ENERGY NEWS-Oil prices move up on good data, but ceiling may be approaching

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Oil prices move up on good data, but ceiling may be approaching

Crude oil prices were relatively steady early Wednesday as reports of a decline in U.S. crude oil inventories balanced against sentiment of an emerging ceiling.

Russian company Lukoil reports slight dip in oil production

Aug. 16 (UPI) -- Russian energy company Lukoil said total oil production for the second quarter was slightly lower, in part because of a reduction from operations in Iraq.

U.S. plans sale from Strategic Petroleum Reserve

Aug. 16 (UPI) -- The U.S. Department of Energy said it plans to sell some of the oil from the Strategic Petroleum Reserve, the world's largest emergency supply of oil.

Kuwait continues oil spill examinations

Aug. 16 (UPI) -- Kuwait's government said Iran has verified there were no reports of oil spilled from its tanker or pipelines following reports of Persian Gulf sheen.

Russian scientist says leave coal in the ground

Aug. 16 (UPI) -- Nearly all of the world's coal reserves and 30 percent of its oil should be left alone in order to keep climate change at bay, a Russian scientist said.

Australia's Woodside Petroleum sees big profit jump

Aug. 16 (UPI) -- Australian energy company Woodside Petroleum said its 49 percent jump in first-half profits came in part through a reduction in production costs.

First Gulf of Mexico oil and gas lease under Trump set for auction

Aug. 16 (UPI) -- An offshore trade group said the lower-for-longer climate for oil prices may keep bidders for a lease Wednesday for the Gulf of Mexico at bay.