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NEW YORK (Dow Jones)--Crude oil futures fell slightly Monday, dropping after a three-session rally as traders wait for more indications on the state of global demand.

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Light, sweet crude for October delivery recently traded 60 cents, or 0.8%, lower at $74.57 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 28 cents lower at $76.37 a barrel.

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Oil closed above $75 a barrel Friday for the first time since Aug. 18, after Federal Reserve Chairman Ben Bernanke said the central bank had the tools ...

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OIL FUTURES: Nymex Crude Retreats After Three-Session Rally - Wall Street Journal

In a remote reach of the Gulf of Mexico, nearly 200 miles from shore, a floating oil platform thrusts its tentacles deep into the ocean like a giant steel octopus.

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The $3 billion rig, called Perdido , can pump oil from dozens of wells nearly two miles under the sea while simultaneously drilling new ones. It is part of a wave of ultra-deep platforms — all far more sophisticated than the rig that was used to drill the ill-fated BP well that blew up in April. These platforms have sprung up far from shore and have pushed the frontiers of technology in the gulf, a region that now accounts for a quarter of the nation’s oil output. Major offshore accidents are not common. But whether through equipment failure or human error, the risks increase as the rigs get larger and more complicated.

Risk-Taking Rises as Oil Rigs in Gulf Drill Deeper - New York Times

MOSCOW — Prime Minister Vladimir Putin on Sunday opened the Russian section of a long-awaited oil pipeline that will carry Russian crude to China in a bid to diversify its oil exports away from Europe.

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MOSCOW — Prime Minister Vladimir Putin on Sunday opened the Russian section of a long-awaited oil pipeline that will carry Russian crude to China in a bid to diversify its oil exports away from Europe. "The Russian part of the project is completed," Putin said at an opening ceremony in Skovorodino in the Far Eastern Amur region in comments published on his official web site.

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The branch pipeline will ultimately transport crude oil from Siberia to refineries in the northeastern Chinese city of Daqing. "For us this is an important project because we are beginning to diversify the supply of our energy resources," Putin said at the ceremony, attended by the head of China's National Energy Administration, Zhang Guobao.

Putin opens Russian side of oil pipeline to China - AFP

SAN FRANCISCO (MarketWatch) -- Crude-oil futures ended 2.5% higher on Friday, overcoming some initial weakness and dips into the red as stocks also rose. Crude oil for October delivery added $1.81 to $75.17 a barrel on the New York Mercantile Exchange. Natural-gas futures tanked 4.3% to end at $3.65 per million British thermal units, its lowest since September 2009. Gasoline for September delivery added 2.1% to $1.95 a gallon, the highest finish in more than a week.

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Craving for cash is behind the popularity of exchange-traded funds that  track high-yield corporate bonds. But pay attention to the risks. The tea party is taking over the Republican party, say Democrats, in a new web ad highlighting what it calls radicalized Republican candidates.

Crude oil rises 2.5%; Nat gas on 11-month low - MarketWatch

Louisiana officials backed off alarms they had sounded Monday about a Gulf of Mexico fish kill , saying that the kill was far smaller than they had reported and was the result of low oxygen levels unrelated to the BP oil spill.

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A news release issued Monday by St. Bernard Parish had quoted Parish President Craig Taffaro saying, "By our estimates, there were thousands, and I'm talking about 5,000 to 15,000 dead fish." It also noted that a half-mile-long swirl of thick substance with several tar balls and a strong smell of diesel was discovered around Louisiana's Grassy Island. In a follow-up news release Tuesday, the Parish announced: "Biologists from the Louisiana Department of Wildlife and Fisheries conducted a thorough investigation of a fish kill found in the Mississippi River Gulf Outlet (MRGO) over the weekend. They found low oxygen levels to blame and have confirmed the kill is a result of natural events and is not associated with the Deepwater Horizon oil spill.  "High nutrient content from the Mississippi River in combination with seasonal occurrences have been the cause of hypoxic conditions for years. Although essential in fertilizing the estuaries, in some cases the nutrient load is too great and hypoxic conditions arise.  "Hypoxic events typically occur in late summer to fall and are also associated with processes that bring deep low-oxygen water to the surface. Fish need an oxygen level of at least three parts per million to survive.

