LONDON (Reuters) – OPEC is unlikely to bow to western pressure to officially raise oil output at its meeting next week, with members instead expected to act independently of the group, a Reuters poll showed on Wednesday.

All 13 oil analysts and traders surveyed by Reuters predicted the Organization of the Petroleum Exporting Countries (OPEC) would roll over its current output agreement, untouched since the group’s record cut in December 2008.

LONDON (Reuters) – The European Union is considering tightening sanctions on the government of Libyan leader Muammar Gaddafi by blacklisting ports to prevent exports of oil and imports of fuel, a Western diplomatic source told Reuters.

The source said European Union experts have reached an agreement over putting the Libyan ports of Tripoli, Zuara, Zawiyah, Al-Khoms, Ras Lanuf and Brega on the sanctions list and proposals could be submitted to the EU sanctions committee next week.

LONDON (Reuters) – The Libyan government of Muammar Gaddafi will receive fresh fuel supplies by buying a cargo that recently visited Turkish and Georgian ports, but both states denied involvement in the transaction.

Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC) is reliant on imports for fuels such as gasoline, even in peacetime, because of insufficient refining capacity. Now civil war has crippled the refining industry, Gaddafi urgently needs fuel imports for military purposes and to keep civilian vehicles running in the areas he controls.

LONDON (Reuters) – Oil prices edged lower on Tuesday, pressured by a stronger dollar and concerns about global growth prospects after a slew of weak economic data, bringing losses to around 15 percent so far in May.

ICE Brent for July fell 56 cents to $110.28 a barrel by 1:45 p.m British time. U.S. crude futures for June delivery fell 67 cents to $96.70 a barrel on the day of the front-month expiry.

LONDON, May 17 (Reuters) – Oil prices rose on Tuesday, after
sliding by around 15 percent so far in May, but investors were
still concerned about global growth prospects after a slew of
weak economic data.

ICE Brent LCOc1 for July was up 68 cents at $111.52 by
1036 GMT. U.S. crude futures for June delivery CLc1 rose 34
cents to $97.71 a barrel on the day of its expiry.

LONDON (Reuters) – The deal was struck in early April. Two weeks after the U.N. Security Council vote that saved rebel-held Benghazi from near-certain defeat, Libya’s ragtag rebels agreed to the first shipment of oil from the chunk of territory they held.

The sale promised to bring in much-needed cash for their bid to set up a parallel Libyan government. If they could pocket just a portion of oil export revenues — worth around $145 million a day on current prices — they could also buy the weapons they needed for their fight against Muammar Gaddafi.

LONDON (Reuters) – The deal was struck in early April. Two weeks after the U.N. Security Council vote that saved rebel-held Benghazi from near-certain defeat, Libya’s ragtag rebels agreed to the first shipment of oil from the chunk of territory they held.

The sale promised to bring in much-needed cash for their bid to set up a parallel Libyan government. If they could pocket just a portion of oil export revenues — worth around $145 million a day on current prices — they could also buy the weapons they needed for their fight against Muammar Gaddafi.

NEW YORK (Reuters) – Big oil traders who bet on a rise in gasoline prices relative to heating oil ahead of the summer driving season may have thought they broke the curse of a “widowmaker” trade even as oil prices crashed.

They were dead wrong.

Some of the traders who shun the big, directional bets that hedge funds love have crowded into a common springtime trade: betting gasoline futures on the New York Mercantile Exchange (NYMEX) will hold at a premium to heating oil futures as consumption accelerates into the summer.

NEW YORK (Reuters) – Big oil traders who bet on a rise in gasoline prices relative to heating oil ahead of the summer driving season may have thought they broke the curse of a “widowmaker” trade even as oil prices crashed.

They were dead wrong.

Some of the traders who shun the big, directional bets that hedge funds love have crowded into a common springtime trade: betting gasoline futures on the New York Mercantile Exchange (NYMEX) will hold at a premium to heating oil futures as consumption accelerates into the summer.

NEW YORK, May 4 (Reuters) -Oil prices fell for a third day
on Wednesday, pressured by a build in U.S. crude stocks and a
broad decline in commodities after disappointing U.S. economic
data and concerns about tighter Chinese monetary policy.

Weekly crude stocks rose by 3.4 million barrels even as
imports fell, the U.S. Department of Energy said. Stockpiles
rose more than the 2 million barrel build that analysts had
expected. [EIA/S]