By NEW YORK (Reuters) - Oil prices rallied on Wednesday after U.S. crude inventories fell in the most recent week, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins.Oil futures have staged a recovery from recent weakness as production has declined more swiftly than expected, reducing the supply glut that caused storage to fill.U.S. crude inventories fell by 5 million barrels last week, Energy Information Administration data showed, while stocks at the Cushing, Oklahoma, delivery hub dropped by 5.6 million barrels. [EIA/S]“What...…By NEW YORK (Reuters) - Oil prices rallied on Wednesday after U.S. crude inventories fell in the most recent week, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins.Oil futures have staged a recovery from recent weakness as production has declined more swiftly than expected, reducing the supply glut that caused storage to fill.U.S. crude inventories fell by 5 million barrels last week, Energy Information Administration data showed, while stocks at the Cushing, Oklahoma, delivery hub dropped by 5.6 million barrels. [EIA/S]“What...WW…

By , NEW YORK (Reuters) - Official U.S. government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. Traders say that is bunk - because whatever is left is spoken for by firms sending oil to the hub right now.Oil prices have crashed this year, with the current U.S. contract falling into negative territory, due to millions of barrels of supply around the globe hitting markets at a time when the coronavirus pandemic means people are not flying on planes or driving in cars.With demand down 30% worldwide, that leaves buyers of oil few...…By , NEW YORK (Reuters) - Official U.S. government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. Traders say that is bunk - because whatever is left is spoken for by firms sending oil to the hub right now.Oil prices have crashed this year, with the current U.S. contract falling into negative territory, due to millions of barrels of supply around the globe hitting markets at a time when the coronavirus pandemic means people are not flying on planes or driving in cars.With demand down 30% worldwide, that leaves buyers of oil few...WW…

By , , If it fails to come out of bankruptcy, Bogota-based Avianca would be one of the first major carriers worldwide to go under as a result of the pandemic, which has crippled world travel.Avianca has not flown a regularly scheduled passenger flight since late March and most of its 20,000 employees have gone without pay through the crisis.“Avianca is facing the most challenging crisis in our 100-year history,” Avianca Chief Executive Anko van der Werff said in a news release.While Avianca was already weak before the coronavirus outbreak, its bankruptcy filing highlights the challenges for...…By , , If it fails to come out of bankruptcy, Bogota-based Avianca would be one of the first major carriers worldwide to go under as a result of the pandemic, which has crippled world travel.Avianca has not flown a regularly scheduled passenger flight since late March and most of its 20,000 employees have gone without pay through the crisis.“Avianca is facing the most challenging crisis in our 100-year history,” Avianca Chief Executive Anko van der Werff said in a news release.While Avianca was already weak before the coronavirus outbreak, its bankruptcy filing highlights the challenges for...WW…

By NEW YORK (Reuters) - Brent crude slid 7% on Thursday after President Donald Trump restricted travel to the United States from Europe as part of measures to try to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic.A flood of cheap supply coming onto the market from Saudi Arabia and the United Arab Emirates compounded pressure on prices. The Gulf Arab producers are raising production as they go on the offensive in an oil price war with Russia.Global equities plunged and the Dow Jones index was on course for its worst performance since...…By NEW YORK (Reuters) - Brent crude slid 7% on Thursday after President Donald Trump restricted travel to the United States from Europe as part of measures to try to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic.A flood of cheap supply coming onto the market from Saudi Arabia and the United Arab Emirates compounded pressure on prices. The Gulf Arab producers are raising production as they go on the offensive in an oil price war with Russia.Global equities plunged and the Dow Jones index was on course for its worst performance since...WW…

