May 2009 Archives

Telegraph : Many Western investors and politicians have been hoping “cheap crude” would see us through this crisis.

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During the first quarter of this year oil averaged $42, compared with $94 during 2008. That has helped dampen inflation by keeping the lid on energy costs to households and firms but, with crude now 103pc above its mid-February low, cheap oil is no more. That isn’t all of the article but it’s the nut of it. Between a declining dollar and increasing demand, the price of oil is rising quickly. It goes without saying that the implications for economic recovery of a rise in the price of oil are pretty negative.

Full Story: Contemplating the Fallout from Increasing Oil Prices - Seeking Alpha

NEW YORK (Dow Jones)--Crude oil futures prices rose for a fifth straight day Friday, setting a new six-month high on hopes of a recovery in global oil demand.

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Light, sweet crude oil futures for July delivery settled $1.23, or 1.9%, higher at $66.31 a barrel, the most since Nov. 5. Prices gained 8.6% or $5.26 a barrel in the last five trading days. The July ICE Brent crude futures settled at $64.39, up $1.13 or 1.75%. Saudi Arabia's view that the global economy can handle oil prices above $75 a barrel and its ...

Full Story: OIL FUTURES: Crude Settles Up At New 6-Month High - Wall Street Journal

LONDON (Dow Jones)--European stocks have opened the last trading day of May in the black, supported by the higher oil price and as concerns about government debt sales eased in the U.S.

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At 0750 GMT, the pan-European Dow Jones Stoxx 600 index was up 1.1% at 210.10, London's FTSE 100 index increased 1.3% to 4442.5, Frankfurt's DAX index was 1.1% higher at 4988.3, and the CAC-40 index in Paris was up 1.1% at 3304.0. In the very short-term, various positive elements justify the continuation of the rally in Europe, said a note by Axa Investment Managers. And as a result ...

Full Story: GLOBAL MARKETS: European Stocks Bullish; Oil Supports - Wall Street Journal

By Ben Sharples and Ann Koh May 29 (Bloomberg) -- Crude oil headed for its biggestmonthly gain in a decade after OPEC kept its output unchangedamid signs the global economy is recovering.

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Oil has gained 28 percent in May as equities rose and theU.S. dollar weakened, spurring demand for commodities. Japansaid today that its industrial output climbed the most in atleast six years in April, improving the outlook for a rebound infuel demand. “Oil has followed equities primarily because investorshave cash on hand on the sidelines,” Victor Shum , a seniorprincipal at Purvin & Gertz Inc., said in Singapore. “They arecounting on some of the positive economic indicators, and areplacing bets.” Crude oil for July delivery rose as much as 36 cents, or0.6 percent, to $65.44 a barrel on the New York MercantileExchange. It was at $65.40 at 2:46 p.m. in Singapore. Yesterday,the contract gained $1.63, or 2.6 percent, to settle at $65.08 abarrel, the highest since Nov. 5.

Full Story: Oil Heads for Biggest Monthly Gain Since 1999 on OPEC Output - Bloomberg

Oil rises above $65 as OPEC holds steady OPEC decision to hold daily production quota at 25 million barrels and a government report showing falling crude supplies support rising oil prices.

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NEW YORK (CNNMoney.com) -- Oil rose above $65 a barrel Thursday after OPEC decided to leave the group's crude production unchanged and an inventory report showed an unexpected decline in supply. Light, sweet crude for July delivery rose $1.63, or almost 2.6%, to settle at $65.08 a barrel Thursday.

Full Story: Oil rises above $65 as OPEC holds steady - CNNMoney.com

Oil rises, nearly $65 a barrel OPEC decision to hold daily production quota at 25 million barrels and a government report showing falling crude supplies support rising oil prices.

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NEW YORK (CNNMoney.com) -- Oil held above $64 Thursday after OPEC decided to leave the group's crude production unchanged and an inventory report showed falling supply. Light, sweet crude for July delivery was up $1.25 to $64.70 a barrel at 11:55 a.m. ET. Oil has settled above $60 for five days in a row.

Full Story: Oil rises, nearly $65 a barrel - CNNMoney.com

NEW YORK (Dow Jones)--Crude oil inched higher Thursday after OPEC decided to stick with current production targets, as widely expected.

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Prices moved in a tight range, as traders awaited data on oil stockpiles due at 11 a.m. EDT. Light, sweet crude for July delivery was recently up 43 cents, or 0.7%, at $63.88 a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange traded 54 cents higher at $63.04 a barrel.

Full Story: OIL FUTURES: Nymex Crude Creeps Higher After OPEC Stands Pat - Wall Street Journal

By Ben Sharples May 28 (Bloomberg) -- Oil fell in New York, snapping twodays of gains, after Saudi Arabia’s oil minister said OPECdoesn’t need to cut output and U.S. stocks slumped because ofconcern higher borrowing costs may hinder an economic recovery.

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Oil demand is starting to recover, removing any need toreduce production, Ali al-Naimi said yesterday in Vienna. U.S.benchmark stock indexes dropped on a jump in long-term borrowingcosts. The 10-year Treasury note declined for a fourth day,sending its yield to a record spread above two-year notes. “There is a very high correlation with equities,” MarkPervan , a senior commodity strategist at Australia & New ZealandBanking Group Ltd. in Melbourne, said in an interview withBloomberg Television. “Contrary to what OPEC is saying, demandremains very weak.” Crude oil for July delivery dropped 58 cents, or 0.9percent, to $62.87 on the New York Mercantile Exchange at 10:20a.m. in Sydney. Yesterday, the contract rose $1, or 1.6 percent,to settle at $63.45 a barrel, the highest since Nov. 5.

Full Story: Crude Oil Declines on OPEC Production, Drop in US Equities - Bloomberg

NEW YORK (Dow Jones)--Crude oil futures traded higher Wednesday, as the world's top oil exporter said it expected demand to rebound.

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Ali Naimi, Saudi Arabia's oil minister, said customers want more oil to fuel an uptick in industrial demand, potentially signaling that the end of the global economic downturn is in sight. "You bet we're seeing (added demand) from some of our customers for more oil, and we're providing it," Naimi told reporters in Vienna. "There is a lot of optimism ...

Full Story: OIL FUTURES: Nymex Crude Rises On Demand Recovery Hopes - Wall Street Journal

Oil hits 6-month high above $62 Crude futures recover earlier losses ahead of the next OPEC meeting, as a triple-digit rally on Wall Street supports takes charge.

