October 2011 Archives

Oct. 31 (Bloomberg) -- Crude oil dropped in New York as the dollar climbed and equities fell, trimming the biggest monthly gain in more than two years.

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Futures decreased as much as 2.1 percent after Japan stepped in to foreign-exchange markets to weaken the yen against the dollar, making commodities priced in the U.S. currency less attractive to investors. Stocks retreated from a three-month high on concern that European leaders will struggle to raise funds to contain the region’s debt crisis. Crude oil for December delivery declined $1.19, or 1.3 percent, to $92.13 a barrel at 1:11 p.m. on the New York Mercantile Exchange. Futures are up 16 percent this month, the biggest gain since May 2009. Oil settled at $93.96 on Oct. 27, the highest level since Aug. 1.

Oil Pares Biggest Monthly Rally in Two Years as Dollar Climbs - BusinessWeek

SAN FRANCISCO (MarketWatch) — Crude-oil futures fell by as much as 2% Monday, tracking a broad decline among commodities as the dollar climbed following Japanese intervention in the currency markets to stem the rise of the yen.

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USDJPY +3.0690% , which measures the greenback against a basket of six other currencies, climbed to 76.022, up from 75.063 late Friday. A stronger dollar tends to weigh on demand for oil and other commodities.

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The dollar’s gains came after Finance Minister Jun Azumi said that the Bank of Japan intervened in the currency markets for the first time since August, according to reports from the region. Read more on reported intervention.

Oil futures fall as much as 2% on dollar advance - MarketWatch

Oil prices hovered below $94 a barrel Friday in Asia after surging the previous session amid investor optimism Europe's plan to contain its debt crisis will help boost global economic growth.

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Benchmark crude for December delivery was down 34 cents at $93.62 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $3.76, or 4.2 percent, to settle at $93.96 in New York on Thursday. Crude has surged about 24 percent from $75 on Oct. 4 on expectations Europe would be able to keep Greece's soaring debt levels from mushrooming into a financial and economic crisis.

Oil hovers below $94, pausing 24-pct October rally - BusinessWeek

NEW YORK (Reuters) - Oil prices retreated on Friday in light volume trading as uncertainties about Europe's plan to tackle its debt problems prompted some profit taking after the previous session's rally.

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Brent crude managed a small weekly gain, but its bigger losses on Friday dropped it below its 100-day moving average and reduced the premium to U.S. crude to under $17 a barrel after it topped $19 intraday on Thursday. Brent crude managed a small weekly gain, but its bigger losses on Friday dropped it below its 100-day moving average and reduced the premium to U.S. crude to under $17 a barrel after it topped $19 intraday on Thursday. "After a rally like we saw yesterday it was reasonable to see oil prices fall," Torbjorn Kjus of DnB NOR said.

Oil falls on EU rescue deal skepticism - Reuters

Earnings for the oil industry have been strong all week, especially for service companies like National Oilwell Varco and Weatherford International, which have benefited from rapidly growing drilling operations in shale oil and gas fields around the United States and a resumption of drilling in the Gulf of Mexico.

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Exxon Mobil, the largest American oil company and an active driller in new shale fields in the United States, Europe and Argentina, said its capital and exploration expenditures of $26.7 billion for the first nine months of the year represented a record. Still, natural gas production was flat and oil production was moderately lower in the latest quarter, disappointing Wall Street analysts. Exxon Mobil, the largest American oil company and an active driller in new shale fields in the United States, Europe and Argentina, said its capital and exploration expenditures of $26.7 billion for the first nine months of the year represented a record. Still, natural gas production was flat and oil production was moderately lower in the latest quarter, disappointing Wall Street analysts. “We continue pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation,” Rex W. Tillerson, Exxon Mobil’s chairman, said in a statement.

Oil Industry Hums as Higher Prices Bolster Quarterly Profits at Exxon and Shell - New York Times

NEW YORK (Reuters) - Crude oil futures rallied more than 4 percent on Thursday, primed by a deal on Greek debt that many analysts said bodes well for resolving the euro zone crisis.

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Markets got a boost after euro zone leaders struck an agreement with private lenders for the latter to accept a 50 percent loss on their Greek government bonds.

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Additional support came from data showing the U.S. economy grew in the third quarter at its fastest pace in a year, bringing relief to investors who weeks ago feared the world's largest oil consumer would lapse into another recession.

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Oil rallies more than 4 percent on EU rescue deal - Reuters

SINGAPORE (Reuters) - Oil prices rose more than $2 on Thursday, after European leaders struck a deal with private holders of Greek debt to write down half their holdings and agreed to boost the region's rescue fund.

