West Texas Intermediate dipped Tuesday on predictions that U.S. inventories increased last week, with the contract for May delivery closing down 30 cents to $103.75 a barrel on the Nymex. In London, Brent fell 33 cents on the final day of the May contract, to $108.74, Bloomberg reports.
JUBA, South Sudan (AP) — Rebel fighters in South Sudan claimed Tuesday that they captured the capital of an oil-rich state, and they issued an ultimatum to oil companies to shut down production and evacuate workers. U.N. peacekeepers rescued 10 oil workers from the violence, but not before five were wounded.
U.N. peacekeepers from Mongolia rescued 10 staff members from the Russian oil company Safinat just north of the city of Bentiu, said Joe Contreras, a U.N. spokesman. He said two of the five wounded were in critical condition.
A rebel commander, speaking by phone from Unity state, said rebel forces recaptured Bentiu from government troops.
Attorney General John Suthers considers Colorado to be ground zero in the debate over fracking, where voter initiatives against the drilling practice are multiplying even as the oil boom in the state intensifies, The Denver Post reports.
LOUISVILLE, Ky. (AP) — Two brothers who defrauded millions of dollars from thousands of investors in an oil and gas drilling scheme lost a bid Tuesday to have their convictions and sentences overturned.
The U.S. 6th Circuit Court of Appeals concluded that prosecutors presented enough evidence to back their contention that 53-year-old Christopher Cello Smith of Prestonsburg, Ky., and 58-year-old Michael D. Smith of Cookeville, Tenn., defrauded thousands of investors.
The Smiths ran a company called Target Oil and Gas. Prosecutors said the company asked investors to fund drilling projects in Kentucky, Texas, West Virginia and Tennessee but used fraudulent marketing materials and false geological surveys to persuade them.
The price of crude oil slipped Tuesday a day after zooming higher, with U.S. benchmark crude dropping 96 cents to $103.09 in electronic trading on Nymex, and Brent losing 36 cents in London to $108.71 in midday trading, Reuters reports.
French oil giant Total says it is setting a 2017 start date for the Kaombo ultradeepwater project off Angola after finding a way to slash the projected cost by $4 billion, down to $16 billion, The New York Times reports.
ALBANY, N.Y. (AP) — State and federal environmental officials in New York are changing the way they prepare for oil spills.
The state's Department of Environmental Conservation announced last week that it's working with the U.S. Environmental Protection Agency and the Coast Guard to revise and update its plans for preventing and responding to spills.
The oil refining sector faces potentially "profound" changes as it deals with the oil boom, uncertain demand at home and abroad and new regulatory costs, the Government Accountability Office said in a report issued Monday.
In the report, written at the request of Sen. David Vitter, R-La., and Sen. James Inhofe, R-Okla., GAO said the outlook for refiners profitability depends in part on their ability to sell more product overseas and action by the Environmental Protection Agency to end delays in setting annual Renewable Fuel Standard biofuels levels.
A cartoon advertisement by the American Petroleum Institute poking fun at the anti-Keystone XL camp of cowboys and Native Americans in Washington this week has drawn fire from some of the protest participants, FuelFix reports.
Polls released Thursday by the American Petroleum Institute and the conservative-leaning Rasmussen Reports found support among U.S. voters for construction of the Keystone XL pipeline, The Hill reports.
Lawmakers from North Dakota’s congressional delegation discussed oil train safety with Transportation Secretary Anthony Foxx as he visited the site of last year’s derailment and explosion in Casselton, The Hill reports.
A White House spokesman Wednesday night challenged a report by Rolling Stone that President Barack Obama will decide against the controversial Keystone XL pipeline project, saying on Twitter that "nobody knows" his thinking, National Journal reports.