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Get ready for a truly amazing fire sale. Many doomed Chrysler dealerships are stuck with some decent cars and trucks on their lots that they need to unload by June 9. NEW YORK (CNNMoney.com) -- Oil prices rebounded Tuesday to their highest level this year as a triple-digit rally on Wall Street pulled crude off its earlier lows.

Full Story: Oil hits 6-month high above $62 - CNNMoney.com

Oil pulls back to $60 Crude futures fall ahead of the next OPEC meeting. Stronger dollar and global equity weakness also pull the support out from under floor.

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Get ready for a truly amazing fire sale. Many doomed Chrysler dealerships are stuck with some decent cars and trucks on their lots that they need to unload by June 9. NEW YORK (CNNMoney.com) -- Oil prices fell on Tuesday days ahead of an expected decision by OPEC to hold production quotas unchanged.

Full Story: Oil pulls back to $60 - CNNMoney.com

By Ben Sharples May 26 (Bloomberg) -- Crude oil fell on concern that OPECwill maintain production targets at current levels this weekeven as the global recession curbs fuel demand.

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OPEC is unlikely to change anything at its May 28 meeting,and talk of overly high inventories is exaggerated, said aPersian Gulf oil official with knowledge of the matter. TheInternational Energy Agency forecast this month that world oilconsumption this year will fall by the most since 1981. “The OPEC meeting is this week and there will be nochange” in output, said Mark Pervan , a senior commoditystrategist at Australia & New Zealand Banking Group Ltd. inMelbourne. “On-balance, it’ll be mildly negative for prices.” Crude oil for July delivery fell as much as 79 cents, or1.3 percent, to $60.88 a barrel on the New York MercantileExchange, and was at $61.37 at 9:37 a.m. Singapore time. Theexchange will combine yesterday and today’s trading forsettlement purposes because floor trading was shut yesterday inthe U.S. for Memorial Day.

Full Story: Oil Falls on Concern Recession Will Curb Demand, OPEC Output - Bloomberg

LONDON (Dow Jones)--Crude oil futures traded lower Monday in London, pressured by a slightly stronger dollar and lower equities.

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Market participants also attributed Monday's declines to scant trading volumes from the U.K. and U.S., where participants were sidelined due to public holidays. "I wouldn't put too much stock in anything trading-related today...it's only moving because there's not too much size out there," said Jonathan Kornafel, a director ...

Full Story: OIL FUTURES: Crude Slides On Scant Volumes, Eyes OPEC Mtg - Wall Street Journal

ROME (Dow Jones)--Russia's crude oil output will be at least stable in 2009 compared to the previous year, the country's oil minister said Sunday, contrasting earlier statements that it would ...

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Full Story: Russian Energy Min Sees Russia Oil Output Stable In 09 - Wall Street Journal

But not now. And that has analysts worried that another fuel-price spike could be on the way.

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Crude oil, the lifeblood of the global economy, costs $61.67, even as the world struggles through the worst recession since World War II. And prices are rising, climbing 26 percent in the last month. Gas prices have jumped as a result, rising 12 cents in California last week to reach an average of $2.62 for a gallon of regular.

Full Story: Supply up, demand down, but oil prices rise - San Francisco Chronicle

I GREW up in a large family in a suburb of Kansas City, Kan. I’m one of six siblings, and we had more than 50 cousins in the community.

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My grandparents, German immigrants, started a dairy. When I was young, my father and his brother ran the business, and my siblings and I helped out. I learned about business by working there. I did the payroll and worked as a receptionist and in the lab, testing milk. The summer I was 16, I got bored and convinced my father to let me work at a gas station next to the dairy. I pumped gas for the delivery trucks and other customers. I tell people that it was my first job in the oil industry.

Full Story: An Early Start in the Oil Industry - New York Times

ROME -(Dow Jones)- U.S. Energy Secretary Steven Chu said Saturday oil-producing countries, as well as those consuming the fossil fuel, want "stable"prices, warning spikes would hit the global economy.

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Crude prices jumps "will have consequences" on the world economy, Chu said ata joint press conference in Rome with Italian Industry Minister Claudio Scajola. Chu is in Rome to take part in a two-day energy meeting of the Group of Eightindustrialized countries scheduled to start Sunday in Rome.

Full Story: DOE Chu: World Wants Stable Oil Prices;Spike To Hit World Econ - NASDAQ

1 day ago HOUSTON (AP) — The number of rigs actively exploring for oil and natural gas in the United States fell by 18 this week to 900, down more than half from a year ago.

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Of the rigs running nationwide, 711 were exploring for natural gas and 180 for oil, Houston-based Baker Hughes Inc. reported Friday. Nine were listed as miscellaneous. A year ago, the rig count stood at 1,889. The U.S. count is down 56 percent since the end of August as weak energy demand has hampered oilfield activity.

Full Story: Number of active oil rigs falls by 18 - The Associated Press

ABOARD THE NOBLE PAUL ROMANO —  Almost 140 miles off the Louisiana coast, aboard the drill ship Noble Paul Romano, workers punch an 8-inch steel pipe four miles under the ocean in search of America's next barrel of oil.

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"If we don't increase our own oil production in the U.S., our dependence on foreign oil won't go down," said Marathon Oil executive Woody Pace. The drill ship is the size of a football field. Twelve anchors the size of an average living room hold the rig in place while a synthetic-diamond cutting blade bores deep into sand and rock.

Full Story: Offshore Oil Suffers From Obama Restrictions on New Drilling - FOXNews

Oil gains on dollar weakness Price of crude ends above $61 a barrel . Report showing China's demand for energy recovering also boosts prices.

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American cars: Red, white and cheap A bad economy and crumbling auto sales have created absurdly low prices for some truly great American cars. NEW YORK (CNNMoney.com) -- Oil prices rose Friday as the dollar lost ground on growing woes over the creditworthiness of the U.S. and as a report showed that demand for oil is recovering in China.

Full Story: Oil gains on dollar weakness - CNNMoney.com

Oil hovers around $61 Price of crude fluctuates as the dollar weakens and a report shows China's demand for energy recovering.

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American cars: Red, white and cheap A bad economy and crumbling auto sales have created absurdly low prices for some truly great American cars. NEW YORK (CNNMoney.com) -- Oil prices hovered above $61 a barrel Friday as the dollar lost ground on growing woes over the creditworthiness of the U.S. and as a report showed that demand for oil is recovering in China.

Full Story: Oil hovers around $61 - CNNMoney.com

By Grant Smith May 22 (Bloomberg) -- Crude oil rose in New York and waspoised for an 9.5 percent gain this week as the dollar fell to afour-month low against the euro, drawing investors to crude asan inflation hedge.

