Oil

Oil

Oil slips on supply fears, despite weaker dollar

Source: 
Reuters

A drop in the U.S. dollar helped limit the decline in oil prices early Tuesday in the face of continuing fears about crude supplies. U.S. benchmark crude for August delivery dropped 15 cents to $50 a barrel in electronic trading on the Nymex, while in London Brent fell 15 cents to $56.50, Reuters reports.

Oil

Shallow Gulf drilling on the decline

Source: 
Bloomberg

The move to shale drilling appears to have drawn interest away from shallow waters in the Gulf of Mexico, with the Bureau of Safety and Environmental Enforcement reporting a 74 percent drop in the number of permits issued in the first half of the year, Bloomberg reports.

Oil

U.S. oil hovers around $50

Source: 
The Wall Street Journal

The supply glut continues to press on crude oil prices, with both Brent and WTI futures losing ground Monday. Light, sweet crude for August dropped 74 cents, settling at $50.15 a barrel, while London Brent was down 45 cents at $56.65, The Wall Street Journal reports.

Oil

Halliburton profits shrink, execs say no quick recovery

Source: 
FuelFix

With drilling activity “scraping along the bottom,” Halliburton President Jeff Miller reported a drop in net income of 93 percent in the second quarter, compared to the year-ago period, FuelFix reports.

Officials: Oil train didn't speed before Montana derailment

BILLINGS, Mont. (AP) — A train that derailed and spilled 35,000 gallons of oil in northeastern Montana was traveling within authorized speed limits, federal officials said Monday as they continued to probe the accident's cause.

The Burlington Northern Santa Fe Railway train loaded with crude from North Dakota was traveling 44 miles per hour before Thursday's wreck, U.S. Federal Railroad Administration spokesman Matthew Lehner said.

Oil

Nigerian president addresses U.S. Chamber

Washington, July 20, 2015, 7:00 pm

The U.S. Chamber of Commerce and the Corporate Council on Africa will host the President of Nigeria, Muhammadu Buhari, for a dinner and keynote address on strengthening ties between the United States and Nigeria by promoting bilateral trade and combating security threats.

Oil

No sign of Torrance refinery return

Source: 
Los Angeles Times

California regulators’ concerns about pollution control at Exxon Mobil’s refinery in Torrance are keeping the facility from returning to full capacity following February’s explosion there, the Los Angeles Times reports.

Oil

Oil gains on drop in Saudi crude exports

Source: 
Reuters

Data showing Saudi crude exports have fallen to their lowest level since December helped to support oil prices early Monday following a steep slide last week. West Texas Intermediate crude for August delivery inched up 5 cents to $50.94 a barrel in electronic trading on the Nymex, while September Brent rose 3 cents to $57.15 in London, Reuters reports.

Nigerian president, Obama to meet at White House

WASHINGTON (AP) — Nigeria's new president, Muhammadu Buhari, is meeting with President Barack Obama to shore up relations between the U.S. and the nation with Africa's largest economy, and to seek additional assistance in the fight against the Islamic extremist group Boko Haram, whose deadly rampages have killed thousands across the country's north.

Obama's meeting with Buhari is expected to cover Nigeria's economy, which has suffered under the decline in oil prices, additional security issues and government corruption.

Oil

Crowds jam California beach reopened after spill

SANTA BARBARA, Calif. (AP) — The last of several Southern California beaches soiled by last spring's massive oil spill reopened Friday to enthusiastic crowds that quickly jammed its campgrounds to capacity.

Refugio State Beach opened to day visitors at 8 a.m. and began letting overnight campers in at noon, said Eric Hjelstrom, the beach's section superintendent. By early afternoon, its 60 camping spaces were taken.

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