Thu, 28/10/2010 - 22:25 by harsheeb
New York -- Crude oil prices rose modestly overnight despite a rise in U.S.
stockpiles, the price for December delivery topping $82 per barrel in New York.
Crude oil prices added 39 cents overnight to $82.33 per barrel Thursday. On Wednesday, the Energy Information Administration said crude oil supplies rose by 5 million barrels to 366.2 million barrels, above the average range for this time of year.
Gasoline stockpiles dropped by 4.4 million barrels to 214.9 million in the week ending Oct. 22.
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Thu, 28/10/2010 - 10:23 by Rakhi
New York -- Crude oil prices held close to $82 per barrel in New York after the U.S. Energy Information Administration said supplies rose in the week ending Oct. 22.
Crude oil inventories gained 5 million barrels to 366.2 million barrels, while gasoline stockpiles dropped 4.4 million barrels to 214.9 million.
December delivery crude oil prices traded in a narrow range, most recently adding 4 cents on the New York Mercantile Exchange overnight to $81.98 per barrel. Heating oil prices shed 0.07 cents from a recent settlement to $2.2555 per gallon.
Reformulated gasoline prices dropped 0.02 cents to $2.0752 per gallon. Henry Hub natural gas prices added 2 cents to $3.783 per million British thermal units.
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Wed, 27/10/2010 - 23:45 by harsheeb
New York -- Crude oil prices dropped overnight to under $82 per barrel in New York, ahead of Wednesday's U.S. oil supply report.
The dollar index rose 0.77 percent Tuesday, snapping a downward trend, which put pressure on oil prices.
Equities were mostly lower in Asia Wednesday and flat in Europe. U.S. markets opened with early losses, the Dow Jones industrial average lost 0.57 percent in midmorning trading. The Standard & Poor's 500 index jumped to a loss of 0.45 percent.
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Thu, 21/10/2010 - 09:38 by harsheeb
New York -- Commodities traders shook off Tuesday's tailspin, pushing oil prices $2.34 higher on the New York Mercantile Exchange to $82.50 per barrel Wednesday.
The People's Bank of China knocked the price of oil its perch Tuesday, raising interest rates to slow the economy and curb inflation. Oil prices Tuesday dropped $3.72 or about 4 percent Tuesday, then dipped to an overnight low of $79.90 for December delivery light, sweet crude.
Oil prices were given a boost by a weaker dollar. The dollar index, a pro-rated measure of the dollar against six major currencies, dropped 1.26 percent Wednesday.
Heating oil prices rebounded, adding 5.58 cents to $2.451 per gallon.
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Thu, 21/10/2010 - 09:35 by harsheeb
Primm -- Environmentalists have asked the California Energy Commission to block a solar energy project in the Mojave Desert.
BrightSource Energy Co. plans to build an array of solar panels on 5.6 square miles in the Ivanpah Valley on the California-Nevada border. But biologists clearing out desert tortoises for a fence have found them in greater numbers than expected, The Press-Enterprise of Riverside, Calif., reports.
Approval for the project was given based on a U.S. Fish and Wildlife Service estimate that there were no more than 32 tortoises on the entire site, not enough for development there to have a major impact on the species. Now, 17 have been found in a small area.
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Thu, 21/10/2010 - 00:26 by harsheeb
Washington-- U.S. crude oil inventories rose by 700 million barrels in the week ending Oct. 15, the U.S. Energy Information Administration said Wednesday.
The agency said crude inventories increased to 361.2 million barrels during the week, with supplies remaining above the upper limit of the average range for this time of year.
Gasoline inventories rose by 1.2 million barrels to 220.1 million barrels.
Gasoline stockpiles are listed as above the upper limit of the average range.
Supplies of distillate fuels, which include heating oil, fell by 2.2 million barrels to 170.3 million barrels.
Inventories of finished gasoline and stocks of gasoline blending components rose during the week, the energy agency reported.
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Thu, 21/10/2010 - 00:15 by harsheeb
New York -- Commodites traders shook off Tuesday's tailspin, pushing oil prices 41 cents higher on the New York Mercantile Exchange to $80.31 per barrel early Wednesday.
The People's Bank of China knocked the price of oil its perch Tuesday, raising interest rates to slow the economy and curb inflation. Oil prices Tuesday dropped $3.72 or about 4 percent Tuesday, then dipped to an overnight low of $79.90 for December delivery light, sweet crude.
Heating oil prices Wednesday rebounded, adding 0.62 cents to $2.1955 per gallon. Reformulated gasoline prices shed 0.09 cents from a prior settlement to $2.0318 per gallon. Henry Hub natural gas prices added 3 cents to $3.543 per million British thermal units.
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Wed, 20/10/2010 - 06:09 by harsheeb
Sana-- Yemen's oil reserves are estimated at 11.9 billion barrels of oil, a government agency said Tuesday.
The Petroleum Exploration and Production Authority said a new study had estimated Yemen's reserves, indicating the country's oil industry requires more investment, Saba reported.
Nasr al-Humaidi, the head of the agency, said using updated technology would likely increase the estimate further.
Copyright 2010 United Press International
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Tue, 19/10/2010 - 21:54 by harsheeb
New York -- Crude oil prices dropped sharply Tuesday morning to under $82 per barrel after the People's Bank of China raised interest rates to slow its economy.
The bank said it would raise the one-year yuan interest rate to 5.56 percent from 5.31 percent, lifting the rate for the first time in nearly three years, The Wall Street Journal reported.
"The move obviously aims to curb high property prices and inflation," said UBS Securities economist Wang Tao.
"The rate hike is necessary although the possibility for such a move seemingly became modest recently," she said.
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Tue, 19/10/2010 - 03:49 by harsheeb
Moscow -- Prosecutors in Russia for the second time in the same trial reduced the volume of crude oil they allege was stolen by Yukos' former chief executive officer.
On Friday, prosecutors said former Yukos Chief Executive Officer Mikhail Khodorkovsky and business partner Platon Lebedev stole 20 million tons less than previously charged. On Monday, prosecutors reduced that by 131 million tons more, citing a mathematical error and a lack of evidence, RIA Novosti reported.
Khodorkovsky and Lebedev are nearing the end of eight-year sentences for tax evasion and fraud. While in jail, prosecutors came up a charge of theft of 350 million tons of oil and $9.6 billion, which allegedly occurred from 1998 to 2003.
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Mon, 18/10/2010 - 21:52 by harsheeb
Paris -- Fears of gasoline shortages are escalating in France where truck drivers have joined the protest against pension reform.
Eleven of France's 12 oil refineries have been closed down by striking refinery workers, and general strikes have affected transportation and shut down schools. Truck drivers have said they would blockade roads, drive slow or use trucks to block gasoline deliveries, Radio France Internationale reported Monday.
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Mon, 18/10/2010 - 21:23 by harsheeb
New York -- Crude oil prices started the week slightly higher Monday, defining a new plateau near $82 per barrel on the New York Mercantile Exchange.
November delivery light, sweet crude added 21 cents during the weekend to $81.46 per barrel.
Last week, oil ministers from the OPEC cartel met in Vienna, electing to keep production steady, citing the uncertainty of the global economic recovery. In its latest prediction, OPEC said demand would rise by 100,000 barrels per day in 2010 to 1.1 million barrels a day, enough to jar prices from a previous plateau of about $76 per barrel.
On Monday, heating oil prices added 1.5 cents to $2.2458 per gallon. Reformulated blendstock gasoline prices rose 1.92 cents to $2.123 per gallon.
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