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Oil also gained as fighting between militants and the armyin Nigeria’s Niger River delta region escalated, reducing theWest-African country’s fuel output. “Today it’s the U.S. dollar movement and risk appetite atplay,” said Eliane Tanner , an analyst at Credit Suisse Group AGin Zurich. “The market has got ahead of fundamentals, but aslong as sentiment and risk appetite remain positive, pricesmight go higher.” Crude oil for July delivery rose as much as 77 cents, or1.3 percent, to $61.82 a barrel in electronic trading on the NewYork Mercantile Exchange. It was at $61.73 a barrel at 1:01 p.m.in London.

Full Story: Oil Rises as Dollar Drop Spurs Investor Demand for Commodities - Bloomberg

Oil retreats from 6-month high Crude futures hang around $60 a barrel, pulled lower by a triple-digit sell off in the Dow and a stronger greenback.

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Cars that wrecked Chrysler Chrysler was king of the hill with its 300 series just a few years ago. Oh how the mighty have fallen. Now the company may go bankrupt after a string of uninspired products destroyed its reputation. NEW YORK (CNNMoney.com) -- Oil prices sank Thursday, retreating from six-month highs reached in the previous session, as all three major U.S. stock indexes fell hard and the U.S. dollar gained ground.

Full Story: Oil retreats from 6-month high - CNNMoney.com

Oil ends above $60 - 1st time since November Government reports that crude oil and gasoline inventories fell last week. Another up day on Wall Street also props prices.

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Get ready for a truly amazing fire sale. Many doomed Chrysler dealerships are stuck with some decent cars and trucks on their lots that they need to unload by June 9. NEW YORK (CNNMoney.com) -- Oil's most active contract settled above $60 a barrel for the first time in more than 6 months after a government supply report showed stockpiles shrinking and U.S. stocks rallied.

Full Story: Oil ends above $60 - 1st time since November - CNNMoney.com

,Asia’s biggest refiner, will benefit from guaranteed supplies ofcrude under a $10-billion loans-for-oil agreement with Brazil asthe company’s reserves decline, analysts said.

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Agreements signed by Chinese President Hu Jintao andBrazil’s Luiz Inacio Lula da Silva in Beijing yesterday includethe loan to Petroleo Brasileiro SA, in exchange for oil suppliesto China Petroleum, known as Sinopec. The deal will help “guarantee” supply for Sinopec, whichproduces only 20 percent of the oil it needs, said Lawrence Lu ,director of corporate ratings at Standard & Poor’s in Hong Kong.“A lot of Sinopec’s oilfields are quite old and this is aproblem for PetroChina Co.

Full Story: Sinopec to Gain From Brazil Deal as Oil Reserves Fall - Bloomberg

Oil holds gains, at 6-month high Government reports that crude oil and gasoline inventories fell last week. Another up day on Wall Street also props prices.

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Sick Chrysler car deals Get ready for a truly amazing fire sale. Many doomed Chrysler dealerships are stuck with some decent cars and trucks on their lots that they need to unload by June 9. NEW YORK (CNNMoney.com) -- Oil prices held onto gains Wednesday, trading at a 6-month high, after a government supply report showed stockpiles shrinking and U.S. stocks rallied.

Full Story: Oil holds gains, at 6-month high - CNNMoney.com

Oil holds gains, at 6-month high Government reports that crude oil and gasoline inventories fell last week.

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Sick Chrysler car deals Get ready for a truly amazing fire sale. Many doomed Chrysler dealerships are stuck with some decent cars and trucks on their lots that they need to unload by June 9. NEW YORK (CNNMoney.com) -- Oil prices held most of their earlier gains Wednesday, trading at a 6-month high, after supplies of crude oil and gasoline fell more than expected last week.

Full Story: Oil trades at 6-month high above $60 - CNNMoney.com

LONDON -- Energy investment is "plunging" because of the recession, paving the way for oil-price surges within three years, the International Energy Agency warned in a new report.

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The Paris-based watchdog for the world's major energy-consuming nations said that in recent months, oil companies and investors have canceled or postponed about $170 billion of investment equivalent to roughly two million barrels a day in future oil supply. An additional 4.2 million barrels a day in future oil-supply capacity has been delayed by at least 18 months as companies slash spending.

Full Story: Downturn Sets Up Surge in Oil Prices - Wall Street Journal

SA said it finalized an agreement to secure a $10 billion loan from China in return for a long-term supply of oil, another victory for China's new strategy of using its cash-rich banks to help secure natural resources.

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The deal, however, didn't give Chinese companies stakes in Brazilian oil fields or lucrative oil-field-service contracts, as had been expected. Beijing has struck similar agreements with energy producers world-wide in recent months, including a $10 billion deal with Kazakhstan and a $25 billion deal with Russian oil and pipeline companies.

Full Story: China Wields Credit Clout Again to Lock In Brazilian Oil - Wall Street Journal

By Margot Habiby May 19 (Bloomberg) -- Crude oil prices may fall to the mid-$40s, after failing to sustain a move above $60 a barrel lastweek, according to Citi FX technical analysts.

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Oil’s rally stalled at a six-month high of $60.08 a barrelon May 12, after rising 79 percent from a low of $33.55 threemonths earlier. It also failed to break $60 in a 4.8 percentrally yesterday. “Crude faltered at the psychological $60 level, andmomentum has turned down, suggesting the danger of a shorter-term correction,” said Tom Fitzpatrick , chief technical analystat Citi FX, part of Citigroup Capital Markets in New York, in areport co-written with London-based analyst Shyam Devani .

Full Story: Oil Stuck at $60, May Fall to Mid-$40s: Technical Analysis - Bloomberg

SUN.N ) said Tuesday thatfirefighters extinguished late Monday a fire that had hit the ethyleneplant at its 178,000 barrel-per-day refinery in Marcus Hook, Pennsylvania.

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"As of 10 p.m. (EDT) Monday, the fire had been extinguished," a Sunocoofficial said in a recorded message on the company's refinery hotline. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

Full Story: Sunoco says fire put out at Marcus Hook refinery - Reuters

Oil prices have risen above $60 a barrel on renewed hopes of a recovery in the US economy.

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US crude rose by $1.02 a barrel to $60.05, while London Brent crude was up 75 cents to $59.22 Oil prices had risen sharply on Monday amid fears that attacks on oil facilities in Nigeria could lead to shortages in oil supply. Oil has jumped from $32 a barrel in January, but it remains well below the record high of $147 touched last July.

Full Story: Oil above $60 on US economy hopes - BBC News

NEW YORK (Dow Jones)--Crude oil futures rallied back above $59 a barrel Monday, reflecting uncertainty over supply as the army battled militants in Nigeria, a heavyweight producer.

