Oil extends decline, falls 1 pct on poor US data

(Reuters) - Oil fell more than 1 percent to about $74 a barrel on Monday, extending the previous session's decline which saw prices dragged down by poor U.S. economic data.

U.S. crude, which slid as much as 91 cents, or 1.2 percent in early trade, reversed some losses and was down 59 cents at $74.89 a barrel by 0558 GMT.


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Nippon Yusen Pays Nippon Oil Record Price for Fuel Oil Delivered in July

(Bloomberg) -- Nippon Yusen K.K., Japan's largest
shipping line, agreed to pay Nippon Oil Corp. a record price for
fuel oil delivered in July.

Nippon Yusen will pay $419.2 a metric ton for 180-centistoke
C-grade fuel oil loaded last month, the company said today in a
statement e-mailed in Tokyo. That's an increase of 8.1 percent,
or $31.5 a ton, from the amount paid in June. Prices for so-
called bunker fuel for ships are set retroactively.


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Singapore Petroleum Enters Oil, Gas Exploring Venture With China National

(Bloomberg) -- Singapore Petroleum Co., the only oil
refiner traded on the city state's stock exchange, will explore
for oil and gas with China National Offshore Oil Corp. in its
first venture off the Chinese coast.

Singapore Petroleum will operate and own 100 percent of
Block 26/18 in the Pearl River Mouth Basin in the South China Sea,
while China National has the right to take a stake of as much as
51 percent should a discovery be made, the Singapore company said
today in a statement.


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Marathon Agrees to Purchase Canada's Western Oil Sands for $5.46 Billion

(Bloomberg) -- Marathon Oil Corp., the biggest
refiner in the U.S. Midwest, agreed to buy Canada's Western Oil
Sands Inc. for C$5.8 billion ($5.46 billion), gaining access to
crude deposits that may be the largest outside of Saudi Arabia.

Owners of Calgary-based Western will get C$3.8 billion in
cash and C$2 billion of Marathon stock, the Houston-based buyer
said today in a statement. The maximum cash payment, C$35.50 a
share, is 4 percent higher than Western's close yesterday.


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UPDATE 1-EXCO to form master limited partnership unit

(Reuters) - BANGALORE, July 30 - Oil and gas producer EXCO
Resources Inc. on Monday said it plans to form a master
limited partnership and make an initial public offering
of $1.5 billion of common units in the subsidiary.




The company plans to use the MLP as a tax-efficient vehicle
to pursue acquisition of additional mature producing
properties, either from EXCO or from third parties, the Dallas,
Texas-based company said in a statement.


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Oil Trades Little Changed After Surging to 11-Month High on U.S. Economy

(Bloomberg) -- Crude oil was little changed near an
11-month high in New York after rising last week on signs growth
in the U.S. economy may underpin world demand.

Oil jumped after a July 27 report showed the U.S. economy,
which uses about 24 percent of the world's oil, expanded by 3.4
percent in the second quarter, the fastest pace in more than a
year. A 3.2 percent increase was forecast by economists surveyed
by Bloomberg News. World demand will rise 1.8 percent this year,
the International Energy Agency said in a July 13 forecast.


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Oil Prices to Keep Rising This Year on OPEC Supply Restrictions, CGES Says

(Bloomberg) -- Oil prices are likely to keep rising
for the rest of the year because of supply restrictions set by the
Organization of Petroleum Exporting Countries, the Centre for
Global Energy Studies said.

The price of crude won't decline as it did last year, when it
fell 27 percent from a record high in July through November, CGES
said in a monthly report today. OPEC, which last year agreed to
curtail output to keep prices around $60 a barrel, ought to raise
production, the report said.


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Oil falls, OPEC concerned about world economy

(Reuters) - Oil prices fell on Monday on expectations of higher U.S. refinery production and after remarks by OPEC that it is ready to pump more oil if needed.

London Brent crude, currently seen as more representative of the world market, slid 60 cents to $77.04 a barrel by 0807 GMT, after easing 3 cents on Friday. U.S. crude for September traded 42 cents lower at $75.37.


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Crude Oil Rises 11-Month High After Total Declares Angolan Force Majeure

(Bloomberg) -- Crude oil rose to an 11-month high in
New York after Total SA lost production and declared force majeure
at the Dalia field in Angola.

Total's decision covered half the oil pumped at the offshore
field, which had produced 240,000 barrels a day, said Patricia
Marie, a company spokeswoman. A generator failure caused the
problem. Oil also gained because the U.S. government said gasoline
stockpiles fell last week as imports plunged and demand climbed.


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