All Entries in the "Oil and Gas" Category

Oil plunges below $64 on fears recovery may lag

Oil prices plunged nearly $3 to below $64 a barrel Monday as dismal unemployment figures from the U.S. and Europe last week sparked investor doubts about any nascent economic recovery.
A significant fall in natural gas prices — a likely sign that industries are still struggling and unlikely to add jobs — as well as gains [...]

Oil price rebound attributed market operations

VIENNA, July 6 (Xinhua) — The optimistic outlook of the world economic recovery is a major factor driving the rebound of international oil prices in the first half of this year.
Experts say, however, that the price boost may be attributed more to current market operations than actual growth in demand.
After dramatic ups and downs last [...]

Iraq Opens Bids for Oil Fields

Iraq auctioned contracts Tuesday to run eight huge oil and gas fields, but only made a deal on one of the fields.
A consortium including BP and China’s CNPC accepted a contract to expand production in the largest oil field on offer, Rumaila in the south.
A group that included ExxonMobil rejected the terms, which offered the [...]

BP shuts alternative energy HQ

BP has shut down its alternative energy headquarters in London, accepted the resignation of its clean energy boss and imposed budget cuts in moves likely to be seen by environmental critics as further signs of the oil group moving “back to petroleum”.

But Tony Hayward, the group’s chief executive, said BP remained as committed as ever [...]

Energy prices drop with gas supplies healthy

By CHRIS KAHN
NEW YORK
Gasoline markets showed the first signs this week that an extended rally in pump prices is nearing an end after 52 straight days of price increases.
Gasoline futures started falling midweek after a government report showed that gas production and imports jumped during an extended rally in retail gas prices. If they continue [...]

Gas prices pass $3 a gallon

Oh brother, Californians dealing with double-digit unemployment, steep wage cuts and bleak 401(k) reports are getting hammered again.
Gas prices crossed the $3 threshold in California on Monday, hitting an average of $3.01 a gallon, the highest since Halloween and $1.21 a gallon more than we were paying at Christmas. A 15-gallon fill-up now costs $18.15 [...]

Oil back above $72 as dollar slumps

By PABLO GORONDI
Oil prices rose back above $72 a barrel Tuesday as investors picked up commodities after the U.S. dollar slumped on comments by Russian President Medvedev, who said the world needed new reserve currencies.
Benchmark crude for July delivery was up $1.74 to $72.36 a barrel by mid-afternoon in Europe in electronic trading on the [...]

Oil falls below $72 per barrel

By CHRIS KAHN

NEW YORK
Benchmark crude for July delivery fell 64 cents to settle at $72.04 on the New York Mercantile Exchange, the first time oil prices have fallen in several days.
In other Nymex trading, gasoline for July delivery fell 2.18 cents to settle at $2.0431 a gallon and heating oil dropped 1.59 cents to settle [...]

Behind Oil’s Surprising Surge

OPEC production cuts and hedge fund money have lifted oil prices. And fears about a falling dollar could push them higher
London—It seems like a paradox: Demand for oil, which almost always rises, is likely to drop by 3% in 2009—the worst decline in almost 30 years. Stockpiles are so high that an ocean of [...]

Oil soars above $71, hitting 2009 high

VIENNA – Oil prices soared above $71 a barrel Wednesday to reach a 2009 high, as investors poured money into crude markets to protect themselves against the inflation risks posed by a weakening U.S. dollar.
Oil, which typically trades inversely to the dollar, has more than doubled in price in three months as traders also cheered [...]

Oil rises to above $69 as investors weigh outlook

Oil prices rose to above $69 a barrel Tuesday as traders brushed off concerns that the doubling of crude prices since March is out of step with a weak global economy.
Prices also benefited from investors looking for a safe haven in commodities as the U.S. dollar lost ground against other major currencies.
Benchmark crude for July [...]

Oil Falls Toward $68 From Seven-Month High

Oil fell toward $68 a barrel on Tuesday as prices slipped from a sharp rally to a seven-month high in the previous day.
U.S. light sweet crude [US@CL.1 68.15 -0.43 (-0.63%)] fell. On Monday, it closed at $68.58 after hitting $68.68, the highest settlement and intraday prices, respectively, since early November [...]

OPEC Expert Says Oil Prices Could Fall Again

Oil prices could fall again because fundamentals are still weak, OPEC’s director of research said on Tuesday.
U.S. crude [US@CL.1 68.01 -0.57 (-0.83%)] hit a seven-month high over $68 a barrel on Monday amid optimism that the economy would recover, although it retreated below $68 on Tuesday.
But oil markets were still [...]