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Light, sweet crude for June delivery settled $2.69, or 4.8%, higher at $59.03 a barrel on the New York Mercantile Exchange. The contract expires Tuesday. Despite soft world demand and above-average quantities of oil parked inside storage tanks, traders looked to fighting in the oil-rich Niger Delta and drove up prices as they fretted about supply.

Full Story: OIL FUTURES: Nymex Crude Rises On Nigeria Supply Concern - Wall Street Journal

London Brent for July delivery fell 59 cents to $58.00 inits first session of trade as the new front-month contract.The U.S .

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demand this year will post the sharpest annual decline since1981 as the economy struggles to bounce back. OPEC members' compliance with production quotas fell to 78percent in April from 83 percent a month earlier. The groupmeets on May 28 in Vienna to set supply policy .

Full Story: Oil falls towards $58 on dollar, weak demand - Alibaba News Channel

WARRI, Nigeria (Reuters) - The Nigerian army said on Sunday it had freed four more foreign hostages from the western Niger Delta during an operation to flush out militants which rights groups say has displaced thousands of villagers.

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The military has used helicopters and gunboats against militant camps in the creeks around the town of Warri in recent days, its strongest show of force for months. The militants said they had retaliated by blowing up two oil and gas pipelines in the heartland of Africa's biggest energy industry but there was no independent confirmation of this.

Full Story: Nigerian army says frees more hostages in oil delta - Reuters

DEAD SEA (Zawya Dow Jones)--Jordan will Sunday sign a concession agreement with Royal Dutch Shell PLC (RDSA.LN) to explore oil from the country's vast oil shale and expects to close another gas exploration deal with BP PLC (BP) soon, the country's minister of energy said late Friday.

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"We expect Shell to spend in the region of $500 million for exploration, assessment and designs on the ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: Jordan, Royal Dutch Shell To Ink Oil Exploration Deal Sunday - Wall Street Journal

7 hours ago LAGOS, Nigeria (AP) — Nigeria's main militant group says it has destroyed two oil pipelines in the southern Niger Delta during the region's worst outbreak of violence in months.

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The Movement for the Emancipation of the Niger Delta gave no further details on the attacks in its Sunday announcement. It said two Filipino sailors kidnapped from an oil industry service boat died when the Nigerian military attacked a militant camp Friday where 15 Filipino sailors were being held.

Full Story: Nigerian militants destroy 2 oil pipelines - The Associated Press

Oil prices have shot higher in recent weeks as investors anticipate a rebound in the global economy. While many economists expect the economic rebound to be tepid at first, that has not slowed the advance in oil.

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For individual investors, the rise in oil prices means it's a good time to think about the role commodities should play in your portfolio. In the wake of the global financial crisis, commodity prices plunged. Now that the economy is starting to come off the mat, those prices have started rising. Indeed, the government reported that the U.S. trade deficit unexpectedly widened in March for the first time in eight months. The reason? The rising price and use of imported oil.

Full Story: Oil Spike Raises Portfolio Questions - Wall Street Journal

(Adds comments from rescued hostages, previous Port Harcourt) By Segun Owen WARRI, Nigeria, May 16 (Reuters) - Nigerian security forces said on Saturday they rescued 13 hostages kidnapped this week, including nine foreigners, and destroyed a key militant camp in the heart of Africa's biggest oil industry region.

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Nigeria's main militant group has declared an "all-out war" and warned oil companies to evacuate their staff in the Niger Delta following three days of heavy clashes with the military. The army said its forces, using navy gunboats and helicopters, would continue an offensive to flush militants out of the creeks after the hijacking of two oil vessels and attacks on troops in southern Delta state.

Full Story: Nigerian army frees hostages, destroys militant camp - Reuters

posted a net loss for the first quarter as a result of a significant reduction in revenue as well as an uptick in expenses.

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San Antonio-based South Texas Oil (NASDAQ: STXX) reported a net loss of $5.8 million, or 35 cents per weighted average common share, on total revenues of $613,000 for the quarter ended March 31, 2009. This compares to a net loss of $3.4 million, or 20 cents per weighted average common share, on revenues of $1.9 million for the same period a year ago. South Texas Oil also experienced an increase in general and administrative expenses between the quarters. G&A expenses totaled $2.7 million for the first quarter, compared to $1.2 million in the same period of 2008.

Full Story: South Texas Oil's quarterly revenues slide 67 percent - Bizjournals.com

U.S. stocks and oil prices turned lower on Friday on resurgent worriesfollowing the recent rally in the face of economic data that still show a mixedpicture of when economies will pull out of a deep global recession.

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The U.S. dollar and yen rose as worries persisted about global prospectsdespite better-than-expected U.S. economic news, prompting investors to seekshelter in the two currencies. Gold climbed to a six-week high after data showed U.S. core inflation rosemore than expected in April, boosting the precious metal's appeal as a hedgeagainst rising prices.

Full Story: TAKE-A-LOOK: World stocks, oil turn lower on recovery doubts - Reuters

(Adds further details.) DEAD SEA (Zawya Dow Jones)--Iraqi Vice-president Adel Abdul-Mahdi said Saturday that the country's oil ministry isn't doing enough to increase Iraq's crude oil production to boost badly needed oil export revenue for Baghdad.

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"I'm not happy with the efforts of the oil ministry to increase output," Abdul-Mahdi told reporters on the sidelines of the World Economic Forum in Jordan. "Six years have passed (since the ousting of Saddam Hussein's government in 2003) but not a single (major) contract signed," said Abdul-Mahdi who is from the strong Shiite Alliance Party that is ruling the country.

Full Story: Iraq Vice Pres: Not Doing Enough To Up Oil Output - Wall Street Journal

May 15 (Reuters) - Nigeria's main militant group has declared an "all-out war" in the creeks of the Niger Delta after a military offensive against one of its major camps in the heart of Africa's biggest oil and gas industry.

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Below are some questions and answers about how serious the escalation of violence is and what the implications might be. WHY IS THE DELTA IMPORTANT? The Niger Delta, a network of thousands of shallow creeks opening into the Gulf of Guinea, is the heartland of a 1.9 million barrels per day (bpd) oil industry which makes Nigeria the world's eighth biggest oil exporter.

Full Story: Q+A-Unrest in Nigeria's oil heartland - Reuters

NEW YORK, May 14 (Reuters) - U.S. and European stocks roseand credit spreads tightened further on Thursday as hopes thata deep global recession may have bottomed gained the upperhand.

