The price of oil rose above $102 per barrel Thursday after a U.S. inventories report showed a larger-than-expected drop in crude oil supplies.Benchmark U.S. crude for August delivery was up 85 cents at $102.05 a barrel at 0855 GMT in electronic trading on the New York Mercantile Exchange. The contract added $1.24 to $101.20 on Wednesday.On Wednesday, the U.S. Energy Information Administration said U.S. crude oil inventories fell by 7.5 million barrels to 375 million barrels in the week of July [Read more]
First Nation pulls out of hearings into Grand Rapids oilsands pipeline
CALGARY - An aboriginal group that lives in northern Alberta's oilsands region has withdrawn from a regulatory hearing into the proposed Grand Rapids crude pipeline. The Athabasca Fort Chipewyan First Nation says it will explore other ways to fight the $3-billion project, which would ship up to 900,000 barrels per day of crude from near Fort McMurray, Alta., to the Edmonton area. ACFN chief Allan Adam says he was "dumbfounded" by the Alberta Energy Regulator's process, which he says was [Read more]
Oil price rises to near $101 after China’s economic growth ticks higher in second quarter
Oil prices rose Wednesday after China reported a slight improvement in economic growth for the second quarter that allayed fears its slowdown was continuing. The benchmark U.S. crude for August delivery was up $1.11 cents at US$101.07 a barrel on the New York Mercantile Exchange. Prices have fallen in recent weeks as Libya neared an increase in production and after worries about supply disruptions from Iraq faded. But stronger economic growth in China, the world's top oil importer, could [Read more]
Crude oil dips below US$100 a barrel for the first time since May
The price of oil fell below US$100 a barrel for the first time since May even as the deteriorating security situation in Libya has raised questions about whether the North African country can soon increase crude exports. Benchmark West Texas Intermediate crude for August delivery fell 95 cents to close at US$99.96 a barrel on the New York Mercantile Exchange. Oil is down five per cent since the beginning of the month. Brent crude, a benchmark for international oils used by many U.S. [Read more]
Amid no maket-moving news, crude oil drifts 8 cents higher to US$100.91 a barrel
Lacking any catalysts, the price of crude oil barely changed Monday.Benchmark West Texas Intermediate crude for August delivery rose eight cents to US$100.91 a barrel on the New York Mercantile Exchange. The Nymex contract fell 3.1 per cent last week and is down 4.3 per cent so far in July.Brent crude, a benchmark for international oils, gained 45 cents to US$107.71 on the ICE Futures exchange in London.In other Nymex trading, wholesale gasoline added two cents to US$2.93 a U.S. gallon (3.79 [Read more]
More legal challenges filed in Federal Appeal Court against Northern Gateway nod
VANCOUVER - The Gitga'at First Nation will ask the Federal Court of Appeal to recognize the band's aboriginal title along the proposed tanker route where ships would be carrying oil from the Northern Gateway pipeline as part of a legal fight against the proposal.The band filed an application with the court on Monday, bringing to at least five the number of groups seeking judicial review of the federal cabinet's decision approving the project."The Gitga'at put forward evidence of title to [Read more]
Calls grow louder for deep-sea port in Iqaluit as it becomes booming Arctic hub
IQALUIT, Nunavut - Iqaluit, a territorial capital in a G7 nation, is an Arctic boomtown perched on the northern shores of Frobisher Bay — but the Nunavut town's waterfront has scarcely changed since English explorer Martin Frobisher sailed into the inlet in 1576. The growing community, clamouring for supplies that include building materials, construction equipment and all-terrain vehicles, boasts some of the world's highest tides. In the summer months, mammoth barges are forced to work [Read more]
Oil edges lower after big drop on expectations for Libyan supplies, lower global demand
The price of oil edged lower Monday after its biggest one-day drop since April on expectations Libyan oil will soon return to the market.Benchmark U.S. crude for August delivery was down 39 cents to $100.44 per barrel at 0535 GMT in electronic trading on the New York Mercantile Exchange. It fell 3.1 per cent last week and is down 4.3 per cent so far in July.Brent crude, a benchmark for international oils, gained 19 cents to $107.45 on the ICE exchange in London.Oil prices shot up in June to a [Read more]
Court approves First Nation challenge of Trans Mountain pipeline review
VANCOUVER - A Federal Court judge will let a British Columbia First Nation challenge the review process into the expansion of Kinder Morgan's Trans Mountain oil pipeline.The Tsleil-Waututh (sail-WHA'-tooth) Nation says if the challenge were successful, it could force the National Energy Board to restart its review process.Tsleil-Waututh Chief Maureen Thomas says government and the NEB have entered into an unlawful process that doesn't respect the band's rights and title.Thomas says the First [Read more]
US rig count increased by 1 in latest week to 1,875
HOUSTON - Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. rose by one this week to 1,875. The Houston firm said in its weekly report Thursday that 1,563 rigs were exploring for oil and 311 for gas. One was listed as miscellaneous. A year ago there were 1,759 active rigs. Of the major oil- and gas-producing states, Alaska, Kansas, Louisiana, Pennsylvania and Texas gained two rigs each. North Dakota, Ohio and Wyoming each [Read more]
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