Oil on verge of weekly decline despite strong China imports

Crude oil prices edged down on Friday, set for their first weekly decline in more than a month as concerns over a global supply glut outweighed strong Chinese crude imports. Benchmark Brent crude was at $65.44 per barrel at 0915 GMT, 10 cents lower after hitting a session high of $66.01. U.S. crude was 8 cents lower at $58.86 a barrel. Brent was more than $4 below the 2015 peak reached earlier in the week, hit by a resurgent dollar and signals that some U.S. producers would ramp up drilling if prices continued to rise.
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Oil Bulls Drive U.S. Crude Prices Higher

Oil prices rose more than a dollar to 2015 highs on Wednesday, as a month-long rally gained further impetus from a fall in U.S. crude stocks and conflict in the Middle East. Brent crude jumped by $1.36 to $68.88 a barrel by 0855 GMT, after hitting a 2015 peak of $69.14. U.S. crude traded $1.51 higher at $61.91 a barrel, near an intraday high of $62.05.
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The renewed St1 Diesel plus contains UPM’s Finnish renewable diesel

Finnish energy company St1 has renewed its Premium class diesel fuel. Distributed across the entire St1 network, the new Diesel plus is an extraordinary diesel fuel that combines state-of-the-art technical properties with UPM's new wood-based renewable diesel that is manufactured in Finland. The highest cetane number in the market provides instant torque, while an optimised blend of additives keeps nozzles and combustion chambers clean to enable the engine to run more efficiently and economically. The new Diesel plus fuel is suitable for all diesel engines.
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Oil hits 2015 high above $67 as Libya output slows

Libyan oil output is now below 500,000 barrels per day (bpd), officials say, a third of what Libya pumped before 2010. A strong dollar also weighed on oil, making the commodity more expensive for holders of other currencies. Brent crude oil climbed to $67.12 a barrel, up 67 cents and its highest since Dec. 8, before easing back slightly to around $67.00 by 1125 GMT. U.S. crude oil was up 60 cents at $59.53 a barrel. The U.S. contract hit a 2015 high of $59.90 on May 1.
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Crude Oil Prices Retreat as Iraq Exports Set a Record

NYMEX-traded WTI (West Texas Intermediate) crude oil for June delivery prices declined by 0.80% and settled at $59.15 per barrel on Friday, May 1, 2015. Oil prices dropped due to the exports from Iraq hitting record levels. This added to the oil glut market. The benchmark following ETFs like the United States Oil Fund LP (USO) and the ProShares Ultra DJ-UBS Crude Oil (UCO) mirrored WTI oil price movements. USO and UCO dropped marginally by 0.54% and 0.51%, respectively, on Friday. Iraq’s crude oil export hit a three-decade high in April 2015.
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Oil retreats off 2015 highs, Iraq exports hit record

Oil prices edged lower on Friday, easing off 2015 highs after Iraq said its crude oil exports hit a record in April, keeping Middle East production well above demand. The two crude global benchmarks rose between 20 and 25 percent in April, helped by a weaker dollar and bets that a supply glut would ease, following the June-to-January sell-off that halved prices from above $100 a barrel.
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