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Euro zone leaders made a pact with private banks and insurers on Thursday for them to accept a 50 percent loss on their Greek government bonds under a plan to lower Greece's debt burden and try to contain the two-year-old euro zone crisis. Greek Prime Minister George Papandreou said he expected the deal, which will be implemented through a bond exchange, to be wrapped up by the end of the year.

Oil gains more than $2 on EU rescue plan - Reuters

Oct. 27 (Bloomberg) -- Oil advanced in New York, rebounding from the biggest drop this month, after European leaders agreed on measures to tame a sovereign debt crisis that threatens to slow economic growth and curb commodity demand.

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Futures climbed as much as 2 percent after yesterday sliding 3.2 percent. Officials in Europe persuaded bondholders to take 50 percent losses on Greek debt and boosted a bailout fund to 1 trillion euros ($1.4 trillion). A report today may show the U.S. economy expanded at the fastest pace this year in the third quarter. U.S. fuel stockpiles declined last week even as crude inventories rose, Energy Department data showed.

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Crude oil for December delivery gained as much as $1.84 to $92.04 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.79 at 2:51 p.m. Sydney time. The contract yesterday declined the most in three weeks, sliding $2.97 to $90.20. Prices are up 0.5 percent this year.

Oil Gains on European Debt Deal, Signs of US Economic Growth - BusinessWeek

NEW YORK (Reuters) - Oil prices fell on Wednesday as concerns about rising U.S. inventories added to caution about Europe's ability to agree on a plan to address the debt crisis.

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U.S. oil futures dropped 3 percent, leading the complex lower and widening the contract's discount to European Brent crude by nearly $1, partially retracing two days of heavy selling on the spread. Prices fell early on jitters ahead of the meeting of euro zone heads of state on the debt crisis, before extending losses on data from the U.S. Energy Information Administration showing a steep build in domestic crude oil inventories last week as imports jumped. <EIA/S> "The crude build was a lot larger than people expected and you saw rising imports and we have the uncertainty about Europe putting a little uncertainty in the market," said Gene McGillian, energy analyst for Tradition Energy in Stamford, Connecticut.

Oil falls as US crude stocks rise - Reuters

Oct. 26 (Bloomberg) -- Oil traded near its highest in 12 weeks in New York on speculation China’s government will boost the economy of the world’s second-biggest crude consumer, while European leaders prepared to tackle the region’s debt crisis.

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Prices gained as much as 0.8 percent after settling yesterday at the highest in almost three months. Chinese Premier Wen Jiabao said economic policy will be fine-tuned as needed and the industry ministry said it is studying “stimulative policies” for smaller companies. European government heads will hold a summit today to agree on a plan to rein in a sovereign- debt crisis that threatens to curb economic growth and slow demand for commodities. Crude oil for December delivery was at $93.71 a barrel, up 54 cents, in electronic trading on the New York Mercantile Exchange at 10:48 a.m. London time. The contract yesterday increased 2.1 percent to $93.17, the highest settlement since Aug. 2. Prices are up 2.5 percent this year.

Oil Trades Near 12-Week High as China Considers Economy Stimulus - BusinessWeek

POINT HOPE, Alaska — He once hurled harpoons at whales, but on this platinum afternoon beside the Arctic Ocean he swung a five iron at a frustrating little ball.

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No, there is not yet a golf course here, 200 miles north of the Arctic Circle, just a daunting expanse of rough and the world’s most challenging water hazard — an ocean that holds one of the largest remaining oil reserves in the United States but buries it in ice and darkness for much of the year. Sure enough, many things that once seemed improbable in this place so far away and unforgiving have now become central to its existence, including the smooth commercial landing strip built beside the collapsing sod houses some elders here were born in, and the satellite dishes looming over polar bear skins drying on front porches. Now, however, the striking blend of old and new, and the relative ease with which people here navigate it are being tested in an unprecedented way by the strongest push yet to drill for oil offshore.

Oil Drilling Plan Divides an Arctic Village - New York Times

BAGHDAD (Serena Chaudhry) - Foreign investors eager to snap up development projects in key oil producer Iraq are unlikely to balk after the United States withdraws all its troops at the end of the year as long as security does not deteriorate.

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U.S. President Barack Obama said on Friday all U.S. forces would leave Iraq at the end of 2011 as scheduled, almost nine years after the 2003 U.S.-led invasion that toppled dictator Saddam Hussein.

