News Oil 

Here’s what oil drilling looks like in the Arctic refuge, 30 years later

“The arctic refuge is a vast region of tundra: mosses, sedges and shrubs underlain by permafrost” writes The New York for seattletimes.com. The area, part of the broader 19.6 million-acre refuge, is prized by Alaska’s oil industry as prime for a major discovery.The results of the drilling, whether it revealed the presence of significant oil or not, have not been made public. Source: seattletimes.com Share This:

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News Oil 

S. Korea’s oil imports from Iran up 36% in 11 months yr/yr

“TEHRAN- South Korea imported 17 million tons, or 372,890 barrels per day (bpd), of Iranian crude oil during the first 11 months of 2017, with 36.5 percent rise from 12.45 million tons over the same period last year, according to the customs data” reports tehrantimes.com. Although, South Korea’s imports of Iranian crude oil fell 9.5 percent in October from the previous month as the Middle Eastern country cut crude and condensate exports to Asia due to production setbacks, Reuters reported.South Korea, one of Iran’s main Asian clients, brought in 1.65…

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News Oil 

Baker Hughes reports a decline in the weekly U.S. oil-rig count

“Baker Hughes BHGE, -1.18% on Friday reported that the number of active U.S. rigs drilling for oil was down 4 at 747 this week” writes Markets Commodities Reporter for marketwatch.com. The decline follows increases over the last three weeks in a row.The total active U.S. rig count, which includes oil and natural-gas rigs, also fell by 1 to 930, according to Baker Hughes. Source: marketwatch.com Share This:

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News Oil 

Lebanon: Oil and gas drilling to begin in 2019

“Lebanon will begin exploratory drilling for offshore oil and gas in 2019, Energy and Water Minister Cesar Abi Khalil said Friday, as the country hopes to find resources to shore up its indebted economy” reports foxbusiness.com. The country’s share of revenues from oil and gas sales will measure between 55 and 71 percent, said Abi Khalil. Source: foxbusiness.com Share This:

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Crypto Futures News Oil Stocks 

US stocks move broadly higher in early trading; oil rising

“U.S. stocks moved broadly higher in early trading Friday, erasing modest losses from the day before” writes The Associated Press for seattletimes.com. THE BITCOIN TRADE: Bitcoin futures surged on their fifth day of trading, climbing $1,330, or 7.9 percent, to $18,130 on the Cboe Futures Exchange.The stock added $8.76 to $195.29.OFF THE RAILS: CSX slumped 7.6 percent after the railroad operator said CEO Hunter Harrison is on leave “due to unexpected complications from a recent illness.” The stock shed $4.35 to $52.96. Source: seattletimes.com Share This:

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Markets News Oil 

Oil prices rise on North Sea pipeline outage

“The ongoing outage of the Forties pipeline, which carries North Sea oil to Britain, was the main price driver, traders said” reports foxbusiness.com. Oil prices moved up on Friday, lifted by the Forties pipeline outage in the North Sea and ongoing OPEC-led production cuts, although rising output from the United States kept a lid on markets.Beyond the North Sea supply disruption, traders said markets were generally supported by efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold production to prop up prices.While the pipeline…

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Markets News Oil 

Oil prices stable on tighter market, but rising US output looms for 2018

“Goldman Sachs said that market conditions allowed the major oil companies, which it referred as Big Oil, to enter “a positive earnings-revision cycle” and that “this should allow Big Oil to re-employ capital at double-digit returns.”” reports foxbusiness.com. The ongoing outage of the Forties pipeline, which carries North Sea oil to Britain, was also buoying crude prices, traders said.Oil markets were stable on Friday as the Forties pipeline outage in the North Sea and ongoing OPEC-led production cuts supported prices, while rising output from the United States kept crude from…

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News Oil 

Goldman Upgrades ConocoPhillips, North American Oil Majors

“Goldman Sachs is increasingly bullish on major North American oil companies, including ConocoPhillips (COP) , upgrading the group to Attractive from Neutral because of its free cash flow potential next year” writes Anders Keitz for thestreet.com. The majors refer to a group of multinational oil companies and their size, age or market position. Source: thestreet.com Share This:

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Futures News Oil 

Oil prices up slightly on pipeline outage support

“Prices have been supported by an outage on the Forties crude pipeline that was expected to last several weeks” reports foxbusiness.com. NEW YORK (Reuters) – Oil prices were up slightly on Thursday as a pipeline outage in Britain continued to lift Brent crude prices.And it’s almost surprising it’s not generating more support.” A fall in U.S. crude inventories last week also lent some support.OPEC revised its estimate for U.S. oil output growth for 2018 to 1.05 million bpd, while the U.S. Energy Information Administration increased its growth forecast to 780,000…

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