05-23-2015, 09:43 PM
Oil climbed after U.S. crude stockpiles dropped, as refineries bolstered operating rates. Crude inventories declined 2.67 MMbbl last week, according to the Energy Information Administration. Refinery operating rates rose for the third time in four weeks. Gasoline supplies unexpectedly fell ahead of the Memorial Day holiday, which heralds the start of the U.S. summer driving season.
Oil rises after U.S. crude supply drops amid refining boost
U.S. crude inventories shrank for a second week to 484.8 MMbbl in the period to May 8, a level that’s more than 100 MMbbl above the five-year seasonal average, according to government data. While the world’s largest consumer is pumping oil at a reduced pace as drillers cut the number of active rigs, output remains near a record.
$100 oil seen years away by Petronas as shale output resilient
South Sudanese rebels said they have taken control of the country’s main oil fields that are still producing crude, after defeating government forces in Upper Nile state on Tuesday. The insurgents loyal to former Vice President Riek Machar, allied with local militia, are occupying the area around Paloch, rebel spokesman Lony T. Ngundeng said on Tuesday. “Our forces have controlled all the oil fields,” he said by phone from the Ethiopian capital, Addis Ababa. “There’s not any damage to the installations.”
South Sudanese rebels say they seized oil-producing fields
OPEC earned close to $730 billion in net oil export revenues in 2014, which was a decline of 11% from 2013. Low oil prices and reduction in the net oil exports were the major factors behind this decline. This was the cartel’s lowest revenue earning since 2010.