News Oil 

Medical marijuana legalised in move spurred by mother’s home lab

“Lawmakers in Peru have voted overwhelmingly in favour of a bill to legalise medical marijuana, allowing cannabis oil to be locally produced, imported and sold” writes Dan Collyns for theguardian.com. The medicinal use of cannabis oil is now legal in Peru’s neighbours Colombia and Chile as well as in Puerto Rico.The legislative approval followed a government proposal to decriminalise the medical use of marijuana for the “treatment of serious and terminal illnesses” after a police raid in February on a makeshift laboratory where a group of mothers made marijuana oil…

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Top oilfield services firms signal fourth-quarter uncertainty

“Brent crude prices have barely budged this year and the U.S. crude benchmark has remained mostly below $55 a barrel” reports foxbusiness.com. This summer, U.S. producers Anadarko Petroleum Corp , ConocoPhillips and Hess Corp cut second-half capital spending plans, including on oilfield services activities.But global oil supply and demand is becoming more balanced and recent spending cutbacks on U.S. production could eventually boost crude prices, Schlumberger Chief Executive Paal Kibsgaard said. Source: foxbusiness.com Share This:

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Markets News Oil 

Oil market trends are setting the foundation for higher crude prices, Schlumberger says

“Oil prices are poised to rise as a number of positive trends take shape in the market, which is now balanced after years of oversupply, according to Schlumberger, the world’s largest publicly traded oilfield services company” writes Tom Dichristopher for cnbc.com. Schlumberger Chairman and CEO Paal Kibsgaard sounded the positive note after his company announced its third-quarter earnings rose by 65 percent, excluding charges related to a major acquisition.The company also saw quarterly revenue jump 13 percent year over year, driven by strong growth in the U.S. shale oil patch,…

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Markets News Oil 

Oil prices set for weekly loss on profit-taking

“Oil prices fell on Friday and were set for a weekly loss as investors sought to book profits, despite tensions in the Middle East that have slashed supplies of crude” reports foxbusiness.com. “The oil market has moved into modest undersupply and we expect this will persist at least through the end of the year,” U.S. investment bank Jefferies said. “While outbound shipments recently approached 2 million bpd, our math suggests that physical bottlenecks are unlikely to kick in until waterborne exports approach 3.2 million bpd,” RBC Capital Markets said.Russia’s biggest…

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News Oil Reviews 

Oil Daily Review October 20, 2017

Oil Daily Review for October 20, 2017 Oil prices retreat from multi-week highs Oil fell Thursday as worries about growth in U.S. crude production offset support from risks to global supplies from Middle East tensions, pulling pri   WTI Crude Oil and Natural Gas Forecast October 20, 2017 The WTI Crude Oil market fell during the day on Thursday, reaching towards the $51 level. There is a significant amount of support below though, so even if w…   Have a nice trading! Share This:

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U.S. Sen. Cantwell’s amendment to protect ANWR from oil exploration fails

“Maria Cantwell intended to keep the Arctic National Wildlife Refuge closed to oil development” writes Seattle Times Staff for seattletimes.com. The Arctic National Wildlife Refuge is both a prime oil prospect and a northern Alaska stronghold of caribou and hundreds of other wildlife species that conservationists for decades have sought to protect.Any legislation allowing oil exploration is expected to be backed by President Donald Trump, who campaigned on increasing U.S. fossil-fuel production. Source: seattletimes.com Share This:

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Democrats fail to block budget measure allowing oil and gas drilling in Alaskan wildlife refuge

“Senate Republicans are one step closer to fulfilling a long-time goal of allowing oil and gas drilling in an Alaskan wildlife refuge after Democrats failed Thursday night to stop it” writes Josh Siegel for washingtonexaminer.com. The Senate rejected a Democrat-authored amendment to its 2018 budget resolution that would have removed language allowing oil and natural gas drilling in the Arctic National Wildlife Refuge.Last month, the Interior Department lifted restrictions on seismic studies to probe how much oil is under the refuge. Source: washingtonexaminer.com Share This:

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Futures Markets News Oil 

Oil rises on tighter fundamentals, but China warning holds back market

“Oil prices edged up on Friday, supported by signs of tightening supply and demand fundamentals, although a warning about excessive China economic optimism still weighed somewhat on markets” reports foxbusiness.com. U.S. West Texas Intermediate (WTI) crude futures were at $51.47 per barrel, up 18 cents, or 0.35 percent.Brent crude futures, the international benchmark for oil prices, were at $57.39 at 0420 GMT, up 16 cents, or 0.28 percent from their last close.U.S. commercial crude oil stocks have dropped 15 percent from their March records, to 456.5 million barrels, below levels…

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Markets News Oil 

BP chairman steps down after Deepwater ‘comeback’

“He went on to steer the supermajor through one of the most devastating oil market downturns in history” writes Jeremy Warner for telegraph.co.uk. We devised a strategy to weather the downturn in the oil market while returning to growth,” Mr Dudley said.Carl-Henric Svanberg took to the helm in early 2010, just three months before the Deepwater Horizon oil spill in the Gulf of Mexico plunged the FTSE 100 giant into a multi-billion dollar crisis. Source: telegraph.co.uk Share This:

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