Supply

Oil

Oil drifts down despite China manufacturing bounce

The price of oil fell Thursday, giving back part of its sizeable jump the day before, despite improvement in Chinese manufacturing.

Benchmark U.S. crude for September delivery was down 16 cents at $102.96 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange. The contract gained delivery gained 73 cents to $103.12 on Wednesday after data released by the Energy Department Wednesday showed a drop in U.S. crude inventories that was more than double what analysts had expected.

Brent crude for September delivery, a benchmark for international oils, was down 14 cents to $107.89 on the ICE Futures exchange in London.

Oil

Oil gains on sharp drop in US supplies

The price of oil rose Wednesday after the government reported that U.S. oil supplies rose more than expected.

The benchmark U.S. oil contract for September delivery gained 73 cents to $103.12 a barrel on the New York Mercantile Exchange. Brent crude for September delivery, a benchmark for international oils, rose 70 cents to $108.03 on the ICE Futures exchange in London.

The Energy Department reported that U.S. oil supplies fell by 4 million barrels last week, a sharper decline than the 2.6 million barrels expected by analysts surveyed by Platts, the energy information arm of McGraw-Hill Financial.

Oil

Geopolitical tensions seen keeping oil prices high

The price of oil fell slightly Tuesday but experts see geopolitical tensions preventing any significant short-term declines.

U.S. benchmark crude for August delivery fell 17 cents to $104.42 a barrel on the New York Mercantile Exchange. The more heavily traded September contract slipped 47 cents to $102.39.

Brent crude for September delivery, a benchmark for international oils, dropped 35 cents to $107.33 on the ICE Futures exchange in London.

Oil

Libyan oil output dropping as violence increases

Source: 
Reuters

A spokesman for Libya’s National Oil Corporation said the country’s output dropped from around 555,000 barrels per day Thursday to 450,000 barrels per day Monday as fighting in Tripoli was continuing and conflict in Benghazi escalating, Reuters reports.

Oil

Shahara export due even as Libya violence continues

Source: 
The Wall Street Journal

Libya’s National Oil Co., which is run by the state, said the first export from the restarted Shahara oil field was expected Monday, despite continuing fighting at Tripoli airport, The Wall Street Journal reports.

Oil

Clashes between rival militias in Libya kill 47

CAIRO (AP) — Libya's Health Ministry says clashes between rival militias fighting for control of the international airport in the capital, Tripoli, have killed 47 people over the past 24 hours.

The ministry said on its website late Sunday that the fighting also left 120 people wounded. It also says it hasn't yet received all casualty reports.

Oil

OPEC reports decline in market share, production in 2013

Source: 
The Wall Street Journal

In an annual statistic report, OPEC reported that its total crude oil production fell 2.5 percent in 2013, and its total market share fell 1.2 percent from 2012 levels, The Wall Street Journal reports.

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

DOE watchdog reports capacity issues at strategic reserve

Source: 
Reuters

An Energy Department inspector general report found that delayed maintenance is causing capacity problems for the U.S. Strategic Petroleum Reserve, a problem for officials overseeing quick drawdowns of the supply, Reuters reports.

Oil

Libyan oil production rises despite continued fighting

Source: 
The Wall Street Journal

Libyan oil production is returning at a higher pace than expected, up to 554,000 barrels a day, with output from the Sharara oil field growing, despite government battles with rebels at an airport in Tripoli, The Wall Street Journal reports.

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