The drop last Monday of 7.7 percent or $4.40 — to $52.53 from $56.93 — was the largest single day-percentage loss since February, and as the financial crisis in Greece deepened, the Chinese stock market fell and the U.S. rig count stabilized.
The incident marks the second significant spill this year for Houston-based Plains, which is still trying to clean up crude from southern California beaches contaminated after more than 100,000 gallons of oil escaped a pipeline in May. A House committee is set to grill the nation’s top pipeline regulator about delayed safety mandates on Tuesday.
China overtook the U.S. as the largest crude importer in April for the first time this year. The country bought a record 7.4 million barrels a day from overseas that month, surpassing U.S. imports of about 7.3 million.
Last May, National Iranian Oil Company (NIOC) managing director Rokneddin Javadi told International Oil Daily at a conference in Kuala Lumpur that Iran’s production would be able to pump an additional 1 million b/d within three to six months
The decades-old Baker Hughes rig count is getting a 21st century facelift with its debut of a new smartphone app featuring the oil field services company’s weekly round-up of rigs hunting for oil and natural gas.
Five oil rigs were added this week in the U.S., although gas and miscellaneous rigs dipped by four, leaving a net gain of one rig for the week, according to data from oil services provider Baker Hughes.
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