Crude oil futures rose on Tuesday on signs of falling U.S. oil production, weakness in the dollar and tensions in the Middle East, particularly Yemen.
Energy
Saudi's SABIC signs deal to use U.S. shale gas at British plant
Saudi Basic Industries Corp 2010.SE has signed a deal to use shale gas from the United States at its Teesside petrochemical plant in Britain, acting chief executive Yousef Abdullah al-Benyan told Reuters on Sunday.
Texas House approves bill that limits city bans on fracking
A bill that would stop Texas cities from enacting their own bans on hydraulic fracturing in the nation's top crude oil and natural gas producing state was approved on Friday in the state House of Representatives.
Oil falls from 2015 peaks, Brent jumps 9.6 percent on the week
Crude futures fell from 2015 peaks in choppy trading on Friday, but Brent's 9.6 percent weekly gain was its biggest in more than five years as Middle East turmoil and signs of lower U.S. production lifted prices.
Brent crude oil prices fall as OPEC production soars
Brent crude oil prices fell on Friday, ending a run of rallies earlier in the week, after OPEC said that its output surged in March, adding to a global glut.
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Saudi Arabia has reduced contractual crude supplies to some customers in Japan and South Korea since March by trimming the volumes of oil loaded, six industry sources familiar with the matter said on Monday.
Crude oil rose on Tuesday after a forecast that U.S. shale oil output would record its first monthly decline in more than four years and on tension in Yemen, where top oil exporter Saudi Arabia is embroiled in a civil war.
Crude futures rose on Monday, but closed well below intraday peaks, as concerns about Iran and turmoil in Yemen supported prices, while the global supply glut continued to cap gains.
The drop in big oil companies' profits in the past eight months isn't just a function of lower crude prices – it also reflects strategic choices.
World oil markets will not see a significant rise in Iranian supplies for up to five years even if the OPEC member and world powers clinch a final nuclear deal by end-June, Fatih Birol chief economist and future head of International Energy Agency (IEA) said.
The United States is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP Plc (BP.L) oil spill in the Gulf of Mexico, the New York Times reported on Friday, citing Obama administration officials.
When it opened in 1963, Ghana's oil refinery symbolized pride and hope for the first African country to escape colonial rule. Now the plant stands idle in a sign of the economic shadow that has crept over one of the continent's brightest stars.
Oil prices rose on Thursday on strong German economic data and uncertainty about negotiations on Iran's nuclear program, even as a strong dollar curbed oil's bounce a day after futures tumbled 6 percent.
Oil prices rallied more than 2 percent on Thursday, clawing back part of a 6 percent slump triggered by a jump in U.S. crude inventories and record Saudi output, although analysts said sentiment remained bearish.