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The U.S. dollar rose against the safe-haven yen amid amodest rise in risk appetite as investors shrugged off thelatest signs of worldwide economic weakness. U.S. crude oil prices rose back above $58 a barrel,tracking the rebound on Wall Street, although a gloomy forecastabout world energy demand by the International Energy Agencylimited gains.

Full Story: GLOBAL MARKETS-World stocks, oil rise despite weak US jobs data - Reuters

PORT HARCOURT, Nigeria, May 14 (Reuters) - Nigerianmilitants have hijacked two cargo ships in the Niger Delta andgiven oil companies until Saturday to evacuate staff, warningthey would attack helicopters and planes after the deadline.

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The Movement for the Emancipation of the Niger Delta (MEND)issued a 24-hour ultimatum on Wednesday for oil workers to leavethe region after heavy clashes with the military, but said onThursday some firms had asked they be given more time. Security sources working in Africa's largest oil and gasindustry said they were taking the militant threats seriously,but there were no plans to evacuate staff.

Full Story: Nigeria militants hijack vessels, warn oil workers - Reuters

LONDON (Dow Jones)--Crude oil futures fell in European trade Friday on renewed concerns over the global economy and the implications for crude demand.

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A larger-than-expected drop in first quarter euro-zone gross domestic product stirred worries that a recovery from the global economic slowdown has further to travel and might not be as swift as hoped, robbing the financial markets of some of the optimism that has helped prices rise in recent months. Gross domestic product shrank 2.5% on the quarter and 4.6% on the year between January and March, the biggest contraction in both measures since records began in 1995, ...

Full Story: OIL FUTURES: Crude Dn As Euro GDP Data Stirs Demand Fears - Wall Street Journal

NEW YORK (Reuters) - U.S. crude oil stocks fell unexpectedly last week, their first drop in 10 weeks, as imports decreased, the federal Energy Information Administration said in weekly data released Wednesday.

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EIA said crude inventories in the United States fell 4.7 million barrels to 370.6 million barrels in the week ended May 8, countering a 1.4-million-barrel increase forecast by analysts polled by Reuters. The surprise drop came as imports fell 1.21 million barrels per day to 8.71 million bpd. U.S. crude oil rose about $1 after the data was released to a session high of $59.90 per barrel before pulling back.

Full Story: US crude oil, gasoline stocks fall unexpectedly: EIA - Reuters

SALT LAKE CITY -- Two separate lawsuits charge the Department of Interior improperly withdrew a series of oil and gas leases in three Utah counties. Now the counties, as well as the energy companies, are taking Interior Secretary Ken Salazar to court.

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The lawsuits claim the leases were bought and paid for, then improperly withdrawn. It's ultimately a fight over environmental concerns in an area rich with natural resources. Oil and gas drilling operations are crucial for the economies in Uinta, Carbon and Duchesne counties.The counties' lawsuit cites that potential loss in the hundreds of thousands, even millions of dollars.

Full Story: 2 lawsuits filed against Interior Dept. over oil and gas leases - KSL-TV

Futures had spent most of the day in negative territory, after the International Energy Agency cut its 2009 oil demand forecast and said there is little chance of a quick recovery.

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Light, sweet crude for June delivery settled 60 cents, or 1%, higher at $58.62 a barrel on the New York Mercantile Exchange. June Brent crude on the ICE Futures exchange settled 65 cents, or 1.1%, lower at $56.69 a barrel. Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: OIL FUTURES: Crude Ends Higher Despite Weak Demand Forecast - Wall Street Journal

Baghdad finally allows exports from new Kurdish fields, but until it improves contract terms for foreign companies, its energy crisis will continue.

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HOUSTON -- Sitting on some of the largest and most unexploited oil reserves in the world, embattled Iraq continues to reel from falling production and the delay in passing a national hydrocarbons law. But at the second Iraq Oil and Gas Summit here Wednesday, petroleum industry investors were buzzing about the announcement that the Oil Ministry in Baghdad and the government of the Kurdish territory in northern Iraq had put aside their animosity and struck a deal to export 100,000 barrels of crude oil a day from the first new fields to be drilled and developed since the fall of Saddam Hussein.

Full Story: The Failure Game Of Iraqi Oil - Forbes

By CHRIS KAHN – 12 hours ago NEW YORK (AP) — Energy prices wavered after OPEC reported that member states had increased oil production for the first time since July despite a huge glut in supply.

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Benchmark crude for June delivery rose 22 cents to $59.07 a barrel Wednesay on the New York Mercantile Exchange. In London, Brent prices dropped 13 cents to $58.07 a barrel on the ICE Futures exchange. Prices for gasoline have been rising across the country and did so again overnight after the AAA reported that more Americans would hit the road this Memorial Day, the first time that has happened in four years.

Full Story: Oil, gasoline prices rise ahead of supply report - The Associated Press

Indian Express

US OIL INVENTORIES: Crude Stocks Draw, Bucking Forecast Wall Street Journal NEW YORK (Dow Jones)--US crude-oil inventories in the week ended May 8 fell for the first time since February, according to data released Wednesday by the US Department of Energy. Crude stockpiles fell by 4.7 million barrels to 370.6 million barrels, ... US crude oil, gasoline stocks fall unexpectedly: EIA Reuters Crude oil, gasoline inventories decline Forbes Oil Advances for Second Day on China's Imports, Weaker Dollar Bloomberg The Associated Press - CNNMoney.com all 1,236 news articles

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Full Story: US OIL INVENTORIES: Crude Stocks Draw, Bucking Forecast - Wall Street Journal

Oil falls, gives back earlier gains Price of crude declines as investors look past an unexpected drop in inventories to focus on Wall Street.

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NEW YORK (CNNMoney.com) -- Oil prices fell Wednesday, giving back earlier gains, as dour economic news and falling stock prices overshadowed an unexpected drop in U.S. crude supplies. Light, sweet crude for June delivery fell 83 cents to settle at $58.02 a barrel Wednesday after reaching a high of $59.90 earlier in the session.

Full Story: Oil falls, gives back earlier gains - CNNMoney.com

May 13 (Bloomberg) -- Oil rose for a second day after anindustry group reported U.S. crude stockpiles dropped for thesecond week in a row and the dollar declined.

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Oil supplies fell 3.13 million barrels to 370.7 millionlast week, the American Petroleum Institute said late yesterday.Additional support for crude prices came as the dollar fell tothe lowest level against the euro since March, bolstering demandfor commodities as an alternative investment. “We saw some gains in the price in reaction to the APIdecrease,” said Ken Hasegawa, a commodity derivative salesmanager at brokers Newedge in Tokyo. “$60 is the mainresistance so it may be tough to go higher.” Crude oil for June delivery rose as much as $1.05, or1.8 percent, to $59.90 a barrel, and traded at $59.63 on the NewYork Mercantile Exchange at 3:31 p.m. in Singapore. Yesterday,it climbed as much as 2.7 percent to $60.08 a barrel beforeclosing at $58.85, the highest settlement since Nov. 11.

