Workers have contained nearly half of the crude oil spilled near Rock River in northwest Iowa over the weekend following a freight train derailment on Friday, BNSF Railway Co said. About 100,000 gallons had been hemmed off using booms out of the estimated 230,000 gallons spilled, BNSF said in a statement on Saturday. The spill has raised concerns about drinking water downstream. The company did not respond to questions on Sunday about the progress of the cleanup. No one was hurt in the derailment, in which 32 cars came off the rails, 14 of which leaked at least some of their contents, BNSF said. Click Read More below for additional information.
U.S. oil futures pulled back on Tuesday after two sessions of consecutive gains, but losses were modest as traders fretted over signs of receding output and braced for the latest weekly U.S. crude inventory data.
Renewed U.S. sanctions on Iran and supply disruptions in Libya and Venezuela have supported oil prices lately, amid data showing growing output from major producers such as Saudi Arabia (a member of the Organization of the Petroleum Exporting Countries) and non-OPEC producer Russia. U.S. sanctions on oil exports go into effect in November, with investors estimating more than 1 million barrels daily being taken off line.
more at: https://www.marketwatch.com/story/oil-tries-to-stretch-gains-to-a-third-session-ahead-of-us-inventory-reports-2018-08-28