Oil

Oil

Another tanker attacked in SE Asia

Source: 
VOA

A Malaysian-flagged tanker, headed from Singapore to Borneo, was hijacked in the South China Sea and its cargo of marine gas oil stolen, VOA reports.

Former Coast Guard chief tapped as Arctic diplomat

WASHINGTON (AP) — A retired Coast Guard admiral was named Wednesday as the first U.S. special representative for Arctic issues, overseeing American policy in the icy region that is becoming a global focus for economic opportunities and security concerns.

In a statement, Secretary of State John Kerry said retired Adm. Robert J. Papp has broad foreign policy experience and a "passion" for the Arctic that makes him the ideal diplomat to advance U.S. interests in the region.

Oil

Higher gasoline costs raise US producer prices

WASHINGTON (AP) — Rising gasoline costs pushed up the prices U.S. companies receive for their goods and services in June, but overall inflation remains tame.

The Labor Department said Wednesday that the producer price index, which measures the cost of goods and services before they reach the consumer, rose 0.4 percent last month. The increase follows a 0.2 percent decrease in May.

Oil

California hearing addresses oil refinery rules

LOS ANGELES (AP) — Residents of modest neighborhoods near three of the largest oil refineries in California called on the Environmental Protection Agency on Wednesday to crack down on plant emissions, saying the pollution is choking their children and endangering their health.

The residents of the oil-rich Wilmington area of Los Angeles were among a dozen speakers to address an EPA hearing about a proposed rule requiring stricter emission controls and monitoring standards for refineries.

Oil

Oil price rises on inventory draw, China growth

Oil prices rose Wednesday on a large drain in U.S. oil inventories and a slight improvement in economic growth in China.

Benchmark U.S. crude for August delivery rose $1.24 to close at $101.20 a barrel on the New York Mercantile Exchange. On Tuesday, the Nymex contract dipped below $100 per barrel for the first time since May.

Oil

Libyan output rises to five-month high, but still well below normal

Source: 
The Wall Street Journal

Oil production is recovering more quickly than expected, with the country producing a five-month high of 600,000 barrels per day; however, that figure is less than half of the country's normal output of 1.6 million barrels per day, The Wall Street Journal reports.

Oil

Analysts project drop in gasoline prices

Source: 
FuelFix

Energy market analysts at GasBuddy projected that falling crude prices could push the average price of a gallon of gasoline down by 10 to 20 cents, adding to price drops that have brought the average below $3.60 per gallon, FuelFix reports.

Oil

Oil prices rise after China growth ticks higher

Oil prices rose Wednesday after China reported a slight improvement in economic growth for the second quarter that allayed fears its slowdown was continuing.

Benchmark U.S. crude for August delivery was up 62 cents at $100.58 a barrel at 0720 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 95 cents to $99.96 on Tuesday. Brent crude, a benchmark for international oils, gained 41 cents to $107.29 on the ICE exchange in London.

Oil

China moves oil rig out of waters Vietnam claims

HANOI, Vietnam (AP) — China on Wednesday moved an oil rig out of waters claimed by Hanoi after two months of drilling that triggered a near-breakdown in ties between the neighbors and led to deadly protests in Vietnam.

Withdrawing the rig from near the Paracel Islands in the South China Sea reduces the immediate risk of a naval standoff but will do little to mend relations between the two countries. Beijing made it clear it was shifting the billion-dollar rig because it had completed its work, not because of the criticism of its actions.

Oil

Colombia: Oil spill by rebels not as bad as feared

PUERTO ASIS, Colombia (AP) — Colombian officials say an oil spill caused by rebels in the country's southwest may not have been as big as originally thought nor has it caused significant environmental damage.

Army commander Gen. Jaime Lasprilla says oil did not get into the Guamuez River after the incident last week in the Puerto Asis municipality, about 515 miles (830 kilometers) southwest of Bogota. Some creeks were contaminated.

Pages

Subscribe to Oil