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Iraq is trying to rebuild after decades of war and economic sanctions and needs investment in every sector. The OPEC member country has signed a series of deals with international firms to develop its oil fields, the fourth-biggest in the world.

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US Exiting From Iraq Unlikely To Deter Investment In Key Oil Producer - Huffington Post

NEW YORK (Dow Jones)--Crude oil futures rose Friday amid high hopes going into a weekend summit of European leaders working to resolve the sovereign debt crisis, following equities and the euro higher.

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Prices jumped as trading opened in New York and were up as much as 3% in midmorning trade before settling back. Light, sweet crude for December delivery ended the day up $1.33, or 1.6%, to $87.40 a barrel on the New ... NEW YORK (Dow Jones)--Crude oil futures rose Friday amid high hopes going into a weekend summit of European leaders working to resolve the sovereign debt crisis, following equities and the euro higher.

OIL FUTURES: Crude Rises On Fundamentals, Euro-Zone Hopes - Wall Street Journal

Over the years, the oil industry has managed to deal with shahs and sheikhs, kings and colonels, dictators and even democracies. So even before the death of Libyan leader Moammar Gaddafi, international oil companies were getting acquainted with his successors and figuring out how to reboot the North African nation’s oil sector.

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Paolo Scaroni, the chief executive of Italian oil giant ENI, met with the Libyan rebel government, the Transitional National Council, in April. The company, which was the biggest operator in Libya during the Gaddafi era, has already restarted its activities. ENI has been told that its contracts remain in effect and last week reactivated its Greenstream pipeline, which carries large volumes of natural gas from Libya to Italy. Before the fighting, the pipeline supplied about 10 percent of Italy’s natural gas.

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Gallery  Moammar Gaddafi had ruled Libya for more than 40 years. His legacy ends as revolutionary fighters capture his hometown stronghold of Sirte, and his death is confirmed by Libya’s prime minister.

Oil companies restarting operations in Libya - Washington Post

LONDON (Reuters) - Oil prices held steady at around $108 on Thursday supported by tight supply although Europe's failure to agree a plan to resolve the euro zone's debt crisis continued to stalk the market.

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French President Nicolas Sarkozy flew to Frankfurt to talk with German Chancellor Angela Merkel to try to break a deadlock ahead of a crucial EU summit this weekend. European equities, metals and commodity currencies fell on the uncertainty, the euro lost ground against the dollar, and oil erased gains made last week on rescue deal optimism.

Oil steady at $108 ahead of EU summit - Reuters

Oct. 20 (Bloomberg) -- Oil dropped a second day as Europe struggled to tame its debt crisis and the Federal Reserve said companies were increasingly pessimistic about the U.S. economy, stoking speculation commodities demand may falter. Brent’s premium to New York prices widened.

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December futures fell as much as 0.6 percent, extending yesterday’s 2.5 percent slump. U.S. fuel use fell 2.2 percent to the lowest since May last week while crude stockpiles shrank, the Energy Department said. A French-German split over Europe’s rescue strategy emerged as finance ministers prepare to meet tomorrow and the Fed said yesterday that U.S. companies reported more doubt about the strength of the nation’s recovery. Crude oil for December delivery, the most actively traded contract, slipped as much as 54 cents to $85.75 a barrel and was at $85.86, in electronic trading on the New York Mercantile Exchange at 2:10 p.m. Sydney time. The contract yesterday fell $2.24 to $86.29, the lowest since Oct. 13. November futures, which expire today, were at $85.68.

Oil Drops a Second Day on Europe Outlook; Brent Premium Widens - BusinessWeek

NEW YORK (Dow Jones)--Nymex oil futures were largely unchanged in early trading Wednesday, while Brent fell as European market tightness eases.

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Volume was light as traders largely held off until weekly U.S. oil inventory statistics are released at 10:30 a.m. EDT. Crude inventories are ... NEW YORK (Dow Jones)--Nymex oil futures were largely unchanged in early trading Wednesday, while Brent fell as European market tightness eases.

OIL FUTURES: Crude Prices Nearly Flat Ahead Of Weekly Inventory Data - Wall Street Journal

Oil fell for a second day in New York after China said its economy grew at the slowest pace in two years and U.S. crude stockpiles were forecast to increase.

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Futures dropped as much as 1 percent, extending yesterday’s 0.5 percent decline, after China’s statistics bureau said the economy grew at 9.1 percent in the third quarter, less than predicted. An Energy Department report tomorrow may show U.S. crude inventories climbed for a second week, according to a Bloomberg News survey. Technical indicators indicate prices may have advanced too fast to be sustainable.

