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Oil Futures Ease on Softer Demand Outlook

Oil futures weakened Friday as softer-than-expected U.S. economic data reduced expectations for demand in the world’s top oil-consuming nation. Light, sweet crude for March delivery settled down 5 cents, or 0.1%, at $100.30 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange rose 56 cents, or 0.5%, to settle at $109.08 a barrel. U.S. crude-oil prices still posted a gain of 0.4% for the week after rallying to more than $100 a barrel for the first time this year Monday. A new pipeline between Cushing, Okla., where the Nymex contract is priced, and Texas has helped ease a storage glut in Oklahoma, which boosted prices earlier in the week. U.S. manufacturing output fell 0.8% in January, pushing overall industrial production down a seasonally adjusted 0.3%, the Federal Reserve said Friday. Economists had expected industrial production to rise 0.3%, according to a Wall […]

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Crude oil slips but ends week with slight gain

The price of oil stayed just above $100 a barrel Friday and finished the week with a small gain. Benchmark U.S. crude for March delivery fell 5 cents to close at $100.30 a barrel on the New York Mercantile Exchange. For the week, oil gained 42 cents. Some economic indicators released during the week raised concerns about the strength of oil demand in the U.S. One report showed that cold weather caused U.S. retail sales to drop in January for a second straight month as Americans spent less on autos and clothing and at restaurants during a brutally cold month. Weekly jobless claims were also higher than expected. Balancing those worries were forecasts for stronger global oil consumption this year from the International Energy Agency, the Organizations of Petroleum Exporting Countries and the Energy Information Administration. At the gas pump in the U.S., the nationwide average price rose for […]

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WTI Crude Holds Above $100 on U.S. Consumer Confidence

West Texas Intermediate crude settled above $100 for a fourth day this week on better-than-expected U.S. consumer confidence. Prices gained 0.4 percent since Feb. 7, capping the longest stretch of weekly increases in more than a year. The Thomson Reuters/University of Michigan preliminary index of sentiment held at 81.2 this month, and supplies at Cushing, Oklahoma , the delivery point for New York futures, slid to a three-month low. WTI was lower for most of the day after the Federal Reserve said factory production dropped the most since May 2009 in January. “The economic news is not really bad,” said Michael Lynch , president of Strategic Energy & Economic Research in Winchester, Massachusetts . “You are getting some pretty strong support around $100. We’ve seen such a reduction in Cushing inventories.” WTI for March delivery dropped 5 cents to settle at $100.30 a barrel on the New York Mercantile […]

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Natural Gas Slips Ahead of Warmer Weather

Natural gas futures ticked lower Friday, but posted a gain for the week, as traders weighed exceptionally low storage levels against expectations of reduced demand next week. Natural gas for March delivery settled down 0.9 cent, or 0.2%, at $5.214 a million British thermal units on the New York Mercantile Exchange. Prices rose 9.2% this week as colder-than-average temperatures continued to boost demand for the heating fuel, eating away at natural-gas stockpiles. About half of U.S. households use natural gas as their primary heating fuel, according to the U.S. Energy Information Administration. Futures surged 8.3% Thursday, after government data showed that supplies as of Feb. 7 stood 27% below the five-year average level for the week. The natural-gas contract for March […]

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Syria Peace Talks Deadlock as Recriminations Fly

The second round of Syria peace talks deadlocked in acrimony and frustration on Friday, as the government delegation appeared to rule out any compromise with the opposition, throwing the future of the negotiations into more doubt. Members of the opposition delegation called on the United States and Russia, the two major sponsors of the talks, to find ways to move forward, and said there was a small possibility of a final meeting between the antagonists on Saturday. But the prevailing mood was grim. The impasse in Geneva came as the United Nations human rights office warned of new deprivations and civilian uprooting inside Syria and antigovernment activists in the country reported new mayhem, including a large car bombing in the […]

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Saudis Agree to Provide Syrian Rebels With Mobile Antiaircraft Missiles

