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NEW YORK (Reuters) – Oil prices slipped more than 1% on Friday after an oil worker strike in Norway ended, which should boost crude output even as Hurricane Delta forced U.S. energy firms to cut production.

Brent futures

fell 49 cents, or 1.1%, to settle at $42.85 a barrel, while U.S. West Texas Intermediate (WTI) crude

fell 59 cents, or 1.4%, to settle at $40.60.

Despite Friday’s price slide, both benchmarks gained about 9% this week, their first increase in three weeks and the biggest weekly rise for Brent since June.

Oil futures climbed earlier in the week due to concerns the strike in Norway and the hurricane headed for the U.S. Gulf Coast would cut crude output.

Norwegian oil firms struck a wage bargain with labour union officials on Friday, ending a 10-day strike that had threatened to cut the country’s oil and gas output by close to 25%

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OSLO (Reuters) – Norwegian oil workers could end their 10-day strike later on Friday if a set of new proposals from the oil industry proves satisfactory, the head of the Lederne trade union told Reuters.

Oil firms and union officials were meeting on Friday with a state-appointed mediator to try to end the strike, which threatens to cut output from western Europe’s biggest oil and gas producer by some 25%.

The Norwegian Oil and Gas Association (NOG), which is leading negotiations on behalf of companies, was not immediately available for comment.

Six offshore fields shut on Monday and a further seven are scheduled to halt operations in the coming days. The oil and gas outage is set to grow to 966,000 barrels of oil equivalent per day (boed) by Oct. 14, according to the NOG.

“We are getting a new proposal from the NOG, and I hope that we can

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By Shadia Nasralla

LONDON (Reuters) – Oil prices inched up on Friday, setting both benchmark contracts on track for their biggest weekly gains since early June, on the back of supply outages caused by a storm in the Gulf of Mexico and a strike of offshore workers in Norway.

Brent <LCOc1> was up 16 cents at $43.50 a barrel by 0748 GMT. U.S. West Texas Intermediate (WTI) crude <CLc1> rose 14 cents to $41.33.

Both contracts are on track for gains of around 11% this week, the first weekly rise in three weeks.

Brent’s six-month contango, a market structure where the front-month Brent futures are trading at a discount to later contracts implying current oversupply, has shrunk to around $1.90 a barrel from $3.24 less than a month ago.

Norwegian oil company and labour officials said they would meet with a state-appointed mediator on Friday in an attempt to bring

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(Adds strategist quotes and details throughout, updates prices)

* Canadian dollar rises 0.4% against the greenback

* Loonie touches its strongest since Sept. 21 at 1.3198

* Canadian housing starts fall 20% in September

* Canadian bond yields ease across much of the curve

By Fergal Smith

TORONTO, Oct 8 (Reuters) – The Canadian dollar rose to a
more-than two-week high against the greenback on Thursday as
higher oil prices and the potential for U.S. stimulus offset
comments from Bank of Canada Governor Tiff Macklem, leaving
negative interest rates on the table.

U.S. stocks climbed as President Donald Trump fueled hopes
of fresh fiscal aid, while the price of oil, one of Canada’s
major exports settled 3.1% higher at $41.19 a barrel on support
from output shutdowns ahead of a storm in the U.S. Gulf of
Mexico.

“The market is coming to terms with an era of easy money
from

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By Alex Lawler



a close up of a sign: FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture


© Reuters/Dado Ruvic
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture

LONDON (Reuters) – World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits.



Mohammed Barkindo in a dark room: OPEC Secretary General Barkindo delivers his speech in Vienna


© Reuters/LEONHARD FOEGER
OPEC Secretary General Barkindo delivers his speech in Vienna

The prediction from the Organization of the Petroleum Exporting Countries, made in its 2020 World Oil Outlook, comes amid a growing number of other forecasts that the pandemic may prove the tipping point for peak oil demand.

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Oil use will rise to 107.2 million barrels per day (bpd) in 2030 from 90.7 million bpd in 2020, OPEC said, 1.1 million

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NEW YORK (Reuters) – Oil rose to more than $43 a barrel on Thursday on support from output shutdowns ahead of a storm in the U.S. Gulf of Mexico and the possibility of supply cuts from Saudi Arabia and Norway.

