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Oil prices rise ahead of weekend, US oil stabilizes NEW YORK: Oil prices rose Friday, with the New York contract stabilizing, as traders braced for a weekend that could see escalating geopolitical tensions in Ukraine and the Middle East.The US benchmark futures contract, West Texas Intermediate (WTI) for September, edged up two cents to $102.09 a barrel.In London, Brent North Sea crude for delivery in September settled at $108.39 a barrel, leaping $1.32 from Thursday's closing level.Traders were making some "readjustment" to the WTI price after it fell by $1.05 Thursday, said Bob Yawger of Mizuho Securities.On Wednesday the US contract gained 73 cents after a report by the US Energy Information Administration said US crude inventories tumbled by four million barrels in the week ending July 18, the fourth consecutive weekly decline and far larger than expected.The report also showed US gasoline inventories rose 3.38 million barrels, even though many Americans are taking to the road for their ...

Oil prices climb as US crude stocks fall NEW YORK: World oil prices advanced on Wednesday after the US government reported a surprisingly large decline in the nation's oil inventories.US benchmark West Texas Intermediate for September delivery gained 73 cents to $103.12 a barrel in its first day of trade on the New York Mercantile Exchange.European benchmark Brent oil for September delivery climbed 70 cents to $108.03 a barrel in London."A drop in (US) oil inventories gave crude prices a lift," said analyst ...
Oil prices drop despite Ukraine, Gaza worries NEW YORK: Oil prices fell modestly on Tuesday despite geopolitical tensions over war-torn Ukraine and a raging battle in the Gaza Strip.The US benchmark, West Texas Intermediate (WTI) for August, dipped 17 cents to close at $104.42 a barrel on the contract's final day of trade on the New York Mercantile Exchange.Brent North Sea crude for delivery in September fell 35 cents to settle at $107.33 a barrel in London trade."The rebound that we've seen ...
Mexico approves oil and gas reform legislation MEXICO CITY: Mexico's Senate has approved legislation to implement historic constitutional reform that would open the country's oil and gas industry to foreign investment for the first time since 1938.In an 85-26 vote, lawmakers passed the last of four packages of laws Monday to end the monopoly held by state oil company Pemex for 75 years in the exploration and exploitation of energy resources.The Chamber of Deputies must now vote on the measures, which the ...
Oil up on tight US supplies, fears over Ukraine, Gaza NEW YORK: Tight petroleum supplies in the US and anxiety about fighting in Ukraine and Gaza pushed oil prices higher Monday.US benchmark contract West Texas Intermediate for August delivery jumped $1.46 to $104.59 on the New York Mercantile Exchange.European benchmark Brent oil for September delivery rose 44 cents to $107.68 a barrel in London.Analysts said recent US oil inventory reports showing lower crude supplies were major factors behind Monday's higher prices.Refiners, particularly in the Gulf ...
Oil prices slip amid Ukraine, Gaza tensions NEW YORK: Oil prices slipped on Friday, one day after a Malaysia Airlines passenger plane was shot down in battle-torn eastern Ukraine and Israel began a ground assault in Gaza.New York's benchmark West Texas Intermediate (WTI) for August closed at $103.13 a barrel, down six cents from Thursday's closing level.In London, Brent North Sea for delivery in September fell 65 cents to settle at $107.24 a barrel.Despite WTI's price dip, the key futures contract has ...
Rosneft CEO Sechin says US sanctions on company are illegal BRASILIA: Rosneft Oil Co Chief Executive Officer Igor Sechin said on Wednesday that US sanctions on the Russian state-controlled energy company are illegal because it has no role in the crisis in Ukraine. Sechin said the sanctions will damage the interests of shareholders of US companies and banks working with Rosneft, though they would have no impact on joint projects that Rosneft currently has with Exxon Mobil Corp in Russia.Due to what it views as ...


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