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Crude for November delivery fell as much as 83 cents to $85.55 a barrel in electronic trading on the New York Mercantile Exchange . It was at $85.76 at 8:53 a.m. London time. Yesterday, the contract lost 42 cents to $86.38, the lowest settlement since Oct. 13. Prices are down 5.8 percent this year.

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Oil Drops For a Second Day After China's Economy Grows Slowest Since 2009 - Bloomberg

Oct. 17 (Bloomberg) -- Crude oil slipped from the highest price in a month after Germany said European Union leaders won’t provide a complete fix to the region’s debt crisis, damping hopes for a quick rescue plan.

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Oil fell as much as 1.1 percent after climbing above $88 a barrel as Chancellor Angela Merkel said expectations that rescue plans to be announced at an Oct. 23 summit will speedily address Europe’s problems were “dreams.” Prices also weakened as data showed manufacturing in the New York region contracted in October at a faster pace than forecast. Oil fell as much as 1.1 percent after climbing above $88 a barrel as Chancellor Angela Merkel said expectations that rescue plans to be announced at an Oct. 23 summit will speedily address Europe’s problems were “dreams.” Prices also weakened as data showed manufacturing in the New York region contracted in October at a faster pace than forecast. “People started to accept that Europe is going to take awhile to recover and there is no quick fix,” said Carl Larry, director of energy derivatives and research with Blue Ocean Brokerage LLC in New York.

Oil Slips From One-Month High as Germany Damps Rescue Hopes - BusinessWeek

SSN +10.26% advises that the Defender US33 #2-29H continues to monitor the pressure falloff of the formation with surface gauges. An initial DFIT (diagnostic fracture injection test) was conducted Monday, October 10th. This routine test conducted an initial breakdown of the first frac stage and observation of the pressure falloff and with time allows rock property information to be gathered to assist in fine tuning the stimulation design. The Defender US33 #2-29H is the first Niobrara appraisal well in Samson's Hawk Springs project.

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Drilling continues at a depth of 8,674 feet on the Spirit of America US34 #1-29H well. Two separate bit trips were made during the week due to slow rates of drilling through the very hard sandstones of the Cretaceous Dakota and Jurassic Morrison Formations. After optimizing the bottom hole assembly on the drill string, an increase in the drilling rate was achieved upon drilling into the Jurassic Sundance and Triassic Chugwater Formations. The first target is located within the Permian section at a depth around 9,000 feet.

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Samson's Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange AMEX under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 1,996 million ordinary shares issued and outstanding (including 250 million options exercisable at AUD 1.5 cents), which would be the equivalent of 99.8 million ADSs. Accordingly, based on the NYSE AMEX closing price of US$2.43 per ADS on October 14th, 2011 the Company has a current market capitalization of approximately US$236.01 million. Correspondingly, based on the ASX closing price of A$0.120 on October 14th, 2011, the Company has a current market capitalization of A$232.88 million. The options have been valued at their closing price of A$0.100 on October 14th, 2011 and translated to US$ at the current exchange of 1.0192 for purposes of inclusion in the US$ market capitalization calculation.

Samson Oil & Gas Advises on Recent Operations - MarketWatch (press release)

Join Reuters.com at 8:30 a.m. EDT on Monday (October 17) as Thomson Reuters Digital Editor Chrystia Freeland talks with Jeff Immelt, General Electric CEO and chairman of President Obama’s Council on Jobs and Competitiveness, on the council’s efforts and the challenges facing the global economy.

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NEW YORK (Reuters) - Oil prices rose 3 percent on Friday, posting a second straight weekly gain, on lift from stronger-than-expected U.S. retail sales and optimism about the prospect that European leaders can reach a deal to address the euro-zone debt crisis. With Brent's front-month November contract expiring on Friday, the premium to U.S. crude strengthened and intraday reached a record $28.10 a barrel.

Oil gains 3 percent on Europe hopes, US sales data - Reuters

Airports in western North Dakota's booming oil patch are setting new passenger boarding records nearly every month and need tens of millions of dollars to invest in terminals, parking and runway upgrades, the state's aeronautics commissioner said.

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Dickinson, Williston and Minot airports have set airline boarding records nearly each month for the past three years, said Larry Taborsky. "The airports are full and getting to the extreme point. Bigger runways are needed to support bigger planes and more facilities are needed for passengers," he said. The Federal Aviation Administration and state airports are in the process of determining future needs for the facilities and cost estimates, the commissioner said.

