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Last update: Tue, 31 May 2016 05pm

Europe

Markets - Energy - Europe

Oil approaches $50 on Canadian wildfires LONDON: Crude prices approached $50 Wednesday as escalating wildfires in Canada's oil sands region helped to reduce a global supply glut, while traders awaited key US energy inventory data. Shortly after 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in June was 14 cents higher at $48.45 a barrel. Brent North Sea crude for July delivery rose 12 cents compared with Tuesday's close to $49.40 a barrel.Crude futures had zoomed Tuesday to their highest points so far this year, as the wildfires forced thousands more people to evacuate.WTI rallied Tuesday to $48.76 -- the highest level since mid-October, 2015.Brent had touched $49.75, not reached since early November.The oil market has shot higher this week also after US banking giant Goldman Sachs said supply disruptions in Africa's biggest oil producer Nigeria -- along with better demand -- had created a surprising short-term deficit.It described the situation in Nigeria as ...

Markets - Energy - Europe

Norway opens new Arctic zones to oil exploration OSLO: Norway awarded Wednesday Arctic drilling licenses to 13 oil companies, including in a hitherto unexplored part of the Barents Sea, provoking condemnation from environmental groups.It is the first time since 1994 that the country has opened a new sector to the oil industry, and comes as Norway's output has halved since 2000 and a collapse in crude prices has slashed state revenues.Three of the 10 licenses, which consist of 40 blocks in total, are ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks rise after French refinery strikes LONDON: Benchmark European diesel refining margins rose on Tuesday to their highest in four months as a widening strike in France's refineries was set to limit supplies. A nationwide strike against a French government labour law reform has cut output at Total's refineries in France, a CGT Union official said on Tuesday. The strike has so far affected production at several of Total's refineries, which produce around 600,000 barrels per day of middle distillates, traders ...

Markets - Energy - Europe

Oil prices ease despite continued supply disruptions LONDON: Oil futures edged lower on Wednesday, off 2016 highs hit in the previous session, as the impact of unplanned supply disruptions from Nigeria and Canada were tempered by rising supplies from elsewhere.International Brent crude futures were trading at $49.05 a barrel at 0858 GMT, 23 cents below their last settlement. U.S. West Texas Intermediate crude futures were 16 cents lower at $48.15 a barrel.The two contracts hit 2016 highs of $49.75 and $48.76 per ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks edge up on French strikes LONDON: Gasoline refining margins in northwest Europe climbed on Tuesday as industrial action cut output at French refineries and as exports to the US from northwest Europe rose. A nationwide strike against a French government labour law reform has cut output at Total's refineries in France, a CGT Union official said on Tuesday, but the extent of the output reduction is not yet clear. Gasoline cracks were already benefiting from growing exports to the ...