Petroleo Brasileiro SA, Brazil’s state-owned energy company, formulated a strategy in 1999 to go global:
West Texas Intermediate crude rose on concern that the closing of the Houston Ship Channel will disrupt operations at Gulf Coast refineries. Brent fell.
U.S. authorities are planning inspection flights over the Houston Ship Channel, home to 11 percent of the nation’s refining capacity, as the waterway remains closed for a fourth day.
The following is a selection of the most important news affecting the oil market.
The shutdown of the Houston Ship Channel following a fuel oil spill over the weekend will have an impact similar to that of a fog-related event, according to Valero Energy Corp., the world’s biggest independent refiner.
The operator of the bulk carrier that collided with a barge carrying fuel oil in the Houston Ship Channel was on probation for a 2011 federal pollution violation.