By NEW YORK (Reuters) - Oil prices slid more than 1% on Tuesday as the Suez Canal reopened to traffic and the U.S. dollar rallied.Investors shifted focus to the upcoming OPEC+ ministerial meeting on Thursday, where analysts expect the group to extend supply curbs given dim demand prospects.Brent crude fell 84 cents, or 1.3%, to settle at $64.14 a barrel while West Texas Intermediate U.S. oil ended the session down $1.01, or 1.6%, at $60.55 barrel.The benchmarks held their losses in post-settlement trade after industry data showed U.S. crude inventories swelled by 3.9 million barrels last...…By NEW YORK (Reuters) - Oil prices slid more than 1% on Tuesday as the Suez Canal reopened to traffic and the U.S. dollar rallied.Investors shifted focus to the upcoming OPEC+ ministerial meeting on Thursday, where analysts expect the group to extend supply curbs given dim demand prospects.Brent crude fell 84 cents, or 1.3%, to settle at $64.14 a barrel while West Texas Intermediate U.S. oil ended the session down $1.01, or 1.6%, at $60.55 barrel.The benchmarks held their losses in post-settlement trade after industry data showed U.S. crude inventories swelled by 3.9 million barrels last...WW…

By , CALGARY/NEW YORK (Reuters) - The Keystone XL pipeline project may be dead, but the United States is still poised to pull in record imports of Canadian oil in coming years through other pipelines that are in the midst of expanding.U.S. President Joe Biden canceled Keystone XL’s permit on his first day in office Wednesday, dealing a death blow to a long-gestating project that would have carried 830,000 barrels per day of heavy oil sands crude from Alberta to Nebraska.Environmental activists and indigenous communities hailed the move, but traders and analysts said U.S.-Canada pipelines...…By , CALGARY/NEW YORK (Reuters) - The Keystone XL pipeline project may be dead, but the United States is still poised to pull in record imports of Canadian oil in coming years through other pipelines that are in the midst of expanding.U.S. President Joe Biden canceled Keystone XL’s permit on his first day in office Wednesday, dealing a death blow to a long-gestating project that would have carried 830,000 barrels per day of heavy oil sands crude from Alberta to Nebraska.Environmental activists and indigenous communities hailed the move, but traders and analysts said U.S.-Canada pipelines...WW…

By , NEW YORK/HOUSTON (Reuters) - U.S. shale producers are taking advantage of the oil market’s rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said.Slideshow U.S. crude futures this month jumped above $50 a barrel to the highest since February. The rally has sparked optimism among shale companies, but after a bracing year of pandemic-induced demand destruction, they are not ready to ramp up production. Instead, they are using futures markets to lock in higher sale prices.Shale producers buy and sell contracts in the futures...…By , NEW YORK/HOUSTON (Reuters) - U.S. shale producers are taking advantage of the oil market’s rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said.Slideshow U.S. crude futures this month jumped above $50 a barrel to the highest since February. The rally has sparked optimism among shale companies, but after a bracing year of pandemic-induced demand destruction, they are not ready to ramp up production. Instead, they are using futures markets to lock in higher sale prices.Shale producers buy and sell contracts in the futures...WW…

By The Minnesota Pollution Control Agency (MPCA) announced approvals for the Line 3 project, including the contested 401 Water Quality Certification, and the Minnesota Department of Natural Resources released the final eight permits for the project.Line 3, built in the 1960s, ships crude from a Canadian oil hub in Edmonton, Alberta, to U.S. Midwest refiners. It currently carries less oil than it was designed for because of age and corrosion. Replacing it would allow Calgary-based Enbridge to roughly double its capacity to 760,000 barrels per day.The project still needs final permits and...…By The Minnesota Pollution Control Agency (MPCA) announced approvals for the Line 3 project, including the contested 401 Water Quality Certification, and the Minnesota Department of Natural Resources released the final eight permits for the project.Line 3, built in the 1960s, ships crude from a Canadian oil hub in Edmonton, Alberta, to U.S. Midwest refiners. It currently carries less oil than it was designed for because of age and corrosion. Replacing it would allow Calgary-based Enbridge to roughly double its capacity to 760,000 barrels per day.The project still needs final permits and...WW…