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Oil market news: Brent snaps three-day drop

The following is a selection of the most important news affecting the oil market.

Brent Oil Snaps Three-Day Drop as SNB Pledge Weakens Dollar

Oil rose for the first time in four days in London as a drop in the dollar following Switzerland’s attempt to cap the value of its currency made raw materials more attractive to investors.

TOP MARKETS STORIES

Gasoline Tracks European Oil With WTI Collapse: Chart of the Day

Gasoline is rising along with European Brent crude this year as U.S. benchmark West Texas Intermediate priced in the Midwest failed to reflect tighter global supply, according to an analyst at Baker & O’Brien Inc.

Aramco Raises All Crude Prices From Sidi Kerir for October (1)

Saudi Arabian Oil Co., the world’s largest crude exporter, raised October official selling prices for all oil grades for loading from Sidi Kerir in the Mediterranean, two people with knowledge of the decision said.

Forties Crude Oil Premium to Dated Brent Jumps to Record High

The premium of North Sea Forties crude to Dated Brent, the benchmark for more than half of the world’s oil, rose to a record amid reduced supplies, according to data compiled by Bloomberg.

REFINERIES Map global refinery outages

Formosa Petrochemical Had Fire in Refinery’s Alkylation Unit

A fire at Formosa Petrochemical Corp.’s Mailiao refinery today was caused by a leak during the start-up of an alkylation unit, Hsueh Ching-hsien, a spokesman for its parent company, Formosa Plastics Group, said in an interview. The fire was extinguished after about 28 minutes, he said.

Sinopec Shuts Refining Units at Luoyang for 45 Days’ Maintenance

China Petroleum & Chemical Corp. shut refining units at its Luoyang refinery in Henan province for 45 days for scheduled maintenance, parent China Petrochemical Corp. said in a statement on its website today, without specifying the units. The refinery has stockpiled gasoline and diesel to supply the market during the shutdown, it said.

Vietnam Dung Quat Refinery to Resume Full Capacity by Sept. 13

Vietnam Oil & Gas Group, or PetroVietnam, said its Dung Quat refinery, will return to full capacity by Sept. 13, two days ahead of schedule, according to a statement on the government website today. The refinery was shut down for planned maintenance in July.

Conoco Reports Compressor Trips Offline at Sweeny Refinery

ConocoPhillips reported a compressor tripped offline at its Sweeny, Texas, refinery at 9:37 p.m. Sept. 3, resulting in flaring and visibile emissions, according to a filing with state regulator.

Exxon Resumes Normal Activity at Illinois Refinery, Filing Says

Exxon Mobil Corp. said it was “reestablishing normal” operations at its Joliet oil refinery in Channahon, Illinois, after a power-supply failure, according to a filing with state regulators.

Asia Gasoil and Naphtha Refining Profits Fall: Oil Products

The profit from making gasoil in Asia fell for a third day on signs that refineries are returning from maintenance. Naphtha margins declined. Refiners’ losses from producing fuel oil shrank.

Shipping Slump Unlikely to Reverse Before End of 2012, DVB Says

A slump in the cost of shipping oil, commodities and manufactured goods is unlikely to reverse before the end of next year, according to Dagfinn Lunde, a managing director at Frankfurt-based transportation lender DVB Bank SE.

Conoco Defends China Spill Response in Face of Public Wrath (1)

ConocoPhillips said it acted promptly to seal leaks at China’s biggest offshore oilfield, rejecting accusations of negligence by state media after a three-month battle to contain the spill off the northeast coast.

Gazprom Starts Filling Baltic Gas Pipeline, Bypassing Ukraine

OAO Gazprom will today start pumping natural gas into a $10 billion subsea pipeline from Russia to Germany, bypassing Ukraine, where disputes halted supplies to European customers twice since 2006.

Indonesia ‘Life-or-Death’ Coal Law to Cut Sales: Energy Markets

Thermal coal supplies from Indonesia may shrink by as much as 38 percent within three years as the world’s biggest seller of the power-station fuel introduces legislation that will boost prices for India and China.

Uranium Takeover at 40% Premium Shows Nuclear Future: Real M&A

Less than six months after the worst atomic disaster since Chernobyl, Cameco Corp.’s gambit to buy a Canadian uranium deposit in its biggest ever acquisition is showing that the nuclear future is now.

Franc Slides as SNB Sets Limit; U.S. Stock Futures Pare Decline

The franc fell the most since the creation of the euro after the Swiss central bank set a minimum exchange rate. European stocks snapped the biggest two-day slide since 2008, while U.S. index futures pared declines.

SNB Pledges Upper Franc Limit in Unlimited Currency Purchases

The Swiss central bank imposed a ceiling on the franc’s exchange rate for the first time in more than three decades and pledged to defend the target with the “utmost determination.”

Tax Cuts Exceeding Republican Plans Said Considered by Obama

President Barack Obama may press Congress for tax cuts that would exceed his past proposals as well as some of the offerings from House Republicans to strengthen his hand in talks on measures to boost the U.S. economy, according to a person familiar with the discussions.

Qaddafi Forces Flee to Niger as Deal Reached on Town’s Surrender

Vehicles of army troops loyal to Muammar Qaddafi crossed the border into Niger, as Al Jazeera reported that transitional government forces reached an agreement for the surrender of his loyalists in Bani Walid.

SPORTS

Wozniacki Avoids U.S. Open Upset as Federer, Djokovic Advance

Caroline Wozniacki fought back from a set down to beat former champion Svetlana Kuznetsova at the U.S. Open, where Roger Federer, Novak Djokovic and Serena Williams also moved into the quarterfinals.

Yankees Beat Orioles 11-10 as Rookie Montero Hits Two Home Runs

Rookie Jesus Montero twice emerged from the dugout to acknowledge the applause of 45,069 fans at Yankee Stadium after hitting his first two Major League Baseball home runs as New York beat the Baltimore Orioles 11-10.