ND oil patch airports see booming business - BusinessWeek

HOUSTON —The U.S. government broke precedent by issuing citations to contractors Halliburton Co. and Transocean Ltd. in the Deepwater Horizon oil spill, along with rig operator BP PLC.

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While now facing greater scrutiny from regulators, contractors in the oil-service industry have considerable liability protection to fight the citations and any subsequent fines, legal experts say. They also have enough market muscle to strengthen liability protection in their contracts with oil companies. HOUSTON —The U.S. government broke precedent by issuing citations to contractors Halliburton Co. and Transocean Ltd. in the Deepwater Horizon oil spill, along with rig operator BP PLC.

Oil Firms Face Liability Protection Challenges - Wall Street Journal

Households that heat with oil are expected to spend a record amount this winter to stay warm, with bills projected to rise nearly $200 over last year, according to a federal forecast released yesterday.

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The US Energy Information Administration said the nation’s heating oil customers - most of whom live in the Northeast - will probably pay more than in any previous winter as heating oil costs rise to an average $3.71 per gallon. The average household is estimated to spend nearly $2,500 between now and March.

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The biggest reason for the increase: the rising price of a barrel of crude, the main component of heating oil, as demand rises in emerging markets such as China and the Middle East.

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Oil heat bills are expected to soar - Boston Globe

Oct. 11 (Bloomberg) -- Oil fell from its highest in more than two weeks in New York before a government vote in Slovakia on the euro area’s bailout fund that may endanger a recovery in the region’s economy.

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Futures slipped as much as 1.2 percent and European equities fell after European Central Bank President Jean-Claude Trichet said the region’s debt crisis has “reached a systemic dimension.” Crude climbed 2.9 percent yesterday after German Chancellor Angela Merkel and French President Nicholas Sarkozy said they will deliver a plan to recapitalize the region’s banks by Nov. 3. An Energy Department report Oct. 13 may show U.S. crude supplies rose last week. Crude for November delivery on the New York Mercantile Exchange fell as much as $1.04 to $84.37 a barrel and was at $84.46 at 9:40 a.m. London time. The contract yesterday gained 2.9 percent to $85.41, the highest close since Sept. 21. Prices are down 7.3 percent this year.

Oil Drops From Two-Week High in New York Before Europe Debt Vote - BusinessWeek

Mon Oct 10, 2011 3:09pm EDT * Berlin, Paris vow new crisis plan by end of October * Biggest four-day gain for Brent since August 2009 * Kuwait oil exports halt due to strike - sources * Shell declares force majeure on Nigerian Forcados By Matthew Robinson NEW YORK, Oct 10 (Reuters) - Oil rose nearly 3 percent on Monday, extending gains into a fourth straight session after a strike halted Kuwait's crude exports and France and Germany pledged to come up with a plan to tackle the euro zone crisis. German Chancellor Angela Merkel and French President Nicolas Sarkozy promised on Sunday to unveil by the end of October a comprehensive new package to resolve the debt crisis, which has dragged on oil and other commodities for months. Optimism toward a crisis resolution helped push up Brent more than 9 percent over the past four sessions, the biggest four-day gain since August 2009 as investors sold the dollar and put cash into equities and commodities. "There's an assumption there will be some kind of resolve in the euro zone crisis," said Richard Ilczygszyn, senior market strategist for MF Global in Chicago. "We are seeing the shorts run for the hills in the euro and all foreign currency versus the dollar. It brings up equities and the green light for commodities is on right now." Further support came after shipping sources said all oil tanker traffic from Kuwait, one of the world's top five oil exporters and a large supplier to Asia, had stopped as a customs union went on strike. November Brent crude futures settled $3.07 higher at $108.95 a barrel, above the 20-day moving average. U.S. November crude traded up $2.43 to settle at $85.41 a barrel, breaking through the 20-day and 50-day moving averages. With oil investors closely watching the wider economy for signals, U.S. crude's negative correlation to the U.S. dollar has increased, touching the highest since November 2008 on a 25-day basis. Brent trading volumes held close to the 30-day average, exceeding those U.S. futures, which were 30 percent below that average. Oil's gains were part of a wider commodity rally that saw gold up more than 2 percent to near its highest in two weeks, while copper notched a fourth day of gains.OPEC Traders also weighed other supply factors, including word from Saudi Arabia's oil minister Ali al-Naimi over the weekend that OPEC's top exporter had cut production to 9.39 million barrels per day from 9.8 million bpd in August. But Naimi said he did not see a decline in the kingdom's exports as Libya restored production disrupted by civil war. The loss of Libyan oil exports, an important feedstock for European refiners, has helped push international benchmark Brent crude to a record premium to U.S. oil futures this year. The International Energy Agency said Libya may be able to return to its pre-war-level oil output earlier than 2013 if oil companies resume activities there as quickly as they seem to be doing. Additional support for Brent crude came after Shell declared force majeure on exports of Nigerian Forcados crude for October to December following a sabotage attack on a major pipeline. US INVENTORIES A Reuters poll of analysts ahead of weekly inventory data forecast a 700,000-barrel build in crude inventories for the week to Oct. 7 due to a rebound in imports and lower refinery utilization, while distillate and gasoline stockpiles were seen falling. Inventory data will be delayed due to the Columbus Day holiday in the United States, with the American Petroleum Institute report due out on Wednesday, and the Energy Information Administration's report coming out on Thursday.

