Oil

New York City sued five major oil companies, claiming they have contributed to global warming, on the same day officials announced they will sell off billions in fossil fuel investments from the city's pension funds.

Oil prices edged higher on Tuesday, with U.S. crude touching its highest since December 2014, supported by OPEC-led production cuts and expectations that U.S. crude inventories have dropped for an eighth week.

NEW YORK, Jan 9 (Reuters) - U.S. crude oil production is expected to climb to more than 10 million barrels per day (bpd) early in 2018, reaching that milestone for the first time since 1970, and to continue to surge into 2019 to a record high, the U.S. Energy Information Administration said Tuesday.

The Trump administration is looking to open almost the entire U.S. coastline to oil and gas drilling.

Oil prices were little changed on Monday, trading near their highest since May 2015, as political concerns in some OPEC nations offset projections for higher U.S. oil production.

U.S. oilfield service companies are gearing up for initial public offerings, according to regulatory filings and analysts, after several shelved equity sales last year during a weak period for oil prices.

Oil prices fell on Friday, dropping from highs last seen in 2015, as soaring U.S. production undermined a 10 percent rally from December lows that was driven by tightening supply and political tensions in OPEC member Iran.

Oil rose on Thursday to its highest since May 2015, on concern about supply risks due to unrest in Iran and another decline in U.S. inventories as refining activity hit a 12-year high.

The proposed five-year drilling plan would open millions of acres, or more than 90% of the U.S.’s coastal reserves to development, officials said.

WASHINGTON, Jan 4 (Reuters) - The Trump administration on Thursday proposed opening nearly all U.S. offshore waters to oil and gas drilling, reversing protections in the Arctic, Atlantic and Pacific.

NEW YORK, Jan 3 (Reuters) - The U.S. energy industry is facing a massive test of its infrastructure as an intense winter storm roars up the Atlantic Coast, threatening power outages, refinery shutdowns and spikes in heating prices.

Oil prices rose on Wednesday to new two-and-a-half year highs as robust output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran.

Brazil's state-controlled oil company, Petroleo Brasileiro, said Wednesday that it has agreed to pay $2.95 billion to settle a U.S. class action brought by investors seeking to recoup money they claim to have lost as a result of a corruption scandal.

Oil prices eased on Tuesday after hitting mid-2015 highs in early trading, as major pipelines in Libya and the UK restarted and U.S production soared to the highest in more than four decades.