Full Story: Oil Gains for Second Day on API Stockpile Drop, Weaker Dollar - Bloomberg

NEW YORK (Dow Jones)--Crude oil futures settled at a six-month high Tuesday in anticipation of higher summer gasoline demand.

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Light, sweet crude for June delivery settled 35 cents, or 0.6%, higher at $58.85 a barrel on the New York Mercantile Exchange. June Brent crude on the ICE futures exchange settled 46 cents, or 0.8%, higher at $57.94 a barrel. The approach of summer, which is normally accompanied by a surge in gasoline demand, briefly lifted crude futures above $60 a barrel Tuesday, for the first time since Nov. 11. The price reflects an ...

Full Story: OIL FUTURES: Crude Ends Slightly Higher After Touching $60/Bbl - Wall Street Journal

SINGAPORE (Dow Jones)--Crude oil futures lost ground Tuesday in Asia as traders turned cautious about buying into the recent rally, with fundamentals staying soft.

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Weekly U.S. government oil data due Wednesday is expected to show a further increase in the country's crude stockpiles, which are already at their highest levels since 1990. Later Tuesday, the federal Energy Information Administration will release its monthly Short-Term Energy Outlook, potentially offering fresh estimates of global oil demand.

Full Story: OIL FUTURES: Nymex Crude Down On Caution Before EIA Reports - Wall Street Journal

By Mark Shenk May 11 (Bloomberg) -- Crude oil fell on speculation thatlast week’s 10 percent advance will be undone as U.S.inventories climb and fuel consumption declines.

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Oil followed equity markets lower today, reversing gainsmade last week after the U.S. economy lost fewer jobs thanexpected. Crude inventories rose to the highest since 1990 inthe week ended May 1 as fuel consumption tumbled, an EnergyDepartment report showed on May 6. “With stock markets down, it’s hard to argue that theeconomy is getting better,” said Peter Beutel , president ofCameron Hanover Inc., an energy consulting company in NewCanaan, Connecticut. “Last week’s supply and demand numberspoint to lower prices.” Crude oil for June delivery fell 13 cents to settle at$58.50 a barrel at 2:49 p.m. on the New York MercantileExchange. The contract dropped as much as $1.85, or 3.2 percent,to $56.78 today. Prices are up 31 percent this year.

Full Story: Crude Oil Falls on Higher US Stockpiles, Lower Fuel Demand - Bloomberg

SINGAPORE (Dow Jones)--Crude oil futures lost ground Monday in Asia as traders opted to take profit amid a lack of upside leadership from regional equities.

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Sentiment remained cautious despite the recent run-up in oil and share prices, as concerns over the health of the global economy lingered amid steep job losses and bloated crude inventories in key markets. "We continue to worry about demand in oil markets," said Peter Beutel, president at trading advisory firm Cameron Hanover.

Full Story: OIL FUTURES: Nymex Crude Down On Profit Taking; Econ Unease - Wall Street Journal

DUBAI (Zawya Dow Jones)--Oil-rich Middle East sovereign wealth funds can play an important role in stabilizing regional economies amid the global financial crisis, the International Monetary Fund said Sunday.

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"In times of financial stress in the domestic economy, SWFs domestic investments may temporarily deviate from pure profit maximization to support ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: IMF:Oil-Rich Gulf swfs Invest At Home Amid Global Econ Crisis - Wall Street Journal

11 hours ago CARACAS (AFP) — Venezuelan unions estimated that nearly 22,000 oil contractors stand to lose their jobs after President Hugo Chavez's government seized the assets of 60 local and foreign-owned oil firms.

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"This law does not benefit us," Bernardino Chirinos, leader of the Union of Oil Workers in the western state of Zulia, told El Nacional newspaper. "There are 35,000 workers on the east coast (of Zulia state) and only 8,000 will be absorbed. There are 22,000 workers without guarantees." Venezuela, the Americas' largest oil exporter, began Friday to expropriate some oil service providers, a day after the National Assembly passed a law extending the state's control to all activities related to the oil industry.

Full Story: Venezuela oil takeovers may leave 22000 jobless - AFP

Venezuelan President Hugo Chavez announced the seizures Friday, saying they were authorized under a law passed Thursday by the National Assembly.

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Among the firms whose assets were taken is Oklahoma-based Williams Companies, which said the government took control of two natural gas facilities. The company said it is seeking repayment of millions of dollars in services fees owed by state-run companies in Venezuela. The takeovers come as Venezuela's state oil company, PDVSA, tries to renegotiate contracts with foreign and domestic oil companies in a bid to lower costs.   PDVSA has accumulated billions of dollars of debt with contractors as oil prices fall, shrinking government revenue. Foreign companies such as the Texas-based Boots & Coots International Well Control had suspended work over delayed payments.   Under the new law, PDVSA will be able to run service companies that conduct a range of operations in the oil-rich Lake Maracaibo area.

Full Story: Venezuela Seizes Assets of 60 Oil Services Companies - Voice of America

Straits Times

Crude oil futures little changed after jobs data MarketWatch By Nick Godt NEW YORK (MarketWatch) -- Crude oil futures remained higher on Friday, but didn't add on to early gains, after the Labor Department said the US economy lost 539000 jobs in April, less than economists expected. Crude oil for June delivery ... OIL FUTURES: Crude Up On Dollar; Caution Before US Jobs Data Wall Street Journal Oil climbs above $58 CNNMoney.com Crude oil prices rise Friday United Press International MarketWatch - MarketWatch all 1,869 news articles

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Full Story: Crude oil futures little changed after jobs data - MarketWatch

By Matthew Walter and Daniel Cancel May 9 (Bloomberg) -- Venezuelan President Hugo Chavez ’sseizure of assets at 60 oilfield service companies threatens toreduce the OPEC-member country’s output.

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Reeling from a 60 percent plunge in oil prices since July,Venezuela stopped paying some of its service providers lastyear, prompting many to idle drilling rigs. The seizures maydiscourage bidders as Petroleos de Venezuela SA, known as PDVSA,prepares to auction rights this year for the so-called Caraboboblocks, Venezuela’s biggest offer of oil reserves on record. Williams Cos. that providedservices such as water and gas compression and shuttles foroffshore oil workers. Chavez alleged the targeted companies wereovercharging PDVSA and exploiting employees.