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Oil up 3 pct on euro zone plan, Kuwait export halt - Reuters

OIL FUTURES: Crude Highest Since Sept As Sentiment Improves -- Crude futures hit highest level since end-September after Merkel, Sarkozy talks.

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OIL FUTURES: Crude Highest Since Sept As Sentiment Improves -- Crude futures hit highest level since end-September after Merkel, Sarkozy talks. -- France, Germany to unveil plan to contain euro-zone crisis by month-end, bolstering sentiment. OIL FUTURES: Crude Highest Since Sept As Sentiment Improves -- Crude futures hit highest level since end-September after Merkel, Sarkozy talks. -- France, Germany to unveil plan to contain euro-zone crisis by month-end, bolstering sentiment. -- Caution remains with prices likely to stay volatile.

OIL FUTURES: Crude Highest Since Sept As Sentiment Improves - Wall Street Journal

Oct. 10 (Bloomberg) -- Oil climbed for a fourth day in New York as investors bet that fuel demand may increase after a pledge by Europe to contain its sovereign-debt crisis and signs of an economic recovery in the U.S.

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Futures rose as much as 1.2 percent after the biggest weekly gain in seven months. German Chancellor Angela Merkel and French President Nicolas Sarkozy gave themselves three weeks to stamp out the European crisis. U.S. employers added more workers in September than forecast, a report showed Oct. 7. OPEC members are likely to keep their output target for oil unchanged when they meet in December, according to Iran’s representative. Crude for November delivery advanced as much as 99 cents to $83.97 a barrel in electronic trading on the New York Mercantile Exchange and was at $83.53 at 5:19 p.m. in Sydney. West Texas Intermediate last week gained 4.8 percent, the biggest increase since the period ended March 4. Prices are down 9 percent this year.

Oil Gains a Fourth Day After European Pledge to Contain Debt - BusinessWeek

The offer of C$10.08 per share from China Petrochemical, known as Sinopec, is more than double Daylight’s closing price of C$4.59 on Oct. 7, the company said in a statement yesterday.

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Chinese oil companies such as Sinopec and Cnooc Ltd. are investing in oil-and-gas producing areas outside Asia to diversify their access to energy resources and gain expertise on new drilling techniques that have opened fresh areas to production. Sinopec paid $4.65 billion last year to buy a stake in Syncrude Canada Ltd., while Cnooc on July 20 announced it would spend $2.1 billion to acquire Opti Canada Inc. Energy stocks have fallen as fears that Europe ’s sovereign- debt crisis will spread pushed crude prices below $100 last week for the first time since February, according to Bloomberg data.

Sinopec to Acquire Canada's Daylight Energy - Bloomberg

The State Department assigned an important environmental impact study of the proposed Keystone XL pipeline to a company with financial ties to the pipeline operator, flouting the intent of a federal law meant to ensure an impartial environmental analysis of major projects.

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The department allowed TransCanada, the company seeking permission to build the 1,700-mile pipeline from the oil sands of northern Alberta to the Gulf Coast in Texas, to solicit and screen bids for the environmental study.

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At TransCanada's recommendation, the department hired Cardno Entrix, an environmental contractor based in Houston, even though it had previously worked on projects with TransCanada and describes the pipeline company as a "major client" in its marketing materials.

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Impact study of Canadian oil pipeline was done by 'friend' firm - STLtoday.com

DHAHRAN, Saudi Arabia—A senior oil executive said Saudi Arabia is unlikely to proceed with plans to raise its oil output capacity to 15 million barrels a day, as expansion plans in other producing countries such as Iraq and Brazil should be enough to satisfy world markets.