Markets rose sharply at noon on a Dow Jones report that Saudi Arabia is considering reversing course over OPEC’s planned production increase early next year.

Brent crude rose $1.13, or 2.7% to $43.12 at 12:20 EDT (1515 GMT), after falling 1.6% on Wednesday. U.S. West Texas Intermediate (WTI) crude added 99 cents, or 2.5%, to $40.94 after falling 1.8% on Wednesday.

The Organization of the Petroleum Exporting Countries has been challenged by rising output in Libya, an OPEC member exempted from cutting output, as well as an increase in coronavirus cases in many areas of the world.

“If true, the Saudis’ decision rewards the cheaters in OPEC while acknowledging the

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A pair of new reports issued on Monday portray a domestic oil and gas industry entering into a new consolidation cycle even as it is shedding tens of thousands of jobs that won’t be coming back anytime soon. It’s a scenario the industry has repeated often in the past.

Deloitte’s new report, titled “The future of work in oil, gas and chemicals,” posits that the great preponderance of the 107,000 industry jobs lost this year (per U.S. Department of Labor statistics) will not be staging any sort of a comeback before the end of 2021. In the most likely, “business as usual” scenario used in its statistical analysis,

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Adds details on review, industry performance

Oct 8 (Reuters)Ampol Ltd ALD.AX said on Thursday it will consider closing its Lytton oil refinery in Queensland as part of a review into the facility which has been hard hit by coronavirus-led slump in demand for oil products.

Road and aviation fuels have been among the worst hit, pressuring refiners who had only recently returned to profitability after years of booking losses.

Ampol restarted the Lytton refinery in September after a four-month shut-down, but said on Thursday its year-to-date earnings loss had swelled to A$141 million ($101 million).

Under the review, it would consider closing or permanently transitioning the refinery to an import model, as well continuing existing operations and other alternate models of oepration. It would look at the necessary investments for each option.

The move by Ampol, formerly known as Caltex Australia, comes despite an offer from the

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Improved global cues and physical demand lifted soya oil in mandis across Madhya Pradesh, Maharashtra and Gujarat, with soya refined in Indore today rising to ₹910-915, while soya solvent ruled at ₹860-865 for 10 kg. Soya oil plant rates also quoted higher amid improved demand in soya oil with soya refined Ruchi/Prakash/Keshav today rising to ₹915 each, Avi/Bajrang ₹916 each, Mahakali ₹925, Vippy ₹913, Neemuch (MS Solvex) ₹907, Dhanuka ₹905, while soya refined Kalapipal (Ambika) today rose to ₹918. In Maharashtra also, soya oil traded higher with soya oil Deeshan (Maharashtra) today quoted at ₹905, Shalimaar (Maharashtra) ₹917, ADM (Latur, Maharashtra) ₹904, Mahesh Oil (Kandla, Gujarat) ₹907, while Mahesh Oil (Hajira, Gujarat) ₹905 for 10 kg.

Soyabean plant deliveries today were quoted at ₹3,900 a quintal, while soyabean in mandis ruled at ₹3,750- 3,850. In the Neemuch mandi, soybean (best quality) was quoted at ₹3,810-3,900, soyabean (average) ₹3,510-3,750, while

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BHP Group BHP recently announced the signing of an agreement with Hess Corporation to acquire the latter’s 28% interest in Shenzi oil and gas field located in the Gulf of Mexico for $505 million. This move is in sync with the company’s plans to augment its petroleum portfolio through targeted acquisitions in high-quality deepwater assets and the continued de-risking of growth options.

Currently, Shenzi is structured as a joint ownership with BHP being the operator with a 44% interest, Hess holding 28% and Spain’s Repsol S.A. the remaining 28%. Following the completion of the deal, expected by the end of December, BHP Group’s stake will go up to 72% and add approximately 11,000 barrels of oil equivalent per day to production (90% oil).

The Shenzi facility is located approximately 120 miles (195 kilometres) off the Louisiana coastline and is installed in approximately 4,300 feet (1,300 metres) of water on Green

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