NEW YORK (Reuters) - Oil dropped about 2 percent from a two-month high on Tuesday as major world oil producers kept pumping out supply, causing investors to worry that several weeks of steady gains had pushed the rally too far, too fast. Selling picked up in the late morning as oil broke below Monday's lows, with more than 925,000 U.S. futures contracts traded, making it the busiest day in the market in nearly three weeks. OPEC production rose in July, a Reuters survey found Monday, despite a [Read more]
Oil slips from two-month high as ample supply weighs
LONDON (Reuters) - Oil slipped from a two-month high near $53 a barrel on Tuesday as ample global supplies countered strong demand and forecasts of another drop in U.S. crude inventories. U.S. inventory reports due on Tuesday and Wednesday are expected to show crude stocks fell by 2.9 million barrels last week, the fifth straight week of declines. [EIA/S] But OPEC production rose in July, a Reuters survey found, despite a deal to cut output. Brent crude LCOc1, the international benchmark, was [Read more]
Oil markets escape Venezuela sanctions for now
NEW YORK (Reuters) - U.S. oil markets had a muted reaction on Monday after Washington slapped sanctions on Venezuelan President Nicolas Maduro but experts say broader oil-sector and financial sanctions may be the only way to make the Venezuelan government feel economic pain. The move came after Sunday's vote creating a new legislative superbody with the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote while Washington called [Read more]
Oil at two-month high, ends above $50 a barrel
NEW YORK (Reuters) - Oil prices rose to two-month highs on Monday, ending the strongest month of the year for crude futures, boosted in part by expectations of U.S. sanctions against Venezuela's oil sector and as supply concerns have waned in recent weeks. During the trading day, chatter centered around potential U.S. Treasury sanctions targeting the country's oil sector in response to Venezuela's Sunday election which Washington denounced as a "sham." That helped boost prices prior to [Read more]
PSAC boosts oil, gas drilling forecast by 8 percent
Canadian light oil producers will drill more wells than previously expected this year as the sector benefits from investors transferring capital out of the oil sands, the Petroleum Services Association of Canada said on Monday In an update to its annual drilling forecast PSAC said 7,200 wells will be drilled this year, 8 percent higher than its prior estimate of 6,680 wells. The industry body said it had underestimated how fast investors looking for a swifter return on capital in a low oil price [Read more]
Canadian heavy oil plugs gap left by OPEC, Latam
Canada's struggling oil market has found something of a lifeline as traders scramble for heavy crude due to OPEC production cuts and sinking Latin American output. Output has fallen in Organization of the Petroleum Exporting Countries and non-OPEC Latin American countries such as Mexico and Colombia, leading refiners as far away as China to look to Alberta's oil sands to fill the gap. The interest has boosted the price for heavy Western Canada Select (WCS) oil, which is within range of its [Read more]
Canadian heavy oil plugs gap left by OPEC, Latam
Canada's struggling oil market has found something of a lifeline as traders scramble for heavy crude due to OPEC production cuts and sinking Latin American output. Output has fallen in Organization of the Petroleum Exporting Countries and non-OPEC Latin American countries such as Mexico and Colombia, leading refiners as far away as China to look to Alberta's oil sands to fill the gap. The interest has boosted the price for heavy Western Canada Select (WCS) oil, which is within range [Read more]
U.S. drillers add fewest oil rigs in a month since May 2016 -Baker Hughes
U.S. energy companies added 10 rigs in July, the fewest of any month since May 2016, as recent declines in crude prices have slowed the pace of a 14-month drilling recovery. The rig count has slowed as several U.S. exploration and production (E&P) companies reduced capital spending plans. Drillers added two oil rigs in the week to July 28, bringing the total count up to 766, the most since April 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed [Read more]
Canada’s Imperial Oil posts smaller quarterly loss
Imperial Oil Ltd reported a smaller second-quarter loss as Canada's No.2 integrated oil producer and refiner benefited from a surge in oil prices. North American oil producers are slowly gaining from a jump in global crude prices as an OPEC-led production cut and a rebound in demand slowly erode a global glut. The company said crude oil prices jumped 43.2 percent to C$51.62 per barrel compared to the year-ago period. The company sold bitumen from its Canadian oil sands projects for [Read more]
TransCanada profit beats on U.S. pipelines unit strength
TransCanada Corp , Canada's No.2 pipeline operator, reported a better-than-expected profit on Friday, helped by strength in its U.S. natural gas pipelines and liquids pipelines units. Revenue from the company's U.S. natural gas pipelines unit more than doubled to C$879 million. The Calgary-based company's net income attributable to shareholders rose to C$881 million, or C$1.01 per share, in the second quarter ended June 30, compared with C$365 million, or 52 Canadian cents [Read more]