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DHAHRAN, Saudi Arabia—A senior oil executive said Saudi Arabia is unlikely to proceed with plans to raise its oil output capacity to 15 million barrels a day, as expansion plans in other producing countries such as Iraq and Brazil should be enough to satisfy world markets. "There is no reason for Saudi Aramco to pursue 15 million barrels [of output capacity]," Saudi Arabian Oil Co. chief executive Khalid Al Falih said in an interview Saturday. Saudi Arabian Oil, better known as Saudi Aramco, is producing about nine million barrels of oil a day, having raised output sharply earlier this year to make up for lost output from Libya. Its current output capacity stands at 12.5 million barrels a day.

Saudis See No Reason to Raise Oil Output Capacity - Wall Street Journal

HOUSTON -- When waves as high as 40 feet disabled the 94-foot research vessel Jeremy Parfait and nine other oil workers were on in the Gulf of Mexico last month, he knew there was only one place they could go - into the water.

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But their boat, which normally would be elevated above the water by several metal legs, had toppled in the tropical storm and was floating helplessly, beaten by waves and wind. The 10 men jumped into the Gulf and clung to a 6-foot-by-3-foot raft.

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Reddit rss "We know we don't want to go in that water. I can see it in their eyes. They are scared to death. They don't want to go in that water. I don't want to go in that water," said Parfait, the boat's captain.

Oil workers describe floating for days in Gulf - Forbes

Stockpiles held in floating-roof tanks at the hub fell 873,000 barrels to 28.3 million, satellite images taken by the Longmont, Colorado-based company showed. The Energy Department said this week that Cushing supplies, including floating and fixed tanks, totaled 30.1 million barrels as of Sept. 30.

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Cushing is the physical delivery point for New York Mercantile Exchange oil futures contracts and the largest crude- trading and storage hub in the U.S. The hub has working storage capacity of 48 million barrels, according to the Energy Department. The DigitalGlobe estimate is based on images of 234 operational floating-top tanks at Cushing, the satellite company said. There are 83 operational fixed-roof tanks at the hub.

Cushing Crude Oil Stockpiles Fall 3%, Satellite Survey Shows - Bloomberg

NEW YORK (Dow Jones)--Oil futures posted strong gains for the second day in a row Thursday, as optimism over petroleum demand, U.S. economic growth and the European debt crisis returned to a market that has been beaten down in recent weeks.

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Light, sweet crude for November delivery settled up $2.91, or 3.7%, to $82.59 a barrel on the New York Mercantile Exchange. November Brent crude contracts on the ICE Futures Europe exchange were up $3.00, or 2.9%, ... NEW YORK (Dow Jones)--Oil futures posted strong gains for the second day in a row Thursday, as optimism over petroleum demand, U.S. economic growth and the European debt crisis returned to a market that has been beaten down in recent weeks.

OIL FUTURES: Crude Gains For Second Day On Renewed Optimism - Wall Street Journal

The oil and gas industry’s worst slump since the financial crisis heralds a surge of takeovers for Goldman Sachs Group Inc. and Sanford C. Bernstein Co. as Asia buyers put $150 billion in cash to work.

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The market valuation of U.K. and North American exploration company reserves has dropped 23 percent this year to the lowest since 2008, Bloomberg data shows, while Brent crude prices gained 8 percent to $102 a barrel. The dislocation between crude and company valuations is “extreme” and may lead to twice as many deals as usual, Goldman said last month. U.K.’s FTSE All-Share Oil & Gas Producers Index rose 4.3 percent as of 8:42 a.m. in London, compared with a 1.1 percent gain for the FTSE 100. Afren Plc, an explorer in Africa and Iraq, rose 4.5 percent, bringing its two-day gain to 10 percent, while Tullow increased 2.4 percent today.

Oil Industry Slump May Herald Takeover Wave - Bloomberg

SYDNEY (MarketWatch) — Crude-oil futures rebounded sharply during early Asian trading hours Wednesday after data showed an unexpected drop in crude stocks.

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Investing in commodities has gained steam in recent years, but there's some danger in the trend. Dylan Grice, global strategist for Société Generale, explains why investing in commodities is a bet against human innovation and why gold is an exception.

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The data came ahead of a closely watched U.S. Energy Information Administration report, due out later Wednesday, with a Platts survey of analysts forecasting a 2.5-million-barrel gain in crude stocks, and a Bloomberg survey tipping a 1.5-million-barrel rise.

