ENERGY

Oil futures settled at their lowest level in over six weeks on Tuesday, with U.S. prices extending losses into a fourth straight session, as worries about a slowdown in demand fed broad weakness among commodities.

Over the past five years, crude prices have averaged monthly declines from August through November, he said.

Oil benchmarks have been "dragged lower by renewed concerns over Chinese demand, given the absence of further economic support out of Beijing," said Tan. (more…)

Authored by Charles Kennedy via OilPrice.com,

Russia and Cuba have discussed the idea of building an oil refinery in Cuba with the help of Russian companies, the deputy speaker of the Russian parliament was quoted as saying.

During a visit of Russian lawmakers to Cuba in recent days, the idea of a refinery construction has been discussed, Russia’s TASS news agency quoted deputy speaker Alexander Babakov as saying.

Russia and Cuba have held close ties since the 1950s (more…)

Alberta’s oil patch faces a worsening wildfire threat heading into the new week as temperatures rise, according to Alberta Wildfire and Alberta Emergency Management.

The province’s northeast, where most of Canada’s crude oil is produced, is forecast to experience “extreme fire behavior” for next few days. With temperatures in the past few days rising as high as 35C (95F) – with low humidity and winds of 10km/h (6.2 miles/h) to 15km/h and no chance of rain – more than (more…)