Oil steadies but still pressured by oversupply

The price of U.S oil rose slightly Friday, but still ended the week sharply lower as rising supplies continue to outpace global demand growth.

U.S. crude rose 27 cents Friday to close at $42.50, but finished the week down 3 percent after hitting a six-year low on Thursday, and another intraday low of $41.35 a barrel in early morning electronic trading.


Hercules may herald more offshore bankruptcies: Fitch


An analysis published by Fitch Ratings Friday said that more offshore drillers may follow Hercules into bankruptcy protection, as their cash flows will see more pressure since backlog protections “are falling away at a fast clip,” FuelFix reports.


Gasoline prices spike in Chicago, California on refinery problems

The Wall Street Journal

Refinery problems—in particular the outage at BP’s Whiting facility in Indiana—have combined with pipeline leaks to send gasoline prices soaring in some spots at the height of the summer driving season, The Wall Street Journal reports.

AP Photo/Gregory Bull

Commerce backs limited crude swaps with Mexico, as oil allies push for more

The Commerce Department is moving to approve certain swaps of crude oil with Mexico, a senior administration official said Friday, but while the oil industry and its supporters called it a “positive step,” they urged swifter action to end the long-standing ban on crude oil exports.

The official, who wouldn't speak by name, said that while the Bureau of Industry and Security is rejecting proposed swaps with other countries, it will approve certain barrel-for-barrel trades with Mexico.

7 Greenpeace activists fined for Oregon icebreaker protest

PORTLAND, Ore. (AP) — Two more Greenpeace protesters accused of trying to stop a Royal Dutch Shell icebreaker from leaving Portland, Oregon, for an Arctic oil-drilling operation were fined $5,000 by the Coast Guard, officials said Friday.

A total of seven protesters have now been fined for interfering with the safe operations of a vessel, Petty Officer 1st Class George Degener said.


Rosneft has increased drilling this year


Insulated—in part because of the plunge in the ruble—from the slump in global oil prices, Russian oil giant OAO Rosneft has managed a 27 percent increase in drilling thus far in 2015, Bloomberg reports.


US producer prices up just 0.2 percent in July

WASHINGTON (AP) — Prices charged by producers rose more slowly in July, reflecting declines in both food and energy.

The Labor Department said Friday its Producer Price Index, which measures inflation pressures before they reach the consumer, increased 0.2 percent in July compared to June when prices had risen 0.4 percent.


Total U.S. rig count unchanged at 884 but oil rigs up 2

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. this week remained steady at 884, oilfield services company Baker Hughes Inc. said Friday.

According to Houston-based Baker Hughes, 672 rigs were seeking oil -- an increase of two -- and 211 explored for natural gas. One was listed as miscellaneous. A year ago, 1,913 rigs were active.


US eases crude oil export ban; allows trading with Mexico

EDGARTOWN, Mass. (AP) — The U.S. is easing its longstanding ban on crude oil exports by allowing limited trade with Mexico.

That's according to a senior Obama administration official who wasn't authorized to comment by name and requested anonymity.

Mexico's state-run oil company Petroleos Mexicanos, or Pemex, has sought to import about 100,000 barrels of light U.S. crude a day. Last year it proposed a deal in which the U.S. would trade the light crude for heavier Mexican crude.

The official says the Commerce Department is approving some license applications for the exchange of similar amount of U.S. and Mexican crude.

Congress has pressed the Obama administration to lift the crude oil ban, with Republicans arguing it would make the U.S. an energy superpower. The ban has been in place for four decades.


Oil down further as stockpiles build


Oil continued its slide on Friday over concerns about mounting stockpiles and problems with U.S. refinery outages. West Texas Intermediate crude lost 24 cents to $41.99 a barrel in electronic trading on the Nymex – trading at levels not seen since March 2009 -- while in London Brent fell 10 cents to $49.12, Reuters reports.


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