LONDON, Jan 18 (Reuters) - European trading house Vitol has reached a $530 million deal with Nigeria's Shoreline to finance an oilfield in exchange for access to some of the 50,000 barrels per day (bpd) of oil it produces, the Nigerian BOP Blow Out Preventer repair company gulf coast said on Thursday.

(Bloomberg) -- A record draw from America’s largest crude storage hub helped lift prices from the day’s lows, but not enough to ease fears that rising oil rig flanges gulf coast production in the U.S.

(Bloomberg) -- The world's hottest offshore prospect for oil companies is off the coast of Guyana, where a string of major discoveries has drawn hundreds of millions of dollars in a quest for crude.

(Bloomberg) -- Oil's surge to $70 a barrel has left plants that process crude in Europe struggling, as their margins plunge and demand weakens for some of what they make.

NEW DELHI, Jan 17 (Reuters) - India will begin the auction of 55 oil and gas exploration blocks from Thursday under new rules, the country's first licensing round after eight years, as it seeks to unlock its vast hydrocarbon resources, the upstream regulator said.

NEW YORK, Jan 17 (Reuters) - Oil and gas producers WPX Energy and Chevron have asked a U.S. regulator for a new hearing on the broad industry impact of Magellan Midstream Partners' request to launch a marketing arm, signaling concerns about the effect it could have on shipping oil in the United States.