Devika Krishna Kumar
Devika Krishna Kumar
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Oil falls as Suez Canal reopens, dollar rallies; eyes on OPEC+ meeting

Oil falls as Suez Canal reopens, dollar rallies; eyes on OPEC+ meeting

By NEW YORK (Reuters) - Oil prices slid more than 1% on Tuesday as the Suez Canal reopened to traffic and the U.S. dollar rallied.Investors shifted focus to the upcoming OPEC+ ministerial meeting on Thursday, where analysts expect the group to extend supply curbs given dim demand prospects.Brent crude fell 84 cents, or 1.3%, to settle at $64.14 a barrel while West Texas Intermediate U.S. oil ended the session down $1.01, or 1.6%, at $60.55 barrel.The benchmarks held their losses in post-settlement trade after industry data showed U.S. crude inventories swelled by 3.9 million barrels last...

Mar 30
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Even without Keystone XL, U.S. set for record Canadian oil imports

Even without Keystone XL, U.S. set for record Canadian oil imports

By , CALGARY/NEW YORK (Reuters) - The Keystone XL pipeline project may be dead, but the United States is still poised to pull in record imports of Canadian oil in coming years through other pipelines that are in the midst of expanding.U.S. President Joe Biden canceled Keystone XL’s permit on his first day in office Wednesday, dealing a death blow to a long-gestating project that would have carried 830,000 barrels per day of heavy oil sands crude from Alberta to Nebraska.Environmental activists and indigenous communities hailed the move, but traders and analysts said U.S.-Canada pipelines...

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Jan 22
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U.S. shale producers lock in future sales as oil prices rise to one-year high

U.S. shale producers lock in future sales as oil prices rise to one-year high

By , NEW YORK/HOUSTON (Reuters) - U.S. shale producers are taking advantage of the oil market’s rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said.Slideshow U.S. crude futures this month jumped above $50 a barrel to the highest since February. The rally has sparked optimism among shale companies, but after a bracing year of pandemic-induced demand destruction, they are not ready to ramp up production. Instead, they are using futures markets to lock in higher sale prices.Shale producers buy and sell contracts in the futures...

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January 15, 2021
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Minnesota regulators approve permits for Enbridge's Line 3 oil pipeline project

Minnesota regulators approve permits for Enbridge's Line 3 oil pipeline project

By The Minnesota Pollution Control Agency (MPCA) announced approvals for the Line 3 project, including the contested 401 Water Quality Certification, and the Minnesota Department of Natural Resources released the final eight permits for the project.Line 3, built in the 1960s, ships crude from a Canadian oil hub in Edmonton, Alberta, to U.S. Midwest refiners. It currently carries less oil than it was designed for because of age and corrosion. Replacing it would allow Calgary-based Enbridge to roughly double its capacity to 760,000 barrels per day.The project still needs final permits and...

November 12, 2020
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Oil falls 7% after Trump surprises with travel curbs

Oil falls 7% after Trump surprises with travel curbs

United States NEW YORK (Reuters) - Brent crude slid 7% on Thursday after President Donald Trump restricted travel to the United States from Europe as part of measures to try to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic. A flood of cheap supply coming onto the market from Saudi Arabia and the United Arab Emirates compounded pressure on prices. The Gulf Arab producers are raising production as they go on the offensive in an oil price war with Russia. Brent crude LCOc1 was down $2.57, or 7.2%, at $33.22 a barrel while U.S. West...

March 12, 2020
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