NEW YORK (Reuters) - Oil prices slipped on Monday, extending recent weakness ahead of an OPEC meeting next week, while a rally in the dollar negatively affected commodities across the board. Brent crude futures were down 84 cents at $61.86, or 1.4 percent, by 11:37 a.m. EST (1637 GMT), while U.S. West Texas Intermediate (WTI) crude futures fell 70 cents, or 1.2 percent, to $55.85 a barrel. Oil has been under pressure for the last two weeks since peaking in early November; U.S. crude has lost [Read more]
Nebraska regulators approve Keystone XL pipeline route in win for Trump
Nebraska regulators voted on Monday to approve a route for TransCanada Corp’s Keystone XL pipeline through the state, lifting the last big regulatory obstacle for the long-delayed project that U.S. President Donald Trump wants built. The 3-2 decision by the Nebraska Public Service Commission helps clear the way for the pipeline linking Canada’s Alberta oil sands to refineries in the United States, but is likely to be challenged in court by opponents who say the project is an environmental [Read more]
As Venezuela pumps below OPEC target, oil rivals begin filling gap
As Venezuela's dilapidated energy sector struggles to pump enough crude oil to meet the country's OPEC output target, rival producers within the exporters group have started to plug the gap, OPEC and industry sources said. The South American country's oil output hit a 28-year low in October as state-owned oil giant PDVSA struggled to find the funds to drill wells, maintain oilfields and keep pipelines and ports working. Venezuela's oil production, which has been falling [Read more]
Keystone pipeline spill pushes oil higher, fuels TransCanada opponents
A major oil spill on the Keystone pipeline in South Dakota helped push U.S. crude prices higher on Friday, while fueling opposition to another pipeline project by owner TransCanada Corp that faces a crunch decision in Nebraska next week. The climb in U.S crude futures and slide in Canadian heavy crude prices, as well as TransCanada Corp shares, came the day after the 5,000 barrel spill, tied for this year's largest pipeline leak in the United States. No date has been set for [Read more]
U.S. oil drilling rig count holds steady this week -Baker Hughes
U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count , an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The increase in [Read more]
Oil rises 2 percent, but still set for first weekly fall in six
NEW YORK (Reuters) - Oil prices rose about 2 percent on Friday, capping five sessions of losses, on expectations of an OPEC deal to extend curbs on production and the shutting of a major U.S. crude pipeline. Prices were still on track for their first weekly loss in six as rising U.S. output data was compounded by doubts that Russia would support an OPEC deal. Brent crude oil was $1.07 higher at $62.43 a barrel by 11:20 a.m. EST (1620 GMT) while U.S. West Texas Intermediate crude (WTI) [Read more]
Discount on Canadian heavy crude deepens after pipeline spill
The discount on Canadian heavy crude surged wider on Friday as traders waited for news on how long TransCanada Corp's 590,000 barrel per day Keystone pipeline would be shut down following a spill in South Dakota on Thursday. Western Canada Select for January delivery in Hardisty, Alberta, widened to $16.00 per barrel below the West Texas Intermediate benchmark, according to Shorcan Energy brokers. On Thursday January barrels settled at $15.50 per barrel below the U.S. benchmark. Trading [Read more]
Oil extends losing streak on U.S. oversupply worries
NEW YORK (Reuters) - Oil prices ended lower again on Thursday on increased concerns about growth in U.S. production and inventories, despite expectations that major world producers will extend a supply-cut deal later this month. Brent crude futures settled 51 cents, or 0.8 percent, lower at $61.36 per barrel, running its streak of losses to five straight days. U.S. light crude fell for a fourth consecutive session, ending down 19 cents, or 0.3 percent, at $55.14 a barrel. Oil prices have [Read more]
U.S. to account for most world oil output growth over 10 years: IEA
BONN, Germany (Reuters) - The United States is expected to account for more than 80 percent of global oil production growth in the next 10 years and it will produce 30 percent more gas than Russia by that time, he International Energy Agency (IEA) said on Thursday. “This has implications on the oil markets, prices, trade flows, investment trends and the geopolitics of energy,” IEA head Fatih Birol said at a U.N. climate conference in Bonn. He said the United States, whose upstream energy [Read more]
Canada’s Cenovus to sell some Deep Basin gas assets
Canadian oil producer Cenovus Energy Inc has put a package of some of its Deep Basin gas assets for sale, the company's new chief executive said on Wednesday, adding that Cenovus was looking to reduce costs in the long term. The assets in Deep Basin, which straddles the provinces of British Columbia and Alberta, were not core to the business, said Alex Pourbaix, who took charge as CEO earlier this month. "If there's anything that I might put a slight twist on strategy, [Read more]