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18 hours ago NEW YORK (AFP) — Oil prices sank under 67 dollars a barrel Thursday after weak jobs data quashed hopes of a speedy economic recovery in the United States, which is the world's top energy consumer.

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New York's main contract, light sweet crude for August delivery fell 2.58 dollars from Wednesday's closing price to 66.73 dollars per barrel, after earlier touching 66.54. London Brent North Sea crude for delivery in August dropped 2.14 dollars to 66.65 dollars a barrel.

Full Story: Oil prices slide on weak US jobs report - AFP

By PABLO GORONDI – 13 minutes ago Oil prices slipped below $68 a barrel Thursday as rising unemployment in Europe and the U.S. helped strengthen the dollar and draw investors out of commodities.

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By mid-afternoon in Europe, benchmark crude for August delivery was down $1.64 to $67.67 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, it fell 58 cents to settle at $69.31. In the United States a Labor Department report showed the economy lost a larger-than-expected 467,000 jobs in June, with the unemployment rate rising to 9.5 percent from 9.4 percent in May, underscoring concerns about the pace of economic recovery.

Full Story: Oil slips below $68 as US jobless rate rises - The Associated Press

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CNOOC Rejects Remuneration Terms For Iraq Missan Oil Fields Wall Street Journal BAGHDAD (Dow Jones)--China's CNOOC Ltd. (CEO) Tuesday rejected the terms laid down by the Iraqi Oil Ministry to operate the country's Missan oil field area, ... Needing business, Iraq gets little interest at oil auctionFort Worth Star Telegram Iraq to open up oil fields to foreign firmsAFP BP agrees cut-price Iraq oilfield dealTimes Online IraqSlogger -Tampabay.com -Wall Street Journal all 1,107 news articles »

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Full Story: CNOOC Rejects Remuneration Terms For Iraq Missan Oil Fields - Wall Street Journal

--Iraq's fledgling government opened its vast oil reserves to foreign companies today for the first time in decades, auctioning contracts to increase production in the war-torn country's sprawling oil fields.

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But the Iraqis drove a harder bargain than most oil companies - including San Ramon's Chevron Corp. - were willing to accept. Iraq wanted to sign up foreign companies to boost production at six existing oil fields and bring the government a needed infusion of cash. But the oil ministry offered the companies far lower profit margins than they wanted. Only BP and China National Petroleum Corp. accepted the government's terms.

Full Story: Chevron doesn't bid in Iraq's oil auction - San Francisco Chronicle

AP: Foreign broadcasters walk fine line in Iran   A widely distributed Associated Press story about foreign broadcasters in Iran mentions RFE/RL's Persian-language service, Radio Farda.

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Iraq is expected to disclose which foreign oil companies have won contracts to develop eight of its massive oil and gas fields. Prime Minister Nuri al-Maliki opened the meeting in Baghdad, saying that foreign investment in Iraq's oil and gas sector is necessary for the rebuilding of the country.

Full Story: Iraqi Oil Auction Draws Strong Foreign Interest - RadioFreeEurope/RadioLiberty

’s huge oil reserves began Tuesday but seemed to run into difficulties when oil and gas companies demanded far more remuneration than the authorities were ready to pay.

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Symbolically, the sale, broadcast on television, coincided with the formal handover by American forces of security arrangements in urban areas to Iraqi forces — an economic counterpoint to the striving for political military independence underpinning the Iraqi takeover of patrolling Iraq’s restive cities. At the auction, each contender offered a sealed bid containing details of how much oil the developing company would produce and how much it expected to be paid for each barrel of oil produced.

Full Story: Iraq Begins Major Oil and Gas Auction - New York Times

By SPENCER SWARTZ LONDON -- The International Energy Agency made a large cut to its medium-term forecast for total world oil demand, suggesting the impact of recession and energy-efficiency efforts may help check future increases in the price of crude oil.

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The Paris-based IEA said in a report it expects global oil demand by 2013 to average 87.90 million barrels a day, down 3.7%, or 3.35 million barrels a day, from its December forecast. The latest projection is a massive 6.24 million barrels a day, or almost 7%, below the IEA's 2008-13 forecast issued in July. But the report also highlights how reduced investment and other "above ground" factors -- such as the practice of reserving the best blocks for national oil companies -- are hurting supply. That could mean much higher crude prices down the road if economic growth quickly returns to rates of more than 3%.

Full Story: Oil Demand Forecast Cut - Wall Street Journal

MARKETWATCH FRONT PAGE Crude oil futures rise above $71 a barrel after an attack on an oil platform in Nigeria rekindles supply worries and traders shrug off a gloomy report from the International Energy Agency. See full story.

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Oil rally boosts energy sector Energy stocks pushed broadly higher, as more troubles in export-rich Nigeria help crude-oil prices regain the $70-a-barrel level. See full story. U.S. stocks to take cue from earnings reports Investors are bracing for the onslaught of second-quarter results from corporate America that could be a harbinger of better times ahead. See full story.

Full Story: Crude tops $71 after Nigeria oil platform attack - MarketWatch

LONDON -- The International Energy Agency Monday made a big, 3.7% cut to its medium-term forecast for total world oil demand compared with its previous estimate, suggesting the impact of recession and energy-efficiency efforts may help keep future crude price spikes in check.

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The Paris-based IEA said it expects global oil demand by 2013 to average 87.90 million barrels a day, down 3.35 million barrels a day compared with its previous forecast in December. The latest projection is 6.24 million barrels a day, or almost 7%, below the IEA's original 2008-13 forecast last July. The lower growth forecast "assumes any rebound in the global economy will be slower and attain lower trend growth than the [International Monetary Fund] projection," the IEA said.

Full Story: IEA Cuts World Oil Demand Forecast 3.7% - Wall Street Journal

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-- Oil prices hovered near $69 a barrel Monday as traders looked to macroeconomic indicators due later this week for signs of improvement in the U.S. economy. By midday in Europe, benchmark crude for August delivery was up 39 cents to $69.55 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, it fell $1.07 to settle at $69.16.

Full Story: Oil hovers near $69 as traders eye US economy - Washington Post