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Iranian Authorities Release Maersk Tigris

Thirty percent of the world’s seaborne oil shipments pass through the Strait of Hormuz in the Middle East. But it’s often a flashpoint for both regional and global powers. DUBAI—Maersk Line said Thursday that the M/V Maersk Tigris, a cargo ship under its charter, had been released more than a week after its seizure by Iranian naval vessels raised tensions in the Strait of Hormuz. In a statement, the Danish shipping giant said it was “pleased and relieved” to learn that the ship had been freed and that, according to Rickmers Shipmanagement, which managed the vessel, its crew was in good condition. It said the ship had resumed course to its original destination, the port of Jebel Ali in the United Arab Emirates. According to Maersk and Rickmers, the Marshall Islands-flagged M/V Maersk Tigris was seized April 28 near the Strait of Hormuz, as it was en route from […]

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Oil Prices Rise Ahead of U.S. Jobs Report

May 8, 2015 4:57 a.m. ET By Georgi Kantchev LONDON–Oil prices fluctuated Friday ahead of the latest U.S. job report, which will determine the short-term direction of the dollar. As oil is priced in dollars, the currency’s swings have a significant impact on oil prices. The Wall Street Journal Dollar Index, which tracks the dollar against a basket of other currencies, was recently flat after rising earlier in the session. Brent crude for June delivery rose 0.5% to $65.86 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, light, sweet crude futures for delivery in June were trading at $59.17 a barrel recently, up 0.4% from Thursday’s settlement. "At least today, oil prices are going to follow the dollar very strongly, " said Daniel Ang, Singapore-based investment analyst with Phillip Futures. "We expect to see oil prices move depending on the U.S. nonfarm payroll data." […]

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Oil prices fall on oversupply fears, ignore record China imports

SINGAPORE Oil fell on Friday, erasing gains earlier in the session, as concerns over oversupply outweighed strong Chinese import figures. Benchmark Brent crude was at $65.31 per barrel at 0650 GMT, down 23 cents after hitting a session high of $65.75. U.S. crude was 33 cents lower at $58.61 a barrel. Oil prices already tumbled 3 percent on Thursday as a resurgent dollar erased gains from the past two sessions, and after some U.S. producers said they would ramp up drilling after months of falling activity if prices continued to rise. Analysts said that Brent seemed capped around $70 a barrel, and may be overvalued already as there was still an oversupply in crude and U.S. producers, which have sharply reduced drilling in recent months of low prices, could increase production. "U.S. producers… indicated they would ramp up drilling activity if prices continued to rise," ANZ bank said in […]

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Oil Prices Retreat on Stronger Dollar

ENLARGE Oil pump jacks work in unison, in Williston, N.D. Oil prices were lower Thursday as traders took profits. Photo: Associated Press Oil prices slumped Thursday, the biggest drop in a month, as traders reassessed the market following a strong rally a day earlier and the dollar’s appreciation. Prices had jumped to a near-five-month high Wednesday after weekly U.S. inventory data showed that crude-oil stockpiles fell from record highs. The data confirmed expectations that the glut of crude oil in the U.S. is set to shrink due to lower spending on exploration and production following last year’s plunge in prices. But stockpiles remain near the highest level in more than 80 years, and production is holding near multi-decade highs. “There’s some general concern that oil prices have run up pretty quickly from the lows here,” said Brian Hicks, a portfolio manager for U.S. Global Investors Inc. GROW -1.15 % […]

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Oil heads toward 2015 highs despite ample supply

LONDON (Reuters) – Brent crude oil headed up toward 2015 highs above $68 a barrel on Thursday after official data showed the first drawdown in U.S. crude inventories since January, evidence the market there is balancing after months of heavy oversupply. U.S. crude stocks fell 3.9 million barrels last week, the first drop in four months, the Energy Information Administration said on Wednesday. [EIA/S] Stronger-than-expected demand growth and a slowdown in U.S. crude supply has boosted oil prices by 50 percent from a six-year low hit in January, despite ample supply. "While the latest draw and the recent slowdown in weekly builds in crude stocks have been seen as positive for the oil price, crude stocks remain exceedingly high," said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas. Brent crude was up 50 cents a barrel at $68.27 by 0845 GMT. It hit a 2015 high of […]