Full Story: Chavez's Oil Seizures May Cause 'Substantial' Output Decline - Bloomberg

May 8 (Bloomberg) -- Crude oil rose to the highest levelsince November after a report showed that the U.S. cut fewerjobs than forecast in April, a signal that the worst of therecession has passed and fuel demand may rebound.

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Oil prices gained 10 percent this week as reports on U.S.home sales and manufacturing in China boosted optimism about theeconomy and after U.S. crude-oil supplies climbed less thanforecast. Payrolls fell by 539,000, after a 699,000 loss inMarch, the Labor Department said today in Washington. A loss of600,000 jobs was forecast in a Bloomberg News survey. “Clearly, the better-than-expected jobs number supportsthe recent rally that’s been based on early signs of an economicrecovery,” said John Kilduff , senior vice president of energyat MF Global Inc. in New York. “There is a natural skepticismthat comes with this rally because the fundamentals of the oilmarket are so poor.” Crude oil for June delivery rose $1.92, or 3.4 percent, to$58.63 a barrel at 2:59 p.m. on the New York MercantileExchange, the highest settlement since Nov. 11. Futures had thelargest weekly gain since the week ended March 20.

Full Story: Oil Rises to Highest Since November as US Job Losses Slow - Bloomberg

Xinhua

Oil rises as inventories gain less than expected MarketWatch - Moming Zhou By Moming Zhou NEW YORK (MarketWatch) -- Crude-oil futures rose Wednesday after government data showed US crude inventories rose less than expected last week. Crude inventories increased by 600000 barrels in the week ended May 1, the Energy Information ... OIL FUTURES: Nymex Crude Slips Before EIA Data; Econ Caution Wall Street Journal Oil prices jump to high for the year The Associated Press Crude Oil Rises Above $56 on Smaller-Than-Forecast Supply Gain Bloomberg CNNMoney.com - MarketWatch all 1,123 news articles

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Full Story: Oil rises as inventories gain less than expected - MarketWatch

By Grant Smith May 6 (Bloomberg) -- Crude oil rose after the AmericanPetroleum Institute said stockpiles of crude and gasoline felllast week in the U.S., the world’s largest energy consumer.

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U.S. crude inventories dropped by 1 million barrels, andgasoline declined by 2.9 million barrels, the industry-fundedAPI said after floor trading closed yesterday. The U.S. EnergyDepartment will release its report on supplies later today. “The API draws of crude and gasoline could be a driver,”said Harry Tchilinguirian , senior oil market analyst at BNPParibas SA in London. “There has to be a resolution to thelarge inventory overhang before the market can move durablyhigher. The current economic situation remains one ofcontraction.” Crude oil for June delivery rose as much as 1.1 percent to$54.44 a barrel in electronic trading on the New York MercantileExchange. It traded at $54.18 as of 1:08 p.m. London time.Yesterday, the contract dropped 63 cents to settle at $53.84 abarrel. Oil is up 22 percent this year.

Full Story: Oil Rises After API Says Crude, Gasoline Inventories Contracted - Bloomberg

NEW YORK (MarketWatch) -- Crude-oil futures fell Tuesday for the first session in five, pulling back from their highest level in more than five months on expectations that U.S. crude inventories have risen from their 19-year high last week.

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The Energy Information Administration is scheduled to release the latest U.S. petroleum inventories Wednesday. Analysts surveyed by Platts expect a buildup of 2.2 million barrels. Limiting crude's losses, Federal Reserve Chairman Ben Bernanke said the U.S. economy is bottoming out. "While economic indicators are continuing to look less bad, oil fundamentals are still looking far from rosy," said Nimit Khamar, an analyst at Sucden Financial Research, in a note. "The fact remains there is still a large amount of crude inventories around and oil demand is continuing to fall." Crude for June delivery ended down 63 cents, or 1.2%, at $53.84 a barrel on the New York Mercantile Exchange. Oil had closed at the highest level since Nov. 24 on Monday on economic recovery hopes.

Full Story: Oil falls first day in five on inventories expectations - MarketWatch

By Mark Shenk May 5 (Bloomberg) -- Crude oil fell from a five-month highon speculation a government report will show that U.S. suppliesclimbed to the highest level in more than 18 years.

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The Energy Department tomorrow will probably say thatcrude-oil inventories increased 2.5 million barrels last week,according to a Bloomberg News survey. Prices surged yesterday asthe Standard & Poor’s 500 Index gained 3.4 percent and pendingsales of existing U.S. homes jumped. “Prices fell on expectations that we are going to seeanother inventory build and because the stock market has moved alittle lower today,” said Phil Flynn , senior trader at AlaronTrading Corp. in Chicago. “We did reach a new high for the yeartoday but were unable to break through $55, which is a sign ofweakness.” Crude oil for June delivery fell 63 cents, or 1.2 percent,to settle at $53.84 a barrel at 2:49 p.m. on the New YorkMercantile Exchange. Futures touched $54.83, the highest sinceNov. 28. Oil is up 21 percent this year.

Full Story: Crude Oil Falls on Speculation US Supplies Climbed Last Week - Bloomberg

By Grant Smith May 5 (Bloomberg) -- Crude oil traded little changed beforea U.S. government report forecast to show that crude inventoriesclimbed from the highest level since September 1990.

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Crude oil stockpiles increased 2.55 million barrels in theweek ended May 1 from 374.7 million the previous week, accordingto the median of six estimates by analysts before an EnergyDepartment report tomorrow. “It weighs on prices when you have this amount ofinventories weighing on the market,” Ed Morse , head of economicresearch at LCM Commodities LLC, said in Doha, where he wasattending a conference. “Commercial inventories are expected tocontinue to build through the second quarter.” Crude oil for June delivery was at $54.25 a barrel, down 22cents, at 10:46 a.m. London time in electronic trading on theNew York Mercantile Exchange, after declining as much as 77cents, or 1.4 percent, to $53.70 a barrel. Oil is up 21 percentthis year.

Full Story: Crude Oil Falls on Speculation US Stockpiles Have Increased - Bloomberg

By JOHN PORRETTO – 11 hours ago HOUSTON (AP) — Energy companies are venturing deeper into the Gulf of Mexico as they explore for and produce new sources of crude and natural gas, a new government report shows.

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The number of production projects operating in depths greater than 1,000 feet rose 8 percent last year to 141, according to the report released Monday by the Interior Department's Minerals Management Service, which oversees U.S. offshore activity. The MMS pegs any project at 1,000 feet or greater as "deepwater," but increasingly companies are moving into 5,000-foot depths or more. Those are classified as "ultra-deepwater." For example, of the 15 deepwater discoveries made by exploratory drilling last year, the MMS said five were in waters deeper than 5,000 feet. Murphy Oil Corp. led the way with a find at 9,975 feet.

