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World Oil & Gas news

Iran helps Syria ship oil to China: sources

Iran is helping its ally Syria defy Western sanctions by providing a vessel to shipSyrian oil to a state-run company in China, potentially giving the government of President Bashar al-Assad a financial boost worth an estimated $80 million.…

Brent above $125 on Greek hopes, US data

Brent crude rose above $125 a barrel on Friday, posting its sixth weekly gain in seven, as Greece successfully closed its bond swap offer for creditors, a key step towards securing an international bailout to avoid a messy default. …

Shell scrambles to pay huge bill for Iran oil

Royal Dutch Shell is struggling to pay off $1 billion that it owes Iran for crude oil because European Union and U.S. financial sanctions now make it almost impossible to process payments, industry sources said. (more…)

EIA boosts 2012, 2013 oil demand growth forecast

The US Energy Information Administration boosted its forecast for global oil demand growth for the first time since October and forecast the market would tighten as gains in non-Opec production lag. (more…)

Oil up on Greece hopes

Crude oil rose on Wednesday, rebounding from a sharp decline as hopes that Greece's debt restructuring will go through lifted the euro against the dollar, creating better bargains for oil buyers and fanning interest in riskier trades.…

US Futures Tick Lower Friday; Oil Price Eyed

Futures on the S&P 500 edged lower in sparse volume Friday in a light day on the economic calendar but were still on track to close their ninth straight week of gains, the longest such run since January 2004. …

Oil price rises above $125 a barrel

Oil prices have surged above $125 a barrel on Friday, as worries over Iran and signs of a brightening US economy put the price on track for its fifth week of gains. (more…)