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The following is a selection of the most important news affecting the oil market.
Oil fell after the International Energy Agency reduced its forecast for global demand, saying slower economic growth may limit fuel consumption.
Industries Qatar surged the most in almost a month after the second-biggest petrochemicals maker in the Middle East posted a 27 percent increase in third-quarter profit, beating analysts’ estimates.
Wall Street Joins CME in Winning Delays of U.S. Swaps Rules (1)
CME Group Inc., energy traders and Wall Street banks won delays and exemptions from the U.S. Commodity Futures Trading Commission as regulations intended to improve oversight of the swaps market took effect.
Libya’s National Congress elected former congressman Ali Zaidan as the country’s new prime minister, and gave him two weeks to form a government.
EU Said to Reach Preliminary Deal to Tighten Iran Sanctions (2)
The European Union reached a preliminary agreement to tighten sanctions on Iran to increase pressure on the Gulf nation’s nuclear program, according to two EU diplomats with knowledge of the matter.
IEA Sees Oil Supply Rising as Demand Growth Slows by 2017 (1)
Global oil markets will become better supplied in the next five years as demand growth slows and production rises in North America and the Middle East, according to the International Energy Agency.
The introduction of stricter oil market regulations aimed at reducing speculation may drive down trading volumes and make prices more volatile, the International Energy Agency said.
Hedge Fund Bulls Lift Gas Bets to Two-Month High: Energy Markets
Hedge funds raised bullish bets on natural gas to the highest level since August as a shrinking U.S. supply glut, slowing production growth and increasing power-plant demand pushed futures to a 10-month high.
Bullish Wagers Drop to Eight-Week Low Before Rally: Commodities
Hedge funds cut bullish commodity wagers to the lowest since the middle of August before signs the U.S. economy is improving and declining grain stockpiles drove prices to a three-week high.
Valero Energy Corp. shut three units at the McKee refinery in Sunray, Texas, for planned maintenance, according to a filing with the Texas Commission on Environmental Quality.
Flint Hills Resources LLC shut a fluidized catalytic cracker process unit at its Corpus Christi West refinery in Texas after a main air blower may have malfunctioned, according to a filing with the Texas Commission on Environmental Quality.
Co. reported there may be intermittent flaring activity at the plant over a 12-hour period, according to a message on the community hotline at 7:30 a.m. local time. *Co. said there is no material impact to production from this activity. * Total refinery capacity is 97,870 b/d
LyondellBasell Industries NV’s Houston refinery released hydrogen sulphide and sulfur dioxide into the atmosphere for as- yet-undetermined reasons, according to a filing to the National Response Center.
Petroleos de Venezuela SA, the state oil company, had a storage tank fire this morning at its Bajo Grande refinery, Panorama reported.
Spot gasoline prices fell in Southern California as Valero Energy Corp. and Tesoro Corp. resumed rack sales to unbranded customers.
Canadian oils weakened before a planned shutdown at BP Plc’s Whiting refinery in Indiana.
U.S. Oil Rig Count Advances to 1,411, Baker Hughes Reports (1)
The U.S. oil rig count advanced as crude prices posted a weekly gain for the first time since Sept. 14, rising back above $90 a barrel.
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 8.70 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
SOUTH KOREA DAYBOOK: World Bank Chief Visits; LNG, Crude Imports
September LNG and Iranian crude imports data will be released at 9 a.m. and World Bank President Jim Yong Kim will meet South Korean Finance Minister Bahk at 7 a.m. and hold a press conference at 5:30 p.m.
Samsung Heavy to Build Wind Power Plants in Jeju: Yonhap News
Co. plans to build plants generating 84MW in South Korea’s Jeju Island by 2014 with Korea Southern Power, Yonhap News reported citing Samsung Heavy.
Iran’s crude oil exports have remained steady in recent months, Donya-e-Eqtesad reported, citing Mohammad Ali Khatibi, the nation’s governor to the Organization of Petroleum Exporting Countries.