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Backup arrives for Baiji refinery defense

Pro-government forces take part in an operation to secure the Baiji oil refinery on April 15, 2015. (MOHAMMED SAWAF/AFP/Getty Images) Recommend Sign Up to see what your friends recommend. Pro-government forces have gotten some backup in their battle for the Baiji refinery, after suffering heavy losses during a late-April offensive by the so-called Islamic State (IS) militant group.IS fighters still control about half of the 36-square-kilometer refinery campus, according to several security officials in the area.Security forces had been stranded with limited ammunition and supplies, and reinforcements were unable to help: IS fighters had rigged the roads leading to the ref… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .

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Marathon: Libyan uncertainty remains

Uncertainty remains over Libya oil sector amid civil unrest, Marathon Oil said in a quarterly report. Photo By Dona_Bozzi/Shutterstock HOUSTON, May 7 (UPI) — There’s a "considerable" amount of uncertainty surrounding production from Libyan oil reserves, Marathon Oil said in a quarterly report. Marathon left Libya out of its forecasts in its quarterly report, noting it took no oil from Libya this year. In December, the Libyan National Oil Corp. declared force majeure, absolving itself from contractual obligations because of circumstances beyond its control, at key terminals because of civil unrest. "Considerable uncertainty remains around future timing of production and sales levels, and Marathon Oil continues to exclude production from Libya in its production forecasts," the U.S. company said in a Wednesday statement. Libya has been unable to coordinate political efforts across the wide range of groups vying for more power since civil war ended formally in 2011. Before […]

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Saudi-led forces conduct airstrikes in Yemen’s Saada

CAIRO Saudi-led forces conducted several airstrikes on Thursday against the Yemeni province of Saada, a stronghold of the Iranian-allied Houthi movement, the state news agency SPA said on Friday. The strikes targeted two Houthi control centers in Bani Maaz, destroyed a mine factory in the old quarter of the city of Saada and a communications center in the Mothalath area, the agency said. Two Houthi command centers in the province were also destroyed. Residents of Saada said the strikes had damaged the tomb of the founder of the Houthi movement, Hussein al-Houthi. There was also heavy shelling in the west of the province, on the border area between Saudi Arabia and Yemen, and 13 villagers were killed in strikes on Hajja province, also near the border, locals said. The figures could not be independently verified. A Saudi-led coalition began strikes against the Houthis on March 26, aimed at pushing […]

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Saudi Arabia Considers Nuclear Weapons to Offset Iran

ENLARGE The pending deal between Iran and world powers on Tehran’s nuclear program and other security issues topped the agenda of a summit of Gulf leaders in the Saudi capital Riyadh on Tuesday, at which French President François Hollande was a guest of honor. To his left is King Salman of Saudi Arabia. Photo: European Pressphoto Agency RIYADH—The nuclear deal that the U.S. and other world powers hope to reach with Iran would put a 10-year curb on the Islamic republic’s nuclear program. For some of Iran’s regional rivals, that is also becoming a deadline for developing nuclear arms of their own. In Saudi Arabia, there are widespread public calls to match Iran’s nuclear quest. The two other Middle East heavyweights, Turkey and Egypt, could also feel compelled to follow suit, senior Western and Arab officials warn. Such an arms race would further destabilize what is already the world’s […]

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Saudi-led coalition vows to hit Yemen’s Houthis despite truce offer

RIYADH/CAIRO (Reuters) – Saudi-led forces said on Thursday they would respond harshly against Yemen’s Houthi rebels following attacks on citizens in border areas, hours after the kingdom offered a five-day humanitarian truce if the Shi’ite militia stopped fighting. Brigadier General Ahmed Asseri, spokesman for the Saudi-led coalition, said the Houthis had changed the situation by targeting cities in recent days, and vowed that the coalition would go after leaders of the rebel group. "The Houthis are now targeting the borders of the kingdom and the situation is that we will defend our citizens," Asseri told Reuters, adding that 15 people were wounded in Houthi shelling on the city of Najran on Thursday evening. "Coalition forces will deliver a harsh response starting this moment, so that those who carried out this operation will pay the price," he said earlier on Saudi state television. Asseri said Saudi-led forces would keep all […]

Posted On : Published By : Tom Whipple