Cushing News

Oil prices fell for a second straight session on Wednesday, with Brent staying under $107 per barrel, as risk aversion gripped markets after Spain's credit rating downgrade stoked fears of a worsening euro zone crisis denting demand outlook.

USO , which tracks WTI futures, and BNO , which offers exposure to Brent crude, show the WTI-Brent spread over the past few years.

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Drumright rolled out to watch as a gigantic U.S. Flag was raised for the very first time for the whole world to see.

Kinnear, whose 33-year career spans includes stints at some of the most renowned trading firms in the country, including Phibro and Sempra, will run marketing logistics in order to ensuring Continental's oil output "has access to the most competitive markets", the company said in a Friday news release.

Oil may decline next week as rising U.S. inventories outpace demand and on concern that the global economy will slow, a Bloomberg survey showed.

Oil tumbled below $90 a barrel in New York for the first time since November after a government report showed that U.S. crude supplies rose to a 22-year high and as European leaders meet to discuss the euro region's debt crisis.

Oil declined for a second day in New York after Iran agreed to grant access to United Nations nuclear inspectors and U.S. crude stockpiles increased.

U.S. crude stocks rose last week but gasoline inventories fell sharply, data from the American Petroleum Institute showed on Tuesday.

Europe is facing a glut of high quality crude oil grades, only a year after war in Libya created a serious shortage, as the continent's demand falls and the United States cuts imports due to greater availability of domestic supply.

Kinder Morgan Pony Express Pipeline and Belle Fourche Pipeline, part of the privately held True Companies, began open season for shipper commitments on the oil pipeline running from the Bakken crude play near Baker, Montana to refineries in Ponca City and the oil storage hub at Cushing, Oklahoma.

Oil traded down to the 90 handle before bouncing a bit as we head into what will be a historic week in energy.

First oil will flow south to refiners in the U.S. Gulf Coast this weekend on the Seaway pipeline, providing slight relief to bloated storage in the Midwest and to discounted Canadian crude.

Crude oil futures settled lower for the sixth straight session on Friday amid a backdrop of concern about global growth and abundant US supplies.

Crude oil fell more than 1 percent on Friday, down for the sixth straight session, as worsening problems in Greece and Spain raised worries of contagion in the euro zone.

The Seaway pipeline began pumping crude from Cushing, Oklahoma, oil tanks to the heart of the U.S. refining industry in Houston on Saturday, marking a historic shift in the way oil flows across the United States.

The Seaway pipeline began pumping crude from Cushing, Oklahoma, oil tanks to the heart of the U.S. refining industry in Houston, Texas, on Saturday, marking a historic shift in the way oil flows across the United States.

The U.S. oil boom has created a glut of crude in Cushing, Okla., a major oil storage hub.

Oil prices slipped below $107 a barrel on Friday and hit a 2012 low as investors fought shy of riskier, growth-oriented assets on fears that Greece would leave the euro, and after a downgrade of 16 Spanish banks by Moody's added to the contagion gloom.

Modifications to Enbridge's Seaway crude oil pipeline in the American midwest have been completed, with the first barrels of oil scheduled to flow down the pipeline this weekend.