Oil

Oil

Louisiana refinery bought by NJ-based PBF

Source: 
Reuters

PBF Energy Inc., based in New Jersey, is making its first foray into the Gulf Coast, purchasing a Louisiana refinery from Exxon Mobil and Petroleos de Venezuela for $322 million, Reuters reports.

Oil

Gas-price jump pushes consumer prices up 0.4 pct in May

WASHINGTON (AP) — Consumer prices increased in May by the largest amount in more than two years, reflecting the biggest one-month jump in gas prices in nearly six years. But outside of energy, price pressures remained modest.

The consumer price index rose 0.4 percent in May, the biggest advance since February 2013, the Labor Department reported Thursday. The increase was driven by a 10.4 percent rise in the cost of gasoline, which has started climbing after nearly a year of falling energy prices.

Malaysian navy ship pursuing hijacked tanker near Vietnam

KUALA LUMPUR, Malaysia (AP) — A Malaysian navy ship is pursuing an oil tanker hijacked a week ago and trying to persuade armed pirates, believed to be Indonesians, to surrender, officials said Thursday.

Navy chief Abdul Aziz Jaafar said the naval ship is communicating with the captain, and all 22 crew members are safe.

France clears 14 firms of bribery in UN oil-for-food program

PARIS (AP) — A French court has cleared 14 companies accused of bribing the Iraqi government under Saddam Hussein in exchange for contracts as part of the U.N. oil-for-food program.

French companies, including Renault Trucks, Schneider Electric and Legrand, and several managers were acquitted on Thursday of bribery, corruption and misuse of company assets. It was the second trial involving allegations that companies circumvented the embargo imposed on Saddam's government from 1990-2000.

Russia angered by freezing of accounts in Belgium and France

MOSCOW (AP) — The Russian government on Thursday strongly condemned the freezing of Russian accounts in France and Belgium as part of an effort to enforce a $50 billion judgment for the destruction of the Yukos oil company.

An arbitration court in The Hague, Netherlands, ruled last year that Russia must compensate the former shareholders of Yukos, which was destroyed in a politically driven legal onslaught that also sent its chief executive, Mikhail Khodorkovsky, to prison for 10 years.

Oil

Oil higher as dollar drops

Source: 
The Wall Street Journal

Oil prices gained early Thursday on the back of a weaker dollar and mixed data on inventories, according to The Wall Street Journal. U.S. benchmark crude for July delivery was up 64 cents to $60.56 a barrel in electronic trading on the Nymex, while in London Brent rose 92 cents, or 1.4 percent, to $64.79.

Oil

Deadly Oklahoma oil rig fire triggered by heater, OSHA concludes

Source: 
McAlester News-Capital

An oil rig fire that killed three people in Coalgate, Okla., in December was likely started by an open-flame heater on the floor of an oil rig, according to the Occupational Safety and Health Administration, which added that operator Dan D Drilling was cited two years ago for the practice, the McAlester News-Capital reports.

Oil

Oil little changed despite volatile trading

Source: 
Reuters

An uncertain stance from the Federal Reserve about its future plans for interest rates triggered volatile price swings in oil Wednesday. U.S. benchmark crude for July delivery ended the session 5 cents lower to $59.92 a barrel on the Nymex, while in London, August Brent gained 17 cents to $63.87, Reuters reports.

Photo by Ruhrfisch

Hearing highlights lingering doubts on ending export ban

Lifting the long-standing ban on crude oil exports will lead to higher domestic crude prices and could stress the country's transportation infrastructure, hurting farmers, witnesses and lawmakers said at a House Small Business Committee hearing Wednesday.

While the effort to lift the ban appears to be gaining momentum, with bills set to get committee consideration in both chambers this year, the hearing highlighted that some lawmakers, including Republicans, still need some convincing.

Oil

Oil price drop sending private equity firms to seek overseas deals

Source: 
The Wall Street Journal

Private equity firms who are flush with cash and looking for ripe investment pickings in the wake of the oil price slide are hunting for prospects outside the U.S., The Wall Street Journal reports.

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