Full Story: Oil companies head to deeper Gulf waters - The Associated Press

NEW YORK (Dow Jones)--Crude futures closed Monday at a new high for the year, as oil traders looked to surging stock markets for a portent of stronger demand.

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Light, sweet crude for June delivery settled at $54.47 a barrel, up $1.27, or 2.4%, on the New York Mercantile Exchange, the highest closing price since Nov. 24, 2008. Brent crude on the ICE Futures exchange settled $1.73 higher at $54.58 a barrel. U.S. stocks shot higher across the board on signs of an economic recovery, including reports of increased construction ...

Full Story: OIL FUTURES: Crude Settles At '09 High On Demand Optimism - Wall Street Journal

LONDON (Dow Jones)--Crude oil futures edged lower Monday as profit taking kicked in after a jump of 4% Friday, and lingering concerns over weak global demand also triggered some selling.

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But the further downside in crude futures may still be limited in the short term, partly due to the support of the weak U.S. dollar and the strength in equity markets. "Crude remains well supported," despite the bearish fundamentals across the energy complex stemming from a weak demand and some crude stocks increasing on a weekly basis, Marius Paun and Glen Ward of ODL Securities said in a research note, ...

Full Story: OIL FUTURES: Oil Edges Dn On Pft-Taking; Downside Seen Small - Wall Street Journal

By Ben Sharples and Christian Schmollinger May 4 (Bloomberg) -- Crude oil traded near a five-week highas gains in the stock market increased optimism that the globaleconomy is recovering.

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Oil rose last week as an improvement in U.S. consumerconfidence raised expectations fuel demand will increase. Asianequities climbed today on a report that manufacturing in China,the world’s second-largest crude user, had gained for the firsttime in nine months. “The market is very much ignoring the current negativesupply fundamentals and looking to derive positive demandfundamentals from equity market performances,” said MarkPervan, a senior commodity strategist at Australia and NewZealand Banking Group Ltd. in Melbourne.

Full Story: Crude Oil Trades Near Five-Week High on Gains in Stock Markets - Bloomberg

Iraq's April oil exports rise to 1.821 mln bpd Reuters UK, UK - Tim Cocks, Hans Peters BAGHDAD, May 3 (Reuters) - Iraq's monthly oil exports rose slightly in April to 1.821 million barrels per day, from 1.815 million bpd in March, a senior oil industry official told Reuters on Sunday, adding that the price was $47 per barrel. ...

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Full Story: Iraq's April oil exports rise to 1.821 mln bpd - Reuters UK

Oil prices rose on Friday on a more upbeat U.S. economic news while U.S.stocks closed higher as rising optimism the worst of a deep recession may beover offset selling pressure caused by investors locking in strong gains inApril.

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The U.S. dollar and yen fell as the data lifted risk appetite and pareddemand for both currencies as a refuge for safety against the global slowdown.The data knocked down U.S. government bond prices, sending yields to new5-month highs. MSCI's all-countries index .MIWD00000PUS for the eighth straight week, asdid the tech-heavy Nasdaq, its longest streak since December 1999.

Full Story: TAKE-A-LOOK: Oil, global stocks gain on improving sentiment - Reuters

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CORRECT:Brazil Petrobras, Partners Start Tests At Tupi Oil Field Wall Street Journal (In the story "Brazil Petrobras, Partners Start Tests At Tupi Oil Field", published at 9:16 am EDT, the name of the floating production, storage and offloading vessel was misstated. A correct version follows.) RIO DE JANEIRO (Dow Jones)--Brazilian ... BG, Petrobras, Galp Start Commercial Oil Output at Tupi Field Bloomberg FACTBOX-Brazil's Petrobras draws first oil from Tupi field Reuters UK Brazil Stocks Open Higher On Rate Cut, Oil Enthusiasm Wall Street Journal Bloomberg - Wall Street Journal all 112 news articles

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Full Story: CORRECT:Brazil Petrobras, Partners Start Tests At Tupi Oil Field - Wall Street Journal

May 1 (Bloomberg) -- Crude oil rose to a five-week high asU.S. consumer confidence improved and manufacturing shrank atthe slowest pace in seven months, signaling that the recessionmay end later this year.

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Oil gained 4.1 percent after a report showed thatconfidence in April climbed to its highest level since beforethe collapse of credit late last year. Factory orders andproduction are steadying after plunging last year as companiescut stockpiles. Prices were down earlier as U.S. supplies roseto the highest since 1990 and fuel demand dropped . “Like a lot of markets we are rising on hope,” said TimEvans , an energy analyst with Citi Futures Perspective in NewYork. “Some people think that the rise in consumer confidencewill result in increased petroleum demand.” Crude oil for June delivery climbed $2.08 to $53.20 abarrel at 2:55 p.m. on the New York Mercantile Exchange, thehighest settlement since March 26. Prices are up 3.2 percentthis week and 19 percent this year.

Full Story: Oil Rises to a Five-Week High as Consumer Confidence Improves - Bloomberg

NEW YORK (MarketWatch) -- Big oil cast a watchful eye on its massive cash hoard in the wake of sharply lower first-quarter earnings reported in recent days, as last year's boom of $100 crude sharply gave way to lower demand and depressed prices.

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While big oil's collective balance sheet remains as bullet proof as ever, the tidal wave of fresh cash has ebbed considerably for now. , ) even in the midst of a recession, big cap names from the energy sector find themselves adjusting their biggest of big ticket items.

Full Story: Big oil profits fall by 66%, cash holdings at $50 billion - MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures rose Friday for a third session, heading for their second weekly gain as hopes that the worst of the global recession might be over outweighed an excessive buildup in crude inventories.

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Crude for June delivery was last up 98 cents, or 1.9%, to $52.10 a barrel on the New York Mercantile Exchange. For the week, oil has gained more than 1%, including a Thursday advance on the back of a drop in U.S. jobless claims. "Market participants are taking solace from any optimistic signs the economy shows," said Michael Fitzpatrick, an analyst at MF Global. However, "we are more convinced than ever that the market is being set up for a short sharp reversal lower, perhaps to $40." Crude oil ended April's trading up 2.9%, despite excessive buildup in U.S. inventories. Government data showed Wednesday that U.S. crude inventories rose 4.1 million barrels to stand at 374.7 million barrels -- the highest level since September 1990.

Full Story: Oil rises on economic hopes; poised for second weekly gain - MarketWatch