Short-covering as the front month contract for U.S. benchmark crude was about to expire helped oil prices recover from earlier losses Monday. West Texas Intermediate crude for July delivery edged up 7 cents to $59.68 a barrel on the Nymex, while in London, Brent gained 32 cents to $63.34, Reuters reports.
Downgrading BP’s outlook to negative, Fitch Ratings projects higher debt levels for the oil major as a result of fines from its 2010 Gulf of Mexico spill combined with the impact of lower crude prices, FuelFix reports.
Proposals from Greece to resolve the country’s financial crisis helped to boost oil early Monday, although the global supply glut continued to weigh on prices, Reuters reports. U.S. benchmark crude for July delivery gained 44 cents to $60.05 a barrel in electronic trading on the Nymex, while August Brent rose 30 cents to $63.32 in London.
U.S. crude production increased in May by 870,000 barrels a day, according to the Platts forecasting unit Bentek Energy, which added that output in the Eagle Ford Shale declined but remained 21 percent higher than the year-ago period, FuelFix reports.
GOLETA, Calif. (AP) — Along a stretch of beach heavily marred by a crude oil spill, workers in hard hats and white protective suits use wire brushes and putty knives to scrape the black liquid off cobblestones and cliff faces.
The painstaking task at Refugio State Beach marks a new front in the cleanup after an underground pipeline leaked last month and released up to 101,000 gallons of oil, about 21,000 gallons of which flowed into a storm drain, sullied the beach and washed out to sea. Because the region is home to threatened shorebirds and cultural resources, a decision was made early on to clean oil-stained beaches the old-fashioned way by using hand tools instead of heavy equipment or chemicals.
HANOI, Vietnam (AP) — Eight Indonesians apprehended last week have confessed to hijacking a Malaysian oil tanker, a Vietnamese official said Monday.
Col. Doan Bao Quyet, political commissar of Vietnam Coast Guard Region 4 in the southern province of Kien Giang, said the Indonesians, aged 19 to 61, initially said they encountered an accident at sea while fishing when they arrived on Tho Chu island off Vietnam's southern coast on Friday. But after questioning with the images and information provided by Malaysian authorities, they confessed that they were responsible for hijacking the oil tanker earlier this month.
The Pentagon is taking a larger role helping the Interior and Energy department in the Arctic region, with the military assisting in oil spill response and forecasting of declining ice in the region.
The Government Accountability Office, Congress's watchdog arm, disclosed the Defense Department's assistance in a report issued Friday, saying the low threat of military conflict in the region has allowed the military to participate in the inter-agency Arctic Strategy.
Concerns about the Greek financial crisis alongside profit taking and a slowdown in the decline of active U.S. rigs pushed oil prices lower Friday, resulting in a loss for the week. U.S. benchmark crude ended 84 cents lower to settle at $59.61 on the Nymex, while in London, Brent tumbled $1.24, or 1.9 percent, to $63.02, Reuters reports.
The rebound in oil prices following Wednesday’s slump was wiped out late Thursday by news of a jump in the number of rigs drilling for oil in the U.S. Light, sweet crude for August delivery settled down 3 cents to $56.93 a barrel on the Nymex, while in London, Brent finished up 6 cents to $62.07, Dow Jones reports.
The Grain Belt Express, a $2.2 billion transmission line proposed by Clean Line Energy to bring wind power from Kansas to points east, through Missouri, has been rejected by the Missouri Public Service Commission, The Kansas City Star reports.
A $15,000 grant from the Environmental Protection Agency to fund research into cutting particulate emissions from barbecues has attracted criticism from Sen. Rob Portman, R-Ohio, who declared his constituents “should be able to grill in peace,” The Hill reports.
The U.S. role in Copenhagen climate talks in 2009, and media coverage of it, had Secretary of State Hillary Clinton’s attention, judging from the emails released by the State Department this week, E&E reports.
After last month’s pipeline leak near Santa Barbara, Calif., the Pipeline and Hazardous Materials Safety Administration is proposing a requirement that operators notify regulators within an hour of any problem, The Hill reports.