Rig Rout Puts Smaller Drillers in Front as Oil Majors Scale Back

Crude oil’s plunge is leaving drilling rigs idle from Africa to Latin America as the world’s biggest energy companies curtail spending and stall projects.

Japan Expands, Extends Oil Storage Lease Contract With Abu Dhabi

Japan expanded and extended for three years a lease that allows Abu Dhabi to store crude oil in the Asian country.

JX Energy Looks Beyond Japan as Oil Refiners Squeezed at Home

JX Nippon Oil & Energy Corp. (5020), Japan’s largest oil refiner, is considering shrinking its presence at home and expanding elsewhere in Asia as the government squeezes the industry in the face of declining domestic fuel demand.

US eases oil export restrictions

The US has given permission to two firms to export oil, after it has been lightly processed - a move that could see oil exports from the US increase.

Iraqi Kurdistan makes first oil sale amid exports row

The government in the Iraqi autonomous region of Kurdistan says it has made its first sale of crude oil despite strong opposition from Baghdad.

BP refinery leaks oil into Lake Michigan near Chicago

A BP refinery has spilled an undetermined amount of crude oil into Lake Michigan in the US. BP said a malfunction caused crude oil to enter the Whiting refinery's cooling water system, which discharges into the lake.

Energy futures rise broadly as demand increases

Energy futures rose broadly Friday on signs that demand for fuel was increasing. Metals prices were little changed and crop futures were mixed.

Oil price volatility undermines economic growth, says Sir David King

Governments need to deter oil speculators, set aside reserves of crude oil and take steps urgently to reduce their dependence on fossil fuels in order to escape price volatility that undermines stable economic growth, according to a report co-authored by one of Britain's top scientists.

US witnessing biggest oil boom in 40 years

HOUSTON: The United States' average daily oil production is on track to surge by 1 million barrels per day this year, the biggest one-year jump in the nation's history, according to latest official figures.

China Plans To Launch Its Own Crude Oil Futures Market

China, the world's largest energy consumer, on Friday took a step towards launching a market of its own for crude oil futures -- which foreign investors may be allowed to trade.

China’s Crude Oil Imports Increase to Record as Economy Expands

China’s daily oil imports rose to a record in September as the world’s second-largest economy expanded and demand for energy grew.

Oil Options Fall as Futures Rally on U.S. Employment Data

Crude oil options volatility fell as the underlying futures rallied to a two-week high on better-than-expected U.S. employment data.

Report: Chevron El Segundo refinery pipes corroded

SAN FRANCISCO (AP) -- Tests of pipe samples from Chevron Corp.'s El Segundo refinery found corrosion to an extent similar to the pipe that failed and caused a large fire at the company's Richmond facility, a report released Thursday found.

WTI Oil Rises to One-Month High on Cyprus

West Texas Intermediate crude rose to a one-month high as Cyprus agreed with creditors on a bailout, reducing concern that Europe’s debt crisis will deepen.

Oil Falls as German Manufacturing Output Contracts

Oil dropped as German manufacturing output unexpectedly contracted in March, signaling the euro-zone debt crisis is slowing growth in the region’s biggest economy.

WTI Oil Advances as Jobs Data Bolsters U.S. Economy

West Texas Intermediate oil advanced after U.S. unemployment benefit applications dropped to a six- week low, bolstering optimism about the country’s economy, and the dollar weakened against the euro.

OFT says UK petrol market is working well

Motoring organisations have expressed disappointment after a study found drivers are paying fair fuel prices.

Oil Falls on Chinese Inflation Data

Oil dropped as accelerating Chinese inflation bolstered concern that economic stimulus may be curbed. The spread between crude in New York and London narrowed to the least in almost four months.

Oil Fall as European Finance Ministers Meet on Greece

Oil dropped as euro-area finance ministers meet to negotiate a bailout payment for Greece and as American leaders prepared to wrestle with a budget agreement.

French supermarket uses Paris canals to reduce fuel costs

Franprix has become the first French supermarket to reinstate waterway deliveries to the heart of Paris, with the aim of bypassing traffic-choked roads and saving costs.