By NEW YORK (Reuters) - Oil prices rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge a giant container ship blocking the Suez Canal.Slideshow It was a rebound from a sharp decline the previous session on concerns that fresh coronavirus lockdowns in Europe would hurt demand.Brent crude rose $2.62, or 4.2%, to settle at $64.57 a barrel, after dropping 3.8% on Thursday. U.S. West Texas Intermediate (WTI) crude gained $2.41, or 4.1%, to settle at $60.97 a barrel, having tumbled 4.3% a day earlier.Brent...…By NEW YORK (Reuters) - Oil prices rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge a giant container ship blocking the Suez Canal.Slideshow It was a rebound from a sharp decline the previous session on concerns that fresh coronavirus lockdowns in Europe would hurt demand.Brent crude rose $2.62, or 4.2%, to settle at $64.57 a barrel, after dropping 3.8% on Thursday. U.S. West Texas Intermediate (WTI) crude gained $2.41, or 4.1%, to settle at $60.97 a barrel, having tumbled 4.3% a day earlier.Brent...WW…

By NEW YORK (Reuters) -Oil prices edged higher on Monday after Reuters reported that Russia would support stable oil output from OPEC+ ahead of a meeting with the producer group later this week.Slideshow Futures had fallen earlier in the session on news that a container ship in the Suez Canal blocking traffic for nearly a week had been refloated.Brent oil rose 26 cents to $64.83 a barrel by 1:08 p.m. EDT (1708 GMT). U.S. crude rose 47 cents to $61.44 a barrel.Russia will support broadly stable oil output by the Organization of the Petroleum Exporting Countries and allies including Russia...…By NEW YORK (Reuters) -Oil prices edged higher on Monday after Reuters reported that Russia would support stable oil output from OPEC+ ahead of a meeting with the producer group later this week.Slideshow Futures had fallen earlier in the session on news that a container ship in the Suez Canal blocking traffic for nearly a week had been refloated.Brent oil rose 26 cents to $64.83 a barrel by 1:08 p.m. EDT (1708 GMT). U.S. crude rose 47 cents to $61.44 a barrel.Russia will support broadly stable oil output by the Organization of the Petroleum Exporting Countries and allies including Russia...WW…

By NEW YORK (Reuters) - Oil prices rose 2% on Monday to their highest in over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus.Brent rose $1.22, or 2.1%, to settle at $60.56 a barrel, while U.S. West Texas Intermediate rose $1.12, or 2%, to settle at $57.97 a barrel. Both benchmarks were at the highest since January 2020.“Managing to breach $60 again feels like the market is finally resurfacing after the long struggle and (taking) a proper breath,” said Rystad Energy’s vice president for oil markets Paola...…By NEW YORK (Reuters) - Oil prices rose 2% on Monday to their highest in over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus.Brent rose $1.22, or 2.1%, to settle at $60.56 a barrel, while U.S. West Texas Intermediate rose $1.12, or 2%, to settle at $57.97 a barrel. Both benchmarks were at the highest since January 2020.“Managing to breach $60 again feels like the market is finally resurfacing after the long struggle and (taking) a proper breath,” said Rystad Energy’s vice president for oil markets Paola...WW…

By , HOUSTON/NEW YORK (Reuters) - More than a quarter of U.S. Gulf of Mexico offshore oil and gas production remained shut by Hurricane Sally, which was moving inland on Wednesday and dumping heavy rains and cutting fuel demand in the U.S. Southeast.The storm made landfall early Wednesday near Gulf Shores, Alabama, as a powerful Category 2 hurricane, swamping the region with 10 to 20 inches (25-50 cm) of rain and boosting U.S. crude oil and gasoline prices. Some coastal areas received as much as 35 inches of rainfall, the National Hurricane Center (NHC) said.Some 508,000 barrels per day of...…By , HOUSTON/NEW YORK (Reuters) - More than a quarter of U.S. Gulf of Mexico offshore oil and gas production remained shut by Hurricane Sally, which was moving inland on Wednesday and dumping heavy rains and cutting fuel demand in the U.S. Southeast.The storm made landfall early Wednesday near Gulf Shores, Alabama, as a powerful Category 2 hurricane, swamping the region with 10 to 20 inches (25-50 cm) of rain and boosting U.S. crude oil and gasoline prices. Some coastal areas received as much as 35 inches of rainfall, the National Hurricane Center (NHC) said.Some 508,000 barrels per day of...WW…

By , WASHINGTON/NEW YORK (Reuters) - A rapid-fire succession of setbacks for big energy pipelines in the United States this week has revealed an uncomfortable truth for the oil and gas industry: environmental activists and landowners opposed to projects have become good at blocking them in court.The latest setbacks have increased the difficulty for developers of billions of dollars worth of pipeline projects in getting needed permits and community support. The oil industry says the pipelines are needed to expand oil and gas production and deliver it to fuel-hungry markets, but a rising...…By , WASHINGTON/NEW YORK (Reuters) - A rapid-fire succession of setbacks for big energy pipelines in the United States this week has revealed an uncomfortable truth for the oil and gas industry: environmental activists and landowners opposed to projects have become good at blocking them in court.The latest setbacks have increased the difficulty for developers of billions of dollars worth of pipeline projects in getting needed permits and community support. The oil industry says the pipelines are needed to expand oil and gas production and deliver it to fuel-hungry markets, but a rising...WW…