Washington’s Arab allies, disappointed with Syria peace talks, have agreed to provide rebels there with more sophisticated weaponry, including shoulder-fired missiles that can take down jets, according to Western and Arab diplomats and opposition figures. Saudi Arabia has offered to give the opposition for the first time Chinese man-portable air defense systems, or Manpads, and antitank guided missiles from Russia, according to an Arab diplomat and several opposition figures with knowledge of the efforts. Saudi officials couldn’t be reached to comment. The U.S. has long opposed arming rebels with antiaircraft missiles for fear they could fall into the hands of extremists who might use them against the West or commercial airlines. The Saudis have held off supplying them in the past because of U.S. opposition. A senior Obama administration official said Friday that the U.S. objection remains the same. "There hasn’t been a change internally on our view," […]

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Iranian Oil Exports Soar as Sanctions Collapse

Iranian oil exports soared in January, hitting new highs just months after the United States consented to billions of dollars in economic sanctions relief under the interim nuclear deal. Exports of Iranian crude oil jumped to 1.32 million barrels, up from December’s high of 1.06 million barrels, according to data from the International Energy Agency. The spike in exports—mainly to Japan, China, and India—has helped Iran’s once-ailing economy stabilize and decrease inflation. Iranian oil exports have steadily risen since negotiations with the West restored confidence in Tehran’s economy. The increase runs counter to a promise by the Obama administration that “Iran’s oil exports will remain steady at their current level of around 1 million barrels per day.” The significant rise in oil exports has led some experts to accuse the Obama administration of misleading the public about the amount of sanctions relief provided […]

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In Libya, a Coup. Or Perhaps Not.

Stealing a page from neighboring Egypt, a senior army officer in Libya on Friday announced a military takeover, the suspension of Parliament and a new “road map” for the future. Then, nothing happened. Prime Minister Ali Zeidan called the supposed coup “ridiculous.” A military spokesman called it “a lie.” None of the Libyan Army’s few tanks or soldiers made any visible moves. The empty Parliament was quiet. It was the latest evidence of the long shadow cast across the region by the military takeover in Cairo last summer that was announced by Abdul-Fattah el-Sisi, then an army general. The attempted imitation in Libya, though, demonstrated the limits of the Egyptian example. While Egypt’s military ushered out President Hosni Mubarak three years ago and dominated the political transition, the Libyan military never had much cohesion even under Col. Muammar el-Qaddafi, and it had splintered long before his ouster. […]

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92 prisoners escape in western Libyan jailbreak

A Libyan local official says 92 prisoners have escaped from a prison in a western town due to weak security. Hassan bin Sophia, who is spokesman of the Zliten local council, said only four guards were watching 220 criminal and political detainees at the prison on Friday. He said the prisoners asked for a doctor, and when the prison gate was opened, they attacked the guards and fled. He said 19 prisoners were soon recaptured, two of them wounded when guards opened fire. Local officials are contacting the families of the escapees to convince them to surrender. Libya has experienced a security vacuum since the 2011 overthrow of Moammar Gadhafi. Earlier this month, 54 detainees escaped from a prison in the capital Tripoli. © 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our […]

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Egypt signs oil, gas deals with foreign companies

The Egyptian government said it signed oil and natural gas exploration deals with Middle East and European companies on behalf of a national holding company. Egyptian Oil Minister Sherif Ismail signed deals with Emirati energy company Dana Gas, Italy’s Edison and Irish exploration and production company Petroceltic, the Egyptian news website Ahram Online reported Thursday. The deals, signed on behalf of Egypt’s National Natural Gas Holding Co., are expected to bring in $265 million in new investments to the Egyptian energy sector. Exploration is expected in the Mediterranean Sea, the Nile Delta and the Gulf of Suez, the report said. No statement was made from Dana, Edison or Petroceltic on the deals. Eight other oil and gas exploration deals were signed in January valued at $2.1 billion. Apache Corp., which this week singled out a partnership agreement in Egypt with China Petrochemical Corp. as […]

Posted On : Published By : Tom Whipple