Oil

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.

BP PLC said Tuesday that it expects recent changes to U.S. corporate taxes to boost its future earnings, but it will take a one-off $1.50 billion charge due to the revaluation of deferred tax assets and liabilities.

Expect a bumpy ride in the oil market.

U.S. oil prices closed above $60 a barrel on the final trading day of the year, the first time since mid-2015, as the commodity ended 2017 with a 12 percent gain spurred by strong demand and declining global inventories.

Dec 29 (Reuters) - The U.S. oil rig count rose by about 42 percent by end-2017 compared to the levels seen during the corresponding period last year, as energy companies boosted spending amid a recovery in crude prices.

U.S. crude oil production in October rose to the highest in more than 46 years, while natural gas production leaped to a new record, U.S. Energy Information Administration data showed on Friday.

U.S. oil prices rose above $60 a barrel on the final trading day of the year, touching their highest since mid-2015, as an unexpected fall in American output and a decline in commercial crude inventories stoked buying in generally thin trading.

Oil prices edged up on Thursday, remaining near 2-1/2-year highs after data showed strong demand for crude imports in China and on increased U.S. refining activity that drew more crude from inventories.

Oil prices dipped on Wednesday after hitting a near two-and-a-half year high in the previous session as a rally fueled by supply outages in Libya and the North Sea ran out of momentum.

Oil prices touched two-and-a-half year highs in light volume on Tuesday, boosted by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts.