Tag: Oil

Oil Drops on Druzhba Pipeline News and US Inflation Expectations

LONDON—Oil prices fell on Wednesday on expectations that Druzhba pipeline flows will resume shortly and demand concerns ahead of publication of key demand indicators. Brent crude futures were down $1.69, or 1.75 percent, to $94.62 a barrel at 1124 GMT. U.S. West Texas Intermediate crude futures were down $1.61 cents, or 1.78 percent, at $88.89….


Oil Slips Amid Chance of Iran Nuclear Deal Supply Boost

LONDON—Oil dropped over $1 a barrel on Tuesday, approaching a multi-month low hit last week, pressured by the latest progress in talks to revive the 2015 Iran nuclear accord, which would eventually allow Tehran to boost exports in a tight market. The European Union on Monday put forward a “final” text to revive the deal….


Imperial Oil Still Investigating Cause of Produced Water Spill in NWT

Imperial Oil Ltd. says it is still investigating the cause and impact of a pipeline spill in the Northwest Territories that has some residents downstream concerned about the potential impact. The Calgary-based oil and gas company reported on July 27 that it discovered about 55,000 litres of produced water had spilled before it shut down…


New Virus in China With Animal to Human Transmission

Taiwan’s top diplomat worries China may launch a war against Taiwan. But he adds that Beijing’s threats to Taiwan—with the Chinese military extending drills and encircling the island—are achieving the opposite effect. A new lockdown mandate is in place for China—this time in a tourist destination. Tens of thousands of travelers are stuck in one…


Cenovus Energy to Buy Remaining Stake in Toledo Refinery From BP for $300 Million

Cenovus Energy Inc. has signed a US$300-million deal that it says marks another step forward in its long-term strategy to integrate its heavy oil production with refining capability. The Calgary-based oil company announced Monday it has reached a deal with British energy giant BP to buy the remaining 50 percent stake in the BP-Husky Toledo…


3rd Oil Storage Tank Collapses in Cuba Terminal Following Fire, Spill: Governor

HAVANA—A third crude tank caught fire and collapsed at Cuba’s main oil terminal Matanzas, a local governor said on Monday, as an oil spill spread flames from a second tank that caught fire two days earlier in the island’s biggest oil industry accident in decades. Cuba had made progress fighting off the raging flames during…


Fuel Price Hike Triggers Protests, Crowds at Gas Stations in Bangladesh

Protests erupted in Bangladesh after the government raised fuel prices by a record 51.2 percent, with thousands of people thronging gas stations before the increase went into effect. The price of gasoline increased to 130 takas ($1.36) per liter on Aug. 6, while 95-octane gasoline increased 51.7 percent to 135 takas ($1.42). Diesel and kerosene…


Oil Stays Near Multi-Month Lows on Demand Worries

LONDON—Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States. Erasing earlier gains, Brent crude futures were down 51 cents, or 0.5 percent, at $94.41 a barrel by 0816 GMT. U.S….


Oil Prices Rise From Multi-Month Lows on Supply Concerns

LONDON—Oil prices rose slightly on Friday, bouncing off their lowest levels since February, as concern over supply shortages was countered by expected declines in fuel demand. Brent crude rose 39 cents, or 0.4 percent, to $94.51 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3 percent, at $88.81….


Oil Prices Stabilize After Drop to Near 6-month Low

LONDON—Oil prices were broadly steady on Thursday as the market weighed tight supply against demand fears, after a build in U.S. crude and gasoline stocks sent prices to multi-month lows in the previous session. Brent crude futures inched up 36 cents, or 0.37 percent to $97.14 a barrel by 0925 GMT, while West Texas Intermediate…