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Article 4194
Sad reasons to be optimistic about oil rally

Investors have some sad reasons to be optimistic about oil prices. Outbreaks of violence in Nigeria, export troubles in a divided Libya and wildfires ripping across the Canadian oil sands are reviving wagers that crude markets will tighten. Speculators’ net-long position in benchmark U.S. crude, a m ...

Traders financing floating oil storage

The waters between Singapore and Malaysia used to heave with wooden ships carrying exotic spices. Now the Straits of Malacca are filled with vessels carrying a very different sort of commodity. Oil traders awaiting a recovery in crude are turning to floating storage after benchmark Brent prices more ...

Oil slides for fourth straight day

Oil dropped for a fourth day as producers in Canada worked to resume operations after wildfires curbed output and Iran continued to raise exports amid a global surplus. July futures slid as much as 1.9 percent in New York. Cooler weather is helping to control a blaze in the heart of Canada’s oil-san ...

Oil posts second consecutive weekly gain

Oil fell Friday as the expiration of the June contract in New York spurred selling by traders who don’t intend to take delivery of barrels next month, but closed up for the week — the second consecutive weekly gain. West Texas Intermediate for June expired after falling 0.9 percent. Futures ar ...

Drillers pause in shutting down rigs

Oil explorers in the U.S. put a pause on their rig cancellations this week as improving technology and rising prices make some basins more profitable. Rigs targeting crude in the U.S. were unchanged at 318, after 10 were idled last week, Baker Hughes Inc. said on its website Friday. Explorers have d ...

Banks increasing credit squeeze on drillers

Banks that have cut billions of dollars from U.S. oil and gas drillers’ credit lines are trying to make it even harder for the beleaguered companies to borrow. At least three law firms have been hired by banks to look for ways to add stricter lender protections to credit agreements, and to prevent s ...

China’s cheap coal slows switch to natural gas

China’s effort to promote natural gas over coal to cut pollution is facing resistance from buyers who prefer cheaper to cleaner. The world’s largest energy consumer seeks to raise the share of less-polluting natural gas to 10 percent of its energy mix by 2020 from 6 percent last year. Yet even with ...

Oil aims for second weekly advance

Oil headed for a second weekly advance as U.S. crude production continued to decline and firefighters defended Canadian oil-sands operations from wildfires. Futures in New York rose for the first time in three days on Friday, gaining as much as 63 cents, or 1.3 percent, to $48.79 a barrel before ret ...

Crude output in Iraq has likely peaked

Crude output in Iraq, OPEC’s second-largest producer, has probably peaked and is likely to fall short of the country’s target over the next two years, according to an official with Lukoil PJSC, operator of one of the country’s biggest fields. Iraq  needs more investment to maintain production at cur ...

Oil slips in face of stronger dollar

Oil slipped  a second day as the dollar advanced against other currencies on growing speculation that the Federal Reserve will raise interest rates as soon as next month. Futures slid as much as 3 percent in New York, but later regained most of the losses. West Texas Intermediate for June delivery, ...

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