The price of oil rose above US$100 a barrel Wednesday as the market looked beyond a large increase in oil supplies.Benchmark U.S. crude for May delivery gained $1.07 to $100.26 a barrel on the New York Mercantile Exchange. Brent crude, a contract for international varieties of oil, added four cents to $107.03 on the ICE Futures exchange in London.A report from the Energy Department for the week ended March 21 showed crude oil supplies rose by 6.3 million barrels, more than double the gain of 2.6 [Read more]
Little to fear, much to gain from Chinese investment in oil patch: report
OTTAWA - A new report is taking the Harper government to task over its treatment of Chinese state-owned enterprises interested in investing in Canada.The paper, by Wendy Dobson of the Rotman Institute for International Business, argues that the government's fears about Chinese firms buying up Canada's oilpatch are misplaced.Furthermore, she says, Canada needs Chinese investment to develop the oilsands because state-owned enterprises from the world's second-largest economy are among the world's [Read more]
Companies ordered to clean up former sour gas plant site in central Alberta
EDMONTON - The Alberta government has ordered ConocoPhillips Canada Resources Corporation and Bonavista Energy Corporation to clean up the site of a former sour gas plant.The government says ConocoPhillips Canada is the holder of the Environmental Protection and Enforcement Act approval for the reclamation of the Crossfield sour gas processing plant and is the surface lease holder.It says Bonavista Energy Corporation obtained the Alberta Energy Regulator well licence from ConocoPhillps Canada in [Read more]
Crude oil hovers below US$100 a barrel on economic, supply worries
The price of oil slipped a little on Tuesday as the market weighed potentially weaker global economic growth against continued disruptions of Libyan crude supplies. Benchmark West Texas Intermediate crude for May delivery fell 41 cents to close at US$99.19 a barrel on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties used by many U.S. refineries, rose seven cents to close at US$106.99 in London. U.S. and Brent crude have hovered in narrow ranges [Read more]
Lithuania minister pleads for US to export more natural gas to counter Putin
WASHINGTON - Calls to increase U.S. natural gas exports to counter Russian influence across Europe grew louder Tuesday amid concerns that Russia will move deeper into Ukraine. Lithuania's energy minister, Jaroslav Neverovic, pleaded in emotional terms for U.S. help, saying his country is "100 per cent" dependent on Russia for natural gas and has to pay 30 per cent higher prices for it than other countries in Europe. "This is not just unfair, this is abuse," Neverovic told the Senate Energy [Read more]
Official: Iran plans new oil export terminal outside Persian Gulf
TEHRAN, Iran - A senior official says Iran is planning to build a new oil terminal beyond the strategic Strait of Hormuz. Akbar Torkan, a senior trade official, is quoted by the semiofficial ISNA news agency as saying Tuesday that the new terminal will be at Bandar Jask port on the Oman Sea. Iran's sole major crude export terminal is at Khark Island in the Persian Gulf. Torkan didn't elaborate, but bypassing Hormuz would be seen as protecting exports from instability in the [Read more]
Little evidence of high cancer rates in oilsands community: government study
EDMONTON - An Alberta government study hasn't found any overall evidence of high cancer rates in Fort Chipewyan downstream from the oilsands. The study has found high levels of two forms of the disease in the community. Fort Chip has worried for years about whether living downstream from oilsands developments is affecting the health of residents. A previous Alberta Cancer Board study found higher-than-normal rates of several rare cancers. Those included bile duct cancer — a finding [Read more]
Arctic regulators consider offshore drilling rules as industry interest grows
Growing industry interest in the offshore oil resources of Canada's Arctic is forcing northerners from east to west to confront hard questions about development. No actual drilling is likely to happen for years. But major decisions are being taken now as projects enter the regulatory system. Governments, aboriginal groups and Arctic communities are considering issues such as how to plug possible blowouts, who benefits from development and whether some waters should remain [Read more]
Oil rises above $99 a barrel after US, EU expand sanctions against Russia
The price of oil rose above US$99 a barrel Friday as the United States and the European Union expanded sanctions against Russia and warned of possible penalties against its energy industry.Benchmark West Texas Intermediate crude for May delivery rose 56 cents at settle at US$99.46 a barrel on the New York Mercantile Exchange. The day before, it had dropped 27 cents.Sanctions in response to Russia's annexation of the Crimean peninsula from Ukraine grew to include a bank and 20 individuals [Read more]
Oil falls to near $98 a barrel as dollar strengthens, maintenance crimps refinery demand
The price of oil extended losses Friday as seasonal maintenance of refineries crimps U.S. demand and a stronger dollar makes the commodity more expensive. Benchmark U.S. crude for May delivery was down 58 cents at $98.32 a barrel at 0610 GMT in electronic trading on the New York Mercantile Exchange. The contract dropped 27 cents to settle Thursday at $98.90. Traders have zoomed in on data showing that U.S. crude supplies rose by nearly 6 million barrels in the week ended March 14. Oil [Read more]
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