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Oil

Libya's largest oil depot begins exports

CAIRO (AP) — Libya's largest export terminal begun loading a tanker Wednesday destined for Italy, its first shipment after a yearlong blockade over disputes between the central government, rebels and protesters, the country's oil corporation said.

The National Oil Corp. said on its website the tanker has been loading 600,000 barrels since early Wednesday. The central government had resolved a dispute last month with militias in the country's east that had caused exports from two of the country's oil ports to stop for almost a year.

Oil

Afren, Oryx cut Kurdish production, Genel pulls some workers

Source: 
Reuters

As the U.S. launched air strikes on Islamic State militants in northern Iraq, two companies with Kurdish production – Afren and Oryx Petroleum – said they were cutting back in oilfields near fighting, while Genel said it was reducing personnel in the region, Reuters reports.

Oil

OPEC: July output up but demand forecast lowered again

Source: 
Reuters

Weaker-than-expected demand in the U.S. has caused OPEC to trim its yearly forecast for a second straight month -- to 1.1 million barrels of oil a day -- although its production levels increased in July despite fighting in Iraq and Libya, Reuters reports.

Oil

Tanker catches fire amid clashes in Libyan capital

CAIRO (AP) — The Libyan government is appealing for "international help" after several oil tankers caught fire amid clashes over the country's international airport in the capital, Tripoli.

In a statement posted on its website on Monday, the interim government says the fighting between rival militias caused the huge blaze, which could trigger a "humanitarian and environmental disaster."

Libyan TV stations are calling on residents to evacuate areas near the airport. Social networking sites posted images of billowing black smoke over Tripoli skyline.

Oil

Brega port in Libya hopes to restart crude shipments

Source: 
The Wall Street Journal

Despite increasing violence in parts of Libya including the capital, a tanker has arrived in Brega and should leave next week bound for Genoa loaded with 750,000 barrels of crude, the port said on its Facebook page, according to The Wall Street Journal.

Oil

Oil price slips below $102 a barrel

The price of oil slipped below $102 a barrel on Friday, falling for a second day after spiking on lower U.S. inventories and tensions in the Ukraine and the Middle East.

Benchmark U.S. crude for September delivery was down 10 cents to $101.97 at 0555 GMT in electronic trading on the New York Mercantile Exchange. The contract dropped $1.05 to close at $102.07 a barrel on Thursday.

Brent crude, a benchmark for international oils, rose 13 cents to $107.20 in trading on the ICE exchange in London.

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.

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