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Oil futures surge after data - MarketWatch

Demonstrators stage a ''sit in'' after crossing a police barricade during a protest against the Keystone XL pipeline on Parliament Hill in Ottawa September 26, 2011.

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WASHINGTON (Reuters) - As Washington edges closer to deciding the fate of a pipeline to bring crude from Canada's oil sands to Texas, emails between the company's lobbyist and the State Department show a cozy relationship that indicates a U.S. bias toward the project, an environmental group says. The department rejects the charge, saying it has met with both industry and environmentalists on the project and is committed to a fair process. The company, TransCanada Corp, says its lobbyist, Paul Elliott, is simply doing his job and broke no law.

Oil pipe lobbyist, State Dept too close: group - Reuters

LinkedIn (AP) BANGKOK — Oil prices extended losses Monday as Europe's debt crisis continued to roil markets and falling personal incomes in the U.S. suggested slack demand for fuel.

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Benchmark oil for November delivery was down $1.17 to $78.03 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. On Friday, benchmark crude dropped $2.94, or 3.6 percent, to settle at $79.20 per barrel in New York. Prices haven't finished that low since Sept. 29, 2010.

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Analysts at the Schork Report said U.S. data showing a decline in personal incomes suggests that oil prices could continue to fall. Americans earning less money are likely to curb spending on consumer items and fuel.

Oil falls to near $78 amid weak demand picture - CBS News

Backers of an oil pipeline that would cut across Oklahoma to deliver crude oil from Canada to refineries in Houston want the jobs that would come with the project, but environmental groups say the damage to natural areas isn't worth the benefits the shortcut would bring.

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Supporters of the 1,700-mile pipeline that would carry oil that's being extracted from Canadian oil sands also said at a Friday hearing by the U.S. State Department that it's better to buy crude from a close ally than from unstable sources from overseas. Federal officials also held hearings this past week in Nebraska, South Dakota, Texas, Kansas and Montana. Opponents of the $7 billion project, including Oklahoma Sierra Club Chairman Charles Wesner, say the pipeline is bound to leak and cause environmental problems. The Oklahoman reported that Wesner said oil development in Canada is destroying millions of acres of boreal forest and contributing to global warming.

Oil pipeline argument focuses on jobs, environment - BusinessWeek

MIDWEST CITY, Okla. (AP) — Backers of an oil pipeline that would cut across Oklahoma to deliver crude oil from Canada to refineries in Houston want the jobs that would come with the project, but environmental groups say the damage to natural areas isn't worth the benefits the shortcut would bring.

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Supporters of the 1,700-mile pipeline that would carry oil that's being extracted from Canadian oil sands also said at a Friday hearing by the U.S. State Department that it's better to buy crude from a close ally than from unstable sources from overseas. Federal officials also held hearings this past week in Nebraska, South Dakota, Texas, Kansas and Montana. Opponents of the $7 billion project, including Oklahoma Sierra Club Chairman Charles Wesner , say the pipeline is bound to leak and cause environmental problems. The Oklahoman reported that Wesner said oil development in Canada is destroying millions of acres of boreal forest and contributing to global warming.

Oil pipeline argument focuses on jobs, environment - Houston Chronicle

Anwar al-Awlaki, a leader in Al Qaeda’s outpost in Yemen, did not leave much of a trail, frustrating the American and Yemeni intelligence officials pursuing him.

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Some civil libertarians have questioned how the government could take an American citizen’s life based on murky intelligence and without an investigation or trial. Most Yemenis had only a faint sense of why the United States considered Anwar al-Awlaki a highly significant target. If anything, Yemenis thought his death would only increase their woes.

Shell's Arctic oil drilling plan challenged with lawsuit - Summit County Citizens Voice

Bailey Krans of Atkinson, Nebraska and an unidentified rider were among seven opponents of a proposed oil pipeline from Canada to Texas who rode horseback outside a government hearing on Thursday in Nebraska. Protesters fear an oil spill would damage water supplies.

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ATKINSON, Neb (Reuters) - The old adage that oil and water don't mix is proving true in Nebraska, where hundreds of people filled a small town gymnasium to protest a proposed oil pipeline they fear could pollute a major U.S. drinking water source.

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They came on Thursday in tour and school buses, vans and a few even on horseback to the West Holt Junior and Senior High School, some wearing cowboy boots and seed company caps, to testify at a U.S. State Department hearing on the proposed $7 billion Keystone XL oil pipeline from Canada to Texas.

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Oil and water don't mix in Nebraska debate over pipeline - Reuters