Energy

Oil turns lower on expectations of crude oil inventory rise

Crude oil futures fell on Tuesday as expectations that this week's reports will show U.S. crude inventories rose again countered supportive news of Libyan oilfields being shut.


Russia warns of gas risks after Ukraine fails to pre-pay

Russia's Gazprom (GAZP.MM) said on Tuesday there were "serious" risks to gas transit to Europe via Ukraine after Kiev failed to make a pre-payment.

Brent falls toward $58 as supply fears linger

Brent fell toward $58 a barrel on Tuesday, extending the 2-percent loss in the previous session, as oversupply fears lingered, overshadowing any optimism on the outlook for the global economy.

Oil falls 2 percent on glut worries; heating oil up on tight supply

Crude oil futures fell more than 2 percent on Monday as investors worried about oversupply and a strong dollar, but heating oil futures jumped 5 percent due to operational problems at major U.S. refineries.


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The U.S. refinery strike widened as workers at the nation's largest refinery walked off their jobs at 12 a.m. CST (0600 GMT) on Saturday, according to the United Steelworkers union (USW).
Lead U.S. oil company negotiator Shell Oil Co said face-to-face negotiations on Friday with the United Steelworkers union (USW) failed to yield an agreement to end the 20-day-old U.S. refinery strike.
Crude prices ended mixed on Friday as the number of U.S. rigs drilling for oil fell far less than expected this week, while heating oil jumped 6 percent after severe winter cold crimped output at three refineries.
Brent crude oil fell below $60 a barrel on Friday as oversupply, supported by record-high U.S. crude stocks, weighed on the market.
Oil markets edged up on Friday to halt a two-day drop, helped by expectations that data later in the day would show a continuing decline in the U.S. oil rig count, a clear sign of the pressure the tumble in crude has put on oil producers.
Oil prices tumbled on Thursday as U.S. inventories were expected to hit record highs, while a possible rise in Saudi output could stoke oversupply built up in the past few months.
An explosion and fire ripped through a gasoline processing unit at an Exxon Mobil Corp refinery near Los Angeles on Wednesday, leaving California with the threat of higher gasoline prices.
Oil dropped below $62 a barrel on Wednesday, failing to build on gains of more than 1 percent in the previous session as analysts said a recent rally in prices was overblown.
Oil rose to $62 a barrel on Tuesday, close to its 2015 high, supported by threats to Middle East supplies and expectations lower prices may prompt a slowdown in U.S. output.
Brent crude extended its rally on Tuesday, moving further away from six-year lows hit in January, but some analysts warned that prices had risen too far and could face a downward correction.
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