Oil Rises to 11-Month High as North Sea Output Declines on Closed Pipeline

(Bloomberg) -- Crude oil rose to an 11-month high
in New York and London after a pipeline shutdown and maintenance
work reduced North Sea Brent oil production.

Chevron Corp. and ConocoPhillips said they lost output from
North Sea fields that produce oil and gas after BP Plc closed
the pipeline. BG Group Plc said its Armada oil field in the
North Sea has been shut for maintenance since June. The
International Energy Agency said in a report today that global
oil demand will rise 2.5 percent next year.


Read more at Bloomberg Commodities News

Oil Rises Above $77 in London as North Sea Output Slips on Closed Pipeline

(Bloomberg) -- Crude oil rose to an 11-month high
above $77 a barrel in London and gained in New York after a
pipeline shutdown and maintenance work reduced North Sea
production.

Chevron Corp. and ConocoPhillips said they lost output from
North Sea fields that produce oil and gas after BP Plc closed
the pipeline. BG Group Plc said its Armada oil field in the
North Sea has been shut for maintenance since June. The
International Energy Agency said in a report today that global
oil demand will rise 2.5 percent next year.


Read more at Bloomberg Commodities News

Crude Oil Gains on Lost North Sea Output, IEA Forecast for Rising Demand

(Bloomberg) -- Crude oil rose in New York and Brent
oil reached an 11-month high as production declined from some North
Sea fields.

Chevron Corp. and ConocoPhillips said they had lost output
from North Sea fields that produce oil and gas after BP Plc closed
a natural-gas pipeline. BG Group Plc said its Armada oil field in
the North Sea has been shut for maintenance since June.


Read more at Bloomberg Commodities News

U.K. FTSE 100 Benchmark Index Declines, Led by HSBC, HBOS; Shell, BP Drop

(Bloomberg) -- U.K. stocks fell for a second day,
led by HSBC Holdings Plc and HBOS Plc on concern losses in
subprime mortgages in the U.S. will erode economic and earnings
growth.

Royal Dutch Shell Plc and BP Plc dropped after Goldman,
Sachs & Co. downgraded the shares and crude oil retreated.


Read more at Bloomberg Stocks News

Oil Trades Near 10-Month High After Gaining on Higher U.S. Gasoline Price

(Bloomberg) -- Crude oil was little changed in New
York, after rising yesterday as gasoline prices climbed on
speculation U.S. output of the fuel may slow due to unplanned
refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said July 9. The refinery, the biggest in the Midwest, supplies
consumers in the Chicago area. Refineries in Texas and Kansas
shut units last week. Refinery operating rates rose to 90 percent
of capacity in the week ended June 29 to meet demand.


Read more at Bloomberg Commodities News

Oil Rises in New York Expectations of Decline in U.S. Gasoline Production

(Bloomberg) -- Crude oil rose, pulled higher by
gasoline on speculation that U.S. output of the fuel will slow
because of unexpected refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said yesterday. The refinery, the biggest in the Midwest,
supplies consumers in the Chicago area. Refineries in Texas and
Kansas shut units last week. The crude-oil market often follows
gasoline during the summer months, when motor-fuel demand peaks.


Read more at Bloomberg Energy News

Oil Rises Above $73 on Expectations of Decline in U.S. Gasoline Production

(Bloomberg) -- Crude oil rose above $73 a barrel in
New York for the first time since August on speculation that
U.S. output of gasoline will slow because of unexpected refinery
shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said yesterday. The refinery, the biggest in the Midwest,
supplies consumers in the Chicago area. Refineries in Texas and
Kansas shut units last week. The crude-oil market often follows
gasoline during the summer months, when motor-fuel demand peaks.


Read more at Bloomberg Energy News

European Energy Stocks, Shell May Advance; UBS,Roche Shares May Decline

(Bloomberg) -- European oil stocks may rise as
Deutsche Bank AG raised its price estimates for companies
including Royal Dutch Shell Plc, BP Plc and Total SA.

UBS AG fell in pre-market trading after the world's biggest
money manager ousted Chief Executive Officer Peter Wuffli. Roche
Holding AG will probably drop after the U.S. Food and Drug
Administration said babies are at increased risk of death if they
are given the drugmaker's Rocephin along with products containing
calcium.


Read more at Bloomberg Stocks News

European Stocks Rise, Heading for Quarterly Gain; BP, Swatch Pace Advance

(Bloomberg) -- European stocks gained, heading for a
fourth consecutive quarterly advance.

BP Plc and Royal Dutch Shell Plc rose as oil traded near a
nine-month high. Swatch Group AG, the world's largest watch
maker, rallied after Deutsche Bank AG advised investors to buy
the shares.


Read more at Bloomberg Stocks News

European Stocks Gain, Led by Energy, Mining Shares; BP, BHP, Nestle Climb

(Bloomberg) -- European stocks rose for the first time
in six days as higher commodity prices lifted energy and mining
companies and Citigroup Inc. said shares in the region are cheap.

BP Plc, Europe's second-biggest oil producer, and BHP
Billiton Ltd., the world's largest mining company, advanced.
Nestle SA increased after Deutsche Bank AG recommended buying
stock in the food company. Groupe Danone rose on a report the
yogurt maker will likely sell its LU cookies division.


Read more at Bloomberg Stocks News

Oil Plunges More Than $1 on Signs U.S. Production of Gasoline Is Climbing

(Bloomberg) -- Crude oil plunged more than $1 and
gasoline fell in New York on speculation that U.S. refineries
will increase production of the motor fuel to meet peak demand
during the summer driving season.

U.S. gasoline supplies rose 1.2 million barrels last week,
according to the median of responses by 17 analysts surveyed by
Bloomberg News before an Energy Department report tomorrow.
Refineries probably operated at 90 percent of capacity, up 0.5
percentage point from the week before. BP Plc shut about one
quarter of its Prudhoe Bay oil field in Alaska, a spokesman said.


Read more at Bloomberg Commodities News

Crude Oil Falls Below $66 on Signs of Increased U.S. Gasoline Production

(Bloomberg) -- Crude oil and gasoline fell on
speculation that U.S. refineries will increase production of the
motor fuel to meet peak demand during the summer driving season.

U.S. gasoline supplies rose 1.35 million barrels last week,
according to the median of responses by 14 analysts surveyed by
Bloomberg News before an Energy Department report tomorrow.
Refineries probably operated at 90 percent of capacity, up 0.5
percentage point from the week before. BP Plc shut about one
quarter of its Prudhoe Bay oil field in Alaska, a spokesman said.


Read more at Bloomberg Commodities News

European Stocks Advance, Paced by BHP Billiton, BP; Elan Shares Climb

(Bloomberg) -- European stocks climbed for a third
day, paced by BHP Billiton Ltd., Xstrata Plc and BP Plc, after
metal and oil prices advanced.

Elan Corp. surged after Ireland's biggest drugmaker said its
experimental Alzheimer's medicine will move into the last stage
of testing. Societe Generale, Axa SA, and STMicroelectronics NV
weighed on indexes as the shares traded without the right to
their latest dividend.


Read more at Bloomberg Stocks News