Reporting by Nia Williams) [Read more]
Statoil drills dry wells off Newfoundland
Norway's Statoil and Canada's Husky Energy have hit dry wells in a prospect off Newfoundland for which they had high hopes, Statoil said on Monday. The companies have drilled two dry wells in the Flemish Pass geological basin, some 500 km (310 miles) east of Canada's Newfoundland and Labrador province. "These results are disappointing, as we had hoped to add additional optionality to the near-field area at Bay du Nord," Trond Jacobsen, Statoil's head exploration in Canada, said in a [Read more]
Oil edges up but market still under pressure
Oil prices recovered some losses on Monday after a 3 percent fall in the previous session, but markets remain under pressure from high drilling activity in the United States and ample supplies from producer club OPEC. Brent crude futures , the international benchmark for oil prices, were at $46.80 per barrel at 0703 GMT, up 9 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $44.33 per barrel, up 10 cents, or 0.2 percent. Traders said [Read more]
Canada’s Desjardins may stop pipeline loans, cites environment
Canadian lender Desjardins is considering no longer funding energy pipelines, a spokesman said on Saturday, citing concerns about the impact such projects may have on the environment. Desjardins, the largest association of credit unions in North America, on Friday temporarily suspended lending for such projects and may make the decision permanent, spokesman Jacques Bouchard told Reuters by telephone. He said the lender would make a final decision in September. Dejardins, a backer of Kinder [Read more]
U.S. drillers add oil rigs, pace remains slow -Baker Hughes
U.S. energy firms added oil rigs for a 24th week in the past 25 as the year-long drilling recovery continues but the pace of additions has slowed in recent months as crude prices declined despite OPEC-led efforts to end a global supply glut. Drillers added seven oil rigs in the week to July 7, bringing the total count up to 763, the most since April 2015, Baker Hughes energy services company said in its closely followed report on Friday. That compares with 351 active oil rigs during the [Read more]
Oil prices slump over 1 pct on rise in U.S. output
Oil prices fell by more than 1 percent on Friday, with U.S. crude futures dipping below $45 per barrel as news of a rise in U.S. production added to earlier reports that OPEC output was also on the rise. Brent crude futures , the international benchmark for oil prices, were trading down 61 cents, or 1.3 percent, at $47.50 per barrel by 0638 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $44.94 per barrel, down 58 cents, or 1.3 percent. News of the production rise [Read more]
Paramount Resources to buy Apache subsidiary for C$459.5 mln
Canadian oil producer Paramount Resources Ltd said on Thursday that it would buy the Canadian subsidiary of U.S. oil and gas firm Apache Corp for C$459.5 million ($353.7 million USD). The Calgary-based energy company plans to buy Apache Canada Ltd, and fund the deal with cash on hand and no debt. The deal requires regulatory approvals and is expected to close in August. A sale of Apache Canada would mark the Houston-based company's exit from the country, the latest international oil [Read more]