Nigerian police said a Dutch oil worker was kidnapped by armed men Thursday morning from a Royal Dutch Shell gas plant, the latest in a spate of hostage-taking in the country's oil-rich southern delta. Complete Story
Oil prices retreated from record territory but held above $75 a barrel on Thursday as gasoline demand — and geopolitical tensions — remain high.
Oil prices jumped to a record above $75 a barrel on Wednesday, propelled by a rally in gasoline that analysts said could send average U.S. pump prices past $3 a gallon by the weekend.
One year after 13 Caribbean countries signed a deal with Venezuelan President Hugo Chavez to buy oil under preferential terms, a majority of them have not received a single drop of fuel, while those that have are still paying high prices at the pump.
Oil prices fell Tuesday in thin trading as markets in the United States were shut for Independence Day, but strong demand and geopolitical worries limited the declines.
Commercial vessels began using a southwestern Louisiana shipping channel on Friday for the first time since a spill of 47,000 barrels of oil forced its closure last week and tapped the nation's oil reserve.
Ships have been stranded, seafood sources threatened and the nation's oil reserve tapped as the result of 47,000 barrels of oil spilling into a southwestern Louisiana shipping channel, forcing its closure.
Oil prices rose by more than $1 a barrel on Thursday, climbing on the back of a rally in gasoline futures, which settled at a nine-month high.
Iraq is producing an average of 2.5 million barrels of oil a day, its highest level since the war began in 2003, an oil ministry spokesman said Wednesday.
Crude futures fell Wednesday, pulled down by a retreat in gasoline futures prompted by the partial reopening of a Gulf Coast shipping channel closed last week after an oil spill.
Oil prices rose slightly on Tuesday as traders focused on shipping delays along the Gulf Coast and as Iran's supreme leader rejected the need for nuclear talks with the United States.
Crude-oil futures rose Monday on the heels of a rally in gasoline that brokers attributed to a shipping snag along the U.S. Gulf Coast that was having some impact on refinery operations.
U.S. oil futures were steady on Friday with little fresh news to drive trading, following gains in the two prior sessions. Prices remained above $70 a barrel, buoyed by strong global demand, a Gulf Coast shipping snag and concerns about the unresolved tension between the West and Iran.
Crude futures fell but held above $70 a barrel Friday in Asian trading, anchored by strong fuel demand, refinery glitches and jitters about the unresolved tension between the West and Iran.
U.S. oil futures were steady on Friday with little fresh news to drive trading, following gains in the two prior sessions. Prices remained above $70 a barrel, buoyed by strong global demand, a Gulf Coast shipping snag and concerns about the unresolved tension between the West and Iran.
Oil prices rose for the second straight day on Thursday as fuel demand appeared to remain strong and U.S. refineries encountered some minor obstacles.
Exxon Mobil Corp. faces another lawsuit over a massive underground oil spill in Brooklyn that is still seeping sticky goo into a city waterway, decades after the leak was first noticed.
Oil prices rose for the second straight day on Thursday as fuel demand appeared to remain strong and U.S. refineries encountered some minor obstacles.
Oil companies are under pressure in Congress to renegotiate offshore drilling leases containing a government error that could give the industry a $10 billion windfall.
Crude oil prices rose above $70 a barrel Wednesday after the U.S. government reported that gasoline inventories grew at a slow clip last week despite high production levels.
Crude futures were steady near $69 a barrel Tuesday and some analysts said the monthlong seesawing of oil prices around this level suggests a fair price may have been reached, at least in the short term.
Oil and gasoline futures fell Monday after OPEC said high prices were affecting demand, and the prospect of rising interest rates fueled market concerns about economic growth.
Oil prices fell Monday, but clung above $69-a-barrel levels amid lingering worries over Iran's nuclear ambitions, and how that might affect oil supplies.
Americans paying $3 per gallon at the pump have it relatively cheap when compared with prices globally, say oil and gas company executives who defend their record profits as essential to maintaining supplies.
Crude oil prices rose for the third straight day ahead of the weekend, but lingering worries about weakening demand kept prices from closing above $70 a barrel.