20121119 1116 Global Markets & Energy Related News.

GLOBAL MARKETS-Asian shares rise on positive US tone, yen slips
TOKYO, Nov 19 (Reuters) - Asian shares rose, boosted by a positive tone in U.S. equities last week, while the yen fell to a near seven-month low against the dollar on expectations a new government after next month's election in Japan may deliver more stimulus.
"The market bullish sentiment will continue today," said Takashi Hiroki, chief strategist at Monex Inc, adding that sentiment had changed as trading volume hit an eight-month high on Friday and any short-term profit-taking would likely to be limited.

FOREX-Yen steadier after hammering, still fragile
SYDNEY, Nov 19 (Reuters) - The yen was hovering near a seven-month low versus the dollar at the start of the week, as expectations of more stimulus by Japanese authorities after next month's election made holding the already low-yielding currency even less appealing.
"We think dovish rhetoric from the opposition LDP regarding monetary policy is likely to weigh on the currency into the election date," Yuki Sakasai, analyst at Barclays Capital, wrote in a note.

OIL - Oil rises on Middle East conflict, Gulf of Mexico fire
NEW YORK, Nov 16 (Reuters) - Oil rose on Friday as a fire on a Gulf of Mexico platform and the escalating conflict between Israel and Palestinians stoked supply concerns.
"Traders who had been long Brent/short WTI (U.S. crude) on the Middle East fears reversed that when the platform fire news broke," said Phil Flynn, analyst at Price Futures Group in Chicago.

Light crude surplus spins world oil trade compass
LONDON, Nov 16 (Reuters) - The world is increasingly saturated with hitherto scarce high-quality light crude with Europe's market to join the United States in a surplus, traders say, predicting a scramble to export to Asia and a global shortage of once abundant heavy oil.
The shale oil boom has pushed U.S. production to the highest in more than 15 years and sharply cut its appetite for oil from Nigeria or Algeria as most of its domestically produced barrels are similarly light and low-sulphur, or sweet.

BP agrees to record criminal penalties for US oil spill
NEW ORLEANS/WASHINGTON, Nov 15 (Reuters) - BP Plc  will pay $4.5 billion in penalties and plead guilty to criminal misconduct in the Deepwater Horizon disaster, which caused the worst U.S. offshore oil spill ever.
U.S. Attorney General Eric Holder called the deal a "critical step forward" but was adamant that it did not end the criminal investigation of the 2010 spill.

Canada says needs foreign investment, still discussing policy
NEW YORK, Nov 16 (Reuters) - Canada needs foreign capital to develop its oil sands and is in the "middle" of discussions on how to approach foreign takeover bids such as that by China's CNOOC  for oil and gas producer Nexen , Finance Minister Jim Flaherty said on Friday.
"It's clear that the amount of investment required to develop the oil sands and other resources in Canada exceeds the amount of capital within Canada, so it's inevitable that there will be substantial direct foreign investment in Canada. The question then is what form does that take," Flaherty told reporters after giving a speech in New York.

Oil platform blaze off Louisiana leaves workers missing
HOUSTON/NEW YORK, Nov 16 (Reuters) - An oil platform in the Gulf of Mexico off the Louisiana coast exploded on Friday, leaving two people missing and badly injuring several others, recalling the horror of the 2010 Deepwater Horizon disaster.
The fire ignited when workers were welding a pipe on the deck of the shallow-water platform operated by Houston-based Black Elk Energy. Eleven workers were injured, including four who suffered severe burns.

Senators turn up pressure on Obama to approve Keystone pipeline
WASHINGTON, Nov 16 (Reuters) - A bipartisan group of senators on Friday urged President Barack Obama to quickly issue a permit for the northern leg of the Keystone XL pipeline, a project environmental groups have vowed to keep fighting.
The senators - nine Democrats and nine Republicans - asked Obama to approve the pipeline because it will create jobs and reduce the need for oil from the Middle East. They were led by Max Baucus, a Montana Democrat and powerful chair of the Senate Finance Committee, and John Hoeven, a North Dakota Republican. Both senators represent the booming Bakken oil region.

Iraq would favour CNPC, Lukoil bids for Exxon oil stake
BAGHDAD, Nov 16 (Reuters) - Iraq would favour bids by Russia's Lukoil  and China's CNPC if they decided to buy Exxon Mobil's  stake in the super-giant West Qurna-1 oilfield, a senior oil ministry official said on Friday.    
A sale of the stake to either company would significantly strengthen the position of Russia or China in exploiting Iraq's oil reserves, the world's fourth biggest.

Europe oil refining margins to return to reality in 2013
LONDON, Nov 16 (Reuters) - European oil refiners can expect margins to come back down to earth in 2013 as global capacity returns, after a rollercoaster this year that saw them soar in the second and third quarters on low oil products stocks and plant closures.
The persistent strength of European refining margins since the middle of the year has surprised traders and refiners, who had grown used to very tough conditions.

US Oct oil demand fell 2.3 pct from year ago-API
WASHINGTON, Nov 16 (Reuters) - U.S. oil demand continued to decline in October, with demand falling to its lowest level for the month since 1995, industry group American Petroleum Institute said on Friday.
Petroleum demand dropped 2.3 percent from a year earlier to 18.412 million barrels per day.