Gulf oil spill jitters: a false fish kill alarm - Los Angeles Times (blog)

The Money Times

Oil Hits Seven-Week Low Wall Street Journal LONDON—Oil futures fell for the fifth consecutive day, hitting fresh seven-week lows as investors sought safe havens amid fears about a ... OIL FUTURES: Crude Falls More In Asia On Stronger USD, EconomyWall Street Journal Oil Falls a Fifth Day on Concern Over US Supply Gains, Slowing RecoveryBloomberg Crude-oil futures fall, echoing stock futuresMarketWatch TheStreet.com -Economic Times -Reuters all 435 news articles »

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Oil Hits Seven-Week Low - Wall Street Journal

The Money Times

CORRECT: OIL FUTURES: Crude Drops Near $73/Bbl As Demand Fears Weigh Wall Street Journal "Everyone filled up their stations ahead of time," said Carl Larry, an analyst with Oil Outlooks and Opinions. "They are usually waiting for the prices to ... Oil above $74, rises from six-week lowReuters October crude oil falls 1% to end at $73.10MarketWatch Oil Under $73 on Economic DoubtsTheStreet.com Huffington Post (blog) -Bloomberg -AFP all 325 news articles »

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CORRECT: OIL FUTURES: Crude Drops Near $73/Bbl As Demand Fears Weigh - Wall Street Journal

Kenneth Feinberg takes over today the gargantuan task of distributing the $20 billion BP is setting aside to reimburse victims of the Gulf oil spill. He has said he will approve compensation claims by relying on precedents set by state and federal law. But law professors following the issue say it is unclear just how Feinberg will interpret a key legal doctrine called “proximate cause,” which will determine exactly who gets a slice of the compensation fund.

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As independent administrator of the Gulf oil spill compensation fund, Feinberg says he will offer oil spill victims a sum equal to or better than the compensation a protracted legal battle with BP would yield. But to show proximate cause, a claimant must prove a connection between the spill and the damages they have suffered. The definition of proximate cause that Feinberg settles on — various Gulf states define proximate cause differently — will have a major impact on who receives compensation and who does not, experts say. Richard A. Nagareda, a law professor at Vanderbilt University, says the number of steps in between the event in question and the damage incurred matters when determining proximate cause. “Does it flow naturally and in an unimpeded fashion from the defendant’s conduct or are there lots of other things that have to happen before the injury to the plaintiff results?” he says.

Control of Oil Spill Compensation Fund Shifts to Independent Administrator - The Washington Independent

As it turns out over three-quarters of the oil has not suddenly disappeared from the BP oil spill disaster.  Last Friday a government scientists conceded that even by their own numbers more oil remains in the Gulf than was stated in the last NOAA (National Oceanic and Atmospheric Administration) report.

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The NOAA report, released last month, was criticized by many for the broad conclusion that only 25% of the oil spill remained .  The report was not accompanied by much data, and rested on many assumptions.  For instance, the report assumed that oil that had been dispersed underwater simply went away.

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In fact, a report by University of Georgia team found that approximately 70-79% of the oil remains in the environment in some form.  Another team of scientists from the Woods Hole Oceanographic Institute in Massachusetts has found another giant underwater plume measuring 2 miles long and 600 feet wide.  Finally, even one of the scientists behind the report conceded that more oil is left than was released in their first report .  Rather than giving another figure, the scientists stated that the NOAA is waiting to gather more data before releasing another report (perhaps a wise move after the first debacle).

Government admits that its first Gulf oil spill report was wrong - Examiner.com

Washington lawyer Kenneth Feinberg takes over as the administrator of BP's claims fund Monday. But many possible claimants are already crying foul. Elaine Quijano reports.

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Kenneth Feinberg, the federal government's administrator of BP's $20 billion claims fund, addresses a public meeting of oil spill claimants Aug. 20, 2010. President Obama's choice to run the BP oil spill claims fund said Saturday he hopes to process individual claims within 48 hours and business claims within seven days.

Oil Spill Claim Guidelines Cause Uproar - CBS News