Oil – Bloomberg reported that the Organization of Petroleum Exporting Countries (OPEC) will lower this month’s crude shipments by about 0.9% due to a weak global economy, according to Oil Movements.
Oil – Bloomberg reported that some Nebraska landowners have opposed the construction of the Keystone pipeline, which is designed to bring Alberta’s oil sands to US refineries.
Oil – Reuters reported that Brent crude prices increased to nearly $2 a barrel after a 6-day losing streak, as low prices triggered buying. Brent futures for June delivery have risen to $99.13 per barrel, after a $1.44 increase.
Oil – Bloomberg reported that two people familiar with the matter said the Kurdish government of Iraq has signed an agreement with Turkey to supply it directly with oil.
Oil – Crude oil dropped below $88 Wednesday after the International Monetary Fund on Tuesday lowered its outlook for world economic growth.
Oil – Platts reported that the International Monetary Fund (IMF) has revised its price forecast for the year upward by $2.89 to $102.60 a barrel.
Oil – Bloomberg reported that some of the biggest stakeholders in the Utica Shale in Ohio are putting their acreage for sale as prices fall by as much as a third. US drillers Devon Energy Corp, EnerVest Ltd, and Chesapeake Energy Corp are selling their lands as results show lower production than what was earlier predicted.
Oil – Bloomberg reported that Brent crude fell below $100 a barrel, its lowest since July, as signs of weak economic growth have lowered demand.
Oil – Bloomberg reported that Finance Minister Palaniappan Chidambaram said India is mulling over the possibility of freeing the prices of oil drilled locally in order to lure more foreign investors.
Oil – Bloomberg reported that a BP Plc official who was tasked to oversee operations at the Macondo well said the Deepwater Horizon crew did not raise safety concerns during a meeting a month prior to the spill.
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