Oil

Oil

Activists spend 6 hours suspended from Shell ship in protest

BELLINGHAM, Wash. (AP) — Two activists spent about six hours Friday suspended from the anchor chain of a Royal Dutch Shell support ship docked north of Seattle to protest the petroleum giant's plans to drill for oil in the Arctic Ocean.

The protesters sitting in cloth slings attached themselves around 3:30 a.m. to the anchor chain of the American Trader at the Bellingham harbor. A spokeswoman for the group said they were comfortable, in good spirits and excited to be there.

Oil

Oil lower as Saudis signal more output

Source: 
Reuters

An announcement from Saudi Arabia that it was eyeing an increase in its crude output, coupled with gains in the dollar, pressured oil prices early Friday. U.S. benchmark crude slipped 77 cents to $60 a barrel in electronic trading on the Nymex, while in London Brent lost 63 cents to $64.48, Reuters reports.

Oil

Indonesia to rejoin OPEC in move to secure oil supplies

JAKARTA, Indonesia (AP) — Indonesia's energy ministry said Friday the country will rejoin the Organization of Petroleum Exporting Countries this year to forge a closer relationship with oil suppliers.

I Gusti Nyoman Wiratmadja Pudja, director-general of oil and gas at the ministry, said Indonesia will reactivate its membership in November after all OPEC members approved its application to rejoin the oil cartel at a meeting in Vienna last week.

Oil

Oil retreats on global supply figures

NEW YORK (AP) — Oil prices dropped Thursday after the International Energy Agency projected higher global crude production in a monthly report.

Benchmark U.S. crude fell 66 cents to close at $60.77 a barrel on the Nymex, while in London, Brent crude fell 59 cents to close at $65.11 in London.

Toyota close to unveiling 4th-generation Prius hybrid

YORK TOWNSHIP, Mich. (AP) — The timing isn't perfect, but Toyota is getting close to rolling out the next generation of its Prius gas-electric hybrid car.

Low gas prices have depressed sales of hybrids, with Prius sales falling 14 percent in the first five months of this year. The U.S. government expects gasoline to average $2.44 a gallon this year, compared with $3.36 a gallon in 2014.

Oil

Major oil companies contribute to Quebec blast fund

Source: 
The Wall Street Journal

The $345 million compensation fund being set up to pay those who’ve suffered from the 2013 oil train disaster in Lac Megantic, Quebec received contributions from major oil companies including Royal Dutch Shell PLC, Marathon Oil Corp. and ConocoPhillips, The Wall Street Journal reports.

Oil

Hess getting $2.68B for a half stake in Bakken pipeline unit

Source: 
Bloomberg

Hess Corp. is selling a 50-percent stake in its midstream Bakken unit to Global Infrastructure Partners, getting $2.68 billion from the private equity firm, Bloomberg reports.

Oil

Drop in crude prices still hurting oil workers

Source: 
The Washington Post

Workers who took advantage of the oil boom to get well-paying jobs have been hurting since the slide in crude prices triggered industry cutbacks, The Washington Post reports.

Former China oil boss sentenced to life for corruption

BEIJING (AP) — A court sentenced China's former security chief to life in prison Thursday after convicting him of corruption in a secretly held trial, underscoring President Xi Jinping's anti-graft campaign and further cementing Xi's authority by burying a once-powerful political faction.

Zhou Yongkang, 72, was spared the death penalty in a decision seen as a show of leniency toward the former Politburo Standing Committee member, the highest-level politician to face court in China in more than three decades.

Oil

Oil holding on conflicting reports

Source: 
Reuters

Oil prices remained steady Thursday as bullish projections on crude demand and production from the International Energy Agency balanced out a pessimistic projection on economic growth from the World Bank. U.S. benchmark crude lost 20 cents to $61.23 a barrel in electronic trading on the Nymex, while in London Brent was unchanged at $65.70, Reuters reports.

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