Choices at the gas pump including ethanol or no ethanol gas are seen in Des Moines, Iowa, U.S., January 29, 2020. REUTERS/Brian Snyder/File PhotoRegister now for FREE unlimited access to Reuters.comNEW YORK, April 15 (Reuters) - The U.S. Environmental Protection Agency has asked industry groups for their input on the future of the nation's biofuel policy after it ends its current phase in 2022, four sources familiar with the matter said.The consultations will provide a new opportunity for the oil, corn and biofuel lobbies to reshape the regulation, called the Renewable Fuel Standard, which...…Choices at the gas pump including ethanol or no ethanol gas are seen in Des Moines, Iowa, U.S., January 29, 2020. REUTERS/Brian Snyder/File PhotoRegister now for FREE unlimited access to Reuters.comNEW YORK, April 15 (Reuters) - The U.S. Environmental Protection Agency has asked industry groups for their input on the future of the nation's biofuel policy after it ends its current phase in 2022, four sources familiar with the matter said.The consultations will provide a new opportunity for the oil, corn and biofuel lobbies to reshape the regulation, called the Renewable Fuel Standard, which...WW…

By NEW YORK (Reuters) -Oil prices edged higher on Monday after Reuters reported that Russia would support stable oil output from OPEC+ ahead of a meeting with the producer group later this week.Slideshow Futures had fallen earlier in the session on news that a container ship in the Suez Canal blocking traffic for nearly a week had been refloated.Brent oil rose 26 cents to $64.83 a barrel by 1:08 p.m. EDT (1708 GMT). U.S. crude rose 47 cents to $61.44 a barrel.Russia will support broadly stable oil output by the Organization of the Petroleum Exporting Countries and allies including Russia...…By NEW YORK (Reuters) -Oil prices edged higher on Monday after Reuters reported that Russia would support stable oil output from OPEC+ ahead of a meeting with the producer group later this week.Slideshow Futures had fallen earlier in the session on news that a container ship in the Suez Canal blocking traffic for nearly a week had been refloated.Brent oil rose 26 cents to $64.83 a barrel by 1:08 p.m. EDT (1708 GMT). U.S. crude rose 47 cents to $61.44 a barrel.Russia will support broadly stable oil output by the Organization of the Petroleum Exporting Countries and allies including Russia...WW…

By NEW YORK (Reuters) - U.S. gasoline prices hit a nine-month peak as drivers took to the roads on holiday travel, crude oil prices kept climbing and refiners further cut fuel production due to weak margins.Prices at the pump topped $2.25 a gallon this week, according to the American Automobile Association, the highest since March when COVID-19 was declared a global pandemic. Supplies fell to the lowest in a month at 236.6 million barrels, according to U.S. government data released on Wednesday.U.S. rush-hour traffic this holiday season reached pandemic highs, with a congestion index...…By NEW YORK (Reuters) - U.S. gasoline prices hit a nine-month peak as drivers took to the roads on holiday travel, crude oil prices kept climbing and refiners further cut fuel production due to weak margins.Prices at the pump topped $2.25 a gallon this week, according to the American Automobile Association, the highest since March when COVID-19 was declared a global pandemic. Supplies fell to the lowest in a month at 236.6 million barrels, according to U.S. government data released on Wednesday.U.S. rush-hour traffic this holiday season reached pandemic highs, with a congestion index...WW…

By NEW YORK (Reuters) - Brandon Thompson was planning on making an eight-hour drive this year from his home in Iowa to Ann Arbor, Michigan, to see his favorite college football team play. Then the pandemic hit.“We realized very early on if there was a season, there would be no fans,” said Thompson, a University of Michigan Wolverines fan.Millions of people like Thompson worldwide continue to cancel or curtail leisure trips as the COVID-19 pandemic maintains its grip on many countries. That is contributing to a slower-than-expected recovery in fuel demand.Thompson would have driven more than...…By NEW YORK (Reuters) - Brandon Thompson was planning on making an eight-hour drive this year from his home in Iowa to Ann Arbor, Michigan, to see his favorite college football team play. Then the pandemic hit.“We realized very early on if there was a season, there would be no fans,” said Thompson, a University of Michigan Wolverines fan.Millions of people like Thompson worldwide continue to cancel or curtail leisure trips as the COVID-19 pandemic maintains its grip on many countries. That is contributing to a slower-than-expected recovery in fuel demand.Thompson would have driven more than...WW…

By , NEW YORK (Reuters) - The Trump administration is considering at least $300 million in cash aid to U.S. oil refiners that are denied exemptions to U.S. biofuel blending laws for the 2019 compliance year, two sources familiar with the matter said.Although the administration has yet to rule on the 2019 waivers, it has made an estimate for the amount of money it would provide in aid based on the number of facilities that applied for the exemptions but may now be considered ineligible because of a recent court ruling.The move would be intended to help small refineries handle the cost of...…By , NEW YORK (Reuters) - The Trump administration is considering at least $300 million in cash aid to U.S. oil refiners that are denied exemptions to U.S. biofuel blending laws for the 2019 compliance year, two sources familiar with the matter said.Although the administration has yet to rule on the 2019 waivers, it has made an estimate for the amount of money it would provide in aid based on the number of facilities that applied for the exemptions but may now be considered ineligible because of a recent court ruling.The move would be intended to help small refineries handle the cost of...WW…