Oil May Fall as More Output Boosts Stockpiles, Survey Shows (1)
Oil may decline next week on concern that supply is outpacing demand as U.S. production rose to a 17- year high, a Bloomberg survey showed.
Dubai’s Lootah Plans to Produce Algae Biofuels with AlgaOil Ltd.
S. S. Lootah Group, a Dubai-based holding company, signed an agreement with AlgaOil Ltd. to develop biofuels from algae.
Ecolab to Buy Champion for $2.2 Billion to Boost Energy Unit (4)
Ecolab Inc., the largest provider of chemicals and services for water and wastewater treatment, agreed to buy Champion Technologies Inc. for about $2.2 billion in cash and stock, in a bid to become the largest oil-field chemicals supplier in North America.
China Carbon Debut Defies Emission Doubters: Energy Markets
China’s first steps to build what is destined to be the world’s second-biggest emissions market are boosting the prospects for fledgling programs from Australia to California.
MORE: Poland to Fund Energy, Gas Investments From Asset Sales
Poland’s Treasury Minister Mikolaj Budzanowski speaks in Warsaw.
Solar Silicon to Bottom as China Halts Factory Expansion: Energy
Polysilicon, the raw material used by the $38 billion a year solar industry, is forecast to bottom near a record low next year after the leading manufacturers in China and South Korea halted factory expansions.
Companies including Royal Dutch Shell Plc and BP Plc are seeking to export U.S. crude, a sign that an oil boom in North Dakota and Texas may be adding pressure to lift decades-old restrictions on domestic supplies.
U.S. equity futures and the Australian dollar climbed after data showed China’s exports grew more than estimated last month, signaling that the world’s second-biggest economy may be stabilizing. Oil retreated.
The euro declined against most of its major counterparts as concern that the global economy is slowing overshadowed policy makers’ efforts to contain Europe’s three-year-old debt crisis.
European leaders, basking in praise for their rediscovered crisis-fighting skills and the award of a Nobel Peace Prize, meet this week as Greece seeks to justify renewed aid and Spain holds out on tapping a bailout.
Abu Dhabi’s shares dropped the most in almost a month after earnings in Saudi Arabia, the Persian Gulf’s biggest economy, disappointed and oil declined.
U.S. stocks had the biggest weekly retreat since June as the International Monetary Fund reduced its global growth forecasts and projections from Advanced Micro Devices Inc. and Alcoa Inc. disappointed investors.
Dec. corn drops as much as 1% to $7.45/bushel on CBOT, trades at $7.465 as of 9:17 a.m. in Melbourne.
Dec. wheat drops as much as 0.6% to $8.52/bu on CBOT, lowest since Sept. 28. *Trades at $8.5225 at 6:58 a.m. in Singapore.
U.K. Economic Forecasts Cut as E&Y Sees Osborne Missing Target
Britain’s economy will shrink this year as weakening global demand offsets an improvement in consumer spending, hampering the government’s deficit-reduction plans, the Ernst & Young ITEM Club will say.
Fischer Says Netanyahu’s Election Call a ‘Good Move’ for Israel
Bank of Israel Governor Stanley Fischer said Prime Minister Benjamin Netanyahu’s decision to call early elections in response to a budget impasse is a “good move” that will benefit the Middle East nation’s economy.
Ambassador Death in Libya No Political Football, Father Says (3)
The father of Christopher Stevens, the U.S. ambassador to Libya who was killed in the attack in Benghazi last month, said his son’s death shouldn’t be politicized in the presidential campaign.
Chelsea owner Roman Abramovich has given approval for a 46 million-pound ($74 million) bid to be made for Atletico Madrid striker Radamel Falcao in January, the Daily Mirror reported.
Spain and Germany maintained their perfect starts in European qualifying for soccer’s 2014 World Cup with easy away victories.
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