U.S. crude oil futures ended higher on Tuesday, rebounding after a five-day losing streak, as stronger equities helped ease some worries about the economy and a weaker dollar prompted more risk-taking in commodities.
IN FOCUS
- Ecuador's government will take at least 85 percent of revenue under a new round of oil contracts to be negotiated with private petroleum companies, Ecuador's minister for oil policy Wilson Pastor said on Tuesday.
- Enbridge Inc's struggles mounted on Tuesday as its U.S. affiliate said the oil spill that fouled a Michigan river system could cost as much as $400 million and regulators slapped it with a $2.4 million fine for a deadly 2007 explosion in Minnesota.
- Iraq has raised the official selling price of Basra light crude to U.S. buyers for September by 10 cents to $1.30 below the Argus (ASCI) benchmark, the State Oil Marketing Organization (SOMO) said on Sunday.
- Indian Oil Corp. (IOC) bought 4 million barrels of Nigerian crude oil in its second tender for October or late-September loading sweet crude.
- U.S. crude inventories rose by 5.866 million barrels in the week to Aug. 13, the API data showed, and expectations for a 1 million barrel draw.
