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Exxon: Ruptured Montana pipeline had carried tar sands crude

SALMON, Idaho (Reuters) – Exxon Mobil said on Friday that a pipeline that failed two weeks ago, leaking oil into the Yellowstone River, routinely transported a heavier and more toxic form of crude than the company and federal regulators initially acknowledged. The Silvertip pipeline carries so-called tar sands crude from…

U.S. crude oil hits 2.5-year high

LONDON (Reuters) – Brent crude rose toward $120 a barrel and U.S. crude hit a 2-1/2-year high above $108 on Monday. Unrest in the Middle East and North Africa kept the focus on oil supplies as economic growth bolstered demand. Iran’s oil minister said there was no need for the Organization…

Police: 200-300 bodies found in Japan after quakes, tsunami

LONDON (Reuters) – Oil slid by more than $3 on Friday, with U.S. crude falling below $100, after an earthquake rocked Japan, creating a 10-meter tsunami and shutting down dozens of plants in the world’s third-largest oil consumer. The oil market was also keeping an eye on a planned day…

Oil prices stabilize; gold holds close to record peak

LONDON — World oil prices steadied on Wednesday, while safe-haven gold held close to the previous day’s record high on the back of simmering Middle East tensions. Brent North Sea crude for delivery in April eased six cents to $115.36 per barrel. New York’s light sweet crude for April, known…

Iraq oil daily production exceeds 2.6M barrels

Oil minister: Iraq’s crude production exceeds 2.6 million barrels a day Iraq’s newly appointed oil minister on Monday said the country’s daily oil production has increased by about 100,000 barrels a day, exceeding 2.6 million barrels per day for the first time in 20 years. Abdul-Karim Elaibi said Iraq’s production…

Scientists say up to 79% of oil remains in Gulf

Permanent seal of well delayed amid new reports that 79% of the oil remains the Gulf A group of scientists have found that up to 79% of the oil in the Gulf of Mexico may still remain, contradicting earlier findings by a U.S. government study that found nearly 75% of…

BP share price soars after company says it can handle spill costs

BP insisted Tuesday it can cope with soaring oil spill costs without asking shareholders for cash, as tar balls washed ashore in Texas, the fifth and final Gulf coast state to be affected. The company’s announcement that it would not sell additional shares drove BP’s stock price 9 percent higher…

Oil still leaking after BP caps oil pipe

BP reported some oil was flowing up a pipe Friday from a cap it wrestled onto its broken Gulf of Mexico well but crude still spewed and it was unclear how much could be captured in the latest bid to tame the nation’s worst oil spill. President Barack Obama was…

Sheen of oil confirmed ashore on Louisiana island

Oil sheen from a massive crude spill in the Gulf of Mexico has started washing ashore on an island off Louisiana, officials said Thursday, confirming a land impact for the first time. “Teams have confirmed oil on Freemason Island,” Coast Guard Petty Officer Connie Terrell told AFP. “It is at…

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