Oil Rises Above $78, One-Year High, as U.S. Refiners May Boost Operations

(Bloomberg) -- Crude oil rose above $78 a barrel in
New York, the highest in more than a year, on speculation demand
will outpace supply as refiners increase fuel production in
preparation for the winter months.

An Energy Department report tomorrow may show that U.S.
crude-oil supplies fell for a fourth week, according to a
Bloomberg News survey of analysts. Demand tends to rise as
refineries begin to make fuels for use in the fall and winter.
Bets on rising prices by hedge funds and other speculators rose
to a record earlier this month, according to government data.


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Sugar Rises on Prospect Rally in Crude Oil Prices Boosting Ethanol Demand

(Bloomberg) -- Sugar in New York gained on
speculation rising crude oil prices will boost demand for
ethanol, diverting sugar cane away from production of the
sweetener in Brazil.

Crude oil reached an 11-month high of $77.33 a barrel in
New York today after gaining for seven straight weeks. Brazil,
the biggest producer of sugar-cane based fuel and sweetener, has
boosted ethanol production while cutting back on sugar output so
far this season.


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Oil Rises After Government Report Shows U.S. Growth Exceeded Expectations

(Bloomberg) -- Crude oil rose after a government
report showed that the U.S. economy grew more than expected in
the second quarter, indicating fuel demand will rise in the
world's biggest energy consumer.

The economy grew 3.4 percent last quarter, the fastest pace
in more than a year. Economists surveyed by Bloomberg News before
the report predicted a 3.2 percent gain. The U.S. consumes 24
percent of global oil production.


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Crude Oil Rebounds After U.S. Reports Economy Growing Faster Than Forecast

(Bloomberg) -- Crude oil rose after the U.S.
government reported its economy expanded more than expected in the
second quarter, indicating demand for energy will keep rising.

The U.S. economy grew 3.4 percent last quarter, the fastest
pace in more than a year. Economists surveyed by Bloomberg News
before the report predicted a 3.2 percent gain.


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Oil Rises a Second Day After U.S. Crude Stockpiles Fall for a Third Week

(Bloomberg) -- Crude oil rose for a second day in
New York after a report showed U.S. oil inventories fell for a
third week and gasoline demand was near a one-year high.

Oil stockpiles declined 1.1 million barrels last week as
refiners raised operating rates to their highest in 10 months,
the Energy Department said yesterday. Below-average gasoline
stockpiles unexpectedly increased by 793,000 barrels, aided by a
resurgence in imports.


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Crude Oil Falls From 11-Month High in New York as U.S. Refinery Units Open

(Bloomberg) -- Crude oil fell from an 11-month high
in New York on speculation that U.S. fuel stockpiles will
increase because refineries are opening units.

Exxon Mobil Corp., BP Plc and Valero Energy Corp. started
units at refineries in Texas over the past week. Prices rose
this week after the Energy Department reported that U.S. fuel
stockpiles declined last week as gasoline demand rose. Total SA
said it restored normal output from an oil field in Angola after
cutting production to make repairs.


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Crude Oil Rises to 11-Month High on Report of Reduced Exports From Angola

(Bloomberg) -- Crude oil rose to $76 a barrel in
New York, the highest in more than 11 months, after Total SA
said it would curb exports from the Dalia field in Angola
because of a mechanical failure.

Total declared force majeure, a legal clause meaning
deliveries are suspended because of conditions beyond the
company's control, after production at the 240,000-barrel-a-day
field was cut by 50 percent. Prices also rose because a
government report yesterday showed that U.S. gasoline supplies
declined last week.


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Oil Trades Little Changed Amid Expectations of Rising U.S. Gasoline Stocks

(Bloomberg) -- Crude oil was little changed in New
York after retreating from an 11-month high yesterday on
speculation that U.S. gasoline supplies rose for a third week as
refiners increased output.

An Energy Department report today will probably show U.S.
gasoline inventories gained 850,000 barrels last week, according
to a Bloomberg News survey of 18 analysts. Gasoline futures fell
a fifth day yesterday, extending their decline to a three-month
low. Brent crude oil fell for a second day in London.


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Crude Oil Trades Near 11-Month High on Signs U.S. Refinery Demand Rising

(Bloomberg) -- Crude oil was little changed in New
York after reaching an 11-month high yesterday on speculation
increased refinery demand may trim U.S. oil stockpiles.

An Energy Department report tomorrow will probably show
inventories fell a second week as refiners raised operating rates
to 90.4 percent last week, according to a Bloomberg News survey
of 15 analysts. Hedge-fund managers and other speculators last
week increased the number of bets on rising oil prices to the
highest in at least 13 years.


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PetroChina's Production Climbs 3.7 Percent, Outpacing Exxon Mobil, Shell

(Bloomberg) -- PetroChina Co.'s first-half
production increased 3.7 percent as the nation's largest oil and
gas producer intensified efforts to meet rising energy demand.

Crude oil and gas output rose to the equivalent of 3.05
million barrels of oil a day, the Beijing-based company said
today. Oil production gained 0.1 percent from a year earlier,
while gas jumped 16.5 percent.


Read more at Bloomberg Emerging Markets News

Oil Rises as IEA Says World Crude Demand Will Gain 2.5 Percent Next Year

(Bloomberg) -- Crude oil rose after the International
Energy Agency said world oil demand will increase ``a robust'' 2.5
percent next year.

