(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.

A string of major discoveries offshore Guyana has drawn hundreds of millions of dollars in a quest for crude.

(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.

TIGUENTOURINE, Algeria, Jan 16 (Reuters) - Algeria's Sonatrach plans to send oil abroad for refining as it seeks to lower a fuel bill that reached a record $2.5 billion last year, the head of the state energy firm said on Tuesday.

BARMER, INDIA, Jan 16 (Reuters) - Indian Prime Minister Narendra Modi on Tuesday launched the construction of a $6.8 billion refinery in the western state of Rajasthan, hopeful to lift national capacity to meet the surge in fuel demand.