CRUDE OIL : Crude oil rose on Thursday after falling to near three-week lows as traders reconsidered the geopolitical risk posed by worsening diplomatic relations over Russias intervention in Crimea. The much-feared El Nino phenomenon, the warming of sea surface temperatures in the Pacific which can trigger drought in Southeast Asia and Australia and floods in South America, could strike as early as the Northern Hemisphere summer, the U.S. weather forecaster warned on Thursday. Russias oil pipeline monopoly Transneft said on Thursday it plans to nearly triple diesel exports from the Baltic Sea port of Primorsk after 2016, when domestic companies are expected to boost production. U.S. crude oil stockpiles rose more than expected last week as imports increased and refinery output fell, data from the Energy Information Administration showed on Wednesday.
Posted on: Fri, 07 Mar 2014 07:19:40 +0000
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