Demand will rise to 88.2 million barrels a day in 2008
``largely due to a weather-related rebound in the OECD and strong
demand in non-OECD countries,'' the agency, an adviser to oil-
consuming nations, said today in its monthly report.


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Oil May Rise Next Week on Supply Risks, Refining Disruptions, Survey Shows

(Bloomberg) -- Crude oil may rise next week on
concern that oil supplies from Nigeria and Iran may be curbed and
U.S. gasoline output will drop because of unexpected refinery
closures.

Sixteen of 36 analysts surveyed, or 44 percent, said oil
prices will increase. Fourteen, or 39 percent, said prices will
fall and six forecast little change. Last week, 49 percent of
respondents said prices would rise.


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Oil Rises to a 10-Month High on Nigerian Unrest, U.S. Refinery Shutdowns

(Bloomberg) -- Crude oil rose to a 10-month high, on
concern that unrest in Nigeria may curb oil shipments and
unexpected shutdowns at U.S. refineries will cut fuel production.

Nigerian gunmen kidnapped a three-year-old daughter of a
British expatriate on her way to school in the southern oil city
of Port Harcourt, a police spokesman said. Five contractors were
seized yesterday from a rig operated by Royal Dutch Shell Plc's
Nigerian venture. Futures pared gains after the Energy Department
reported that U.S. oil and fuel supplies rose last week.


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Oil Trades Near 10-Month High on U.S. Gasoline Concern, Nigeria Rig Attack

(Bloomberg) -- Crude oil traded near a 10-month high
in New York on concern renewed violence in Nigeria and refinery
breakdowns may restrict U.S. fuel supplies.

Royal Dutch Shell Plc said five expatriate contractors were
abducted from a rig in Nigeria, where militant groups this week
ended a one-month truce with the government. A U.S. government
report today will probably show the nation's gasoline stockpiles
remained below average as rising demand and plant faults hamper
refiners' efforts to store fuel.


Read more at Bloomberg Energy News

Crude Oil Trades Near 10-Month High After Attack on Shell Rig in Nigeria

(Bloomberg) -- Crude oil traded near a 10-month high
in New York after Royal Dutch Shell Plc said militants attacked
its rig in Nigeria, raising concern about further oil supply
disruption from Africa's largest producer.

Five expatriate contractors working for Lonestar Drilling
Nigeria Ltd. were taken hostage, said Precious Okolobo, a
spokesman for Shell's Nigerian venture. The attack occurred
early this morning in the Soku field, where the rig was drilling
a well. No production was affected, he said.


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Oil Declines From Near 10-Month High on Speculation Gains Aren't Justified

(Bloomberg) -- Crude oil fell in New York from near
a 10-month high as some traders speculated five days of gains
weren't justified.

Oil rose 5.4 percent in the past five trading days, partly
on concern refinery breakdowns will slow U.S. gasoline output.
Flint Hills Resources LP, a unit of Koch Industries Inc., and
Valero Energy Corp. reported faults at plants in Texas.


Read more at Bloomberg Energy News

Crude Oil Trades Near 10-Month High on Concern Over U.S. Gasoline Output

(Bloomberg) -- Crude oil was little changed in New
York after reaching a 10-month high yesterday on speculation
persistent refinery breakdowns will slow U.S. gasoline output.

Gasoline futures rose for a fifth day yesterday after Flint
Hills Resources LP, a unit of Koch Industries Inc., and Valero
Energy Corp. reported faults at plants in Texas. Oil futures
traded in a 79 cent-range yesterday, the narrowest this year,
before the Independence Day holiday in the U.S. today.


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Oil Gains as U.S. Refineries Increase Output, Midwest Stockpiles Decline

(Bloomberg) -- Crude oil rose after supplies in the
U.S. Midwest fell to the lowest since March as refineries started
making more gasoline to meet summer demand.

Crude stockpiles in Cushing, Oklahoma, where the benchmark
West Texas Intermediate crude is priced, fell by 1.5 million
barrels last week, the Department of Energy said. Refineries
increased runs to 89.4 percent of capacity for the same week.


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Crude Oil Declines on Forecast for Increase in U.S. Gasoline Inventories

(Bloomberg) -- Crude oil fell to a nine-day low in New
York on forecasts U.S. gasoline supplies rose for an eighth
straight week.

An Energy Department report today will probably show U.S.
gasoline stockpiles gained 1 million barrels last week, according
to a Bloomberg News survey of analysts. A record 41.1 million
Americans may travel next week for the Independence Day holiday,
the AAA said in a survey released yesterday.


Read more at Bloomberg Commodities News

Oil Trades Near Nine-Day Low on Forecasts for Rising U.S. Gasoline Stocks

(Bloomberg) -- Crude oil was little changed in New
York after falling to a nine-day low yesterday as forecasts for
an eighth weekly increase in U.S. motor-fuel supplies pushed
gasoline 2.4 percent lower.

An Energy Department today will probably show U.S. gasoline
stockpiles gained 1 million barrels last week as refiners raised
output, according to a Bloomberg News survey of 15 analysts. A
record 41.1 million Americans, 0.8 percent more than a year ago,
may travel next week for the Independence Day holidays,
according to an AAA survey published yesterday.


Read more at Bloomberg Energy News