June 2009 Archives

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

Iraq will this week unveil which foreign firms have won contracts to develop its oil and gas fields, nearly four decades after Saddam Hussein nationalised the country's energy infrastructure.

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The deals, likely to be announced live on television on June 29 and 30, will provide the government with much-needed revenue as it struggles to rebuild the country after three wars and 20 years of debilitating economic sanctions. Thirty-one companies have submitted bids to develop six giant oil fields and two gas fields. The oil deposits, holding known reserves of 43 billion barrels of crude, are in southern and northern Iraq while the gas concessions are west and northeast of Baghdad.

Full Story: Iraq to open up oil fields for first time in four decades - WA today

BAGHDAD (Reuters) - Under the watchful eye of a guard in army fatigues -- with badges depicting a dagger through a skull -- the meeting of the Iraqi private banks association was like any gathering of mostly fat and balding money men.

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Observed by the guard clutching a rifle in the corner, men in suits argued about how to encourage growth in Iraq's long-moribund finance sector, where the "green shoots" of security have drawn bankers out from behind the barricades. "The security now is better than one or two years ago ... I go out as an Iraqi citizen because I'm proud of my country, regardless of bombs or terrorism," said Abdul-Hussein al-Rabaie of Iraq's Al-Bilad Islamic Bank for Investment and Finance.

Full Story: Banking on security in Baghdad - Reuters

By MARK WILLIAMS – 2 days ago After running up every day for nearly two straight months, gasoline prices have fallen this week — as they typically do a little before or after the Fourth of July holiday.

With the economy weak, analysts say prices should remain stable for the rest of the summer, barring a major hurricane, geopolitical events, a collapse in the dollar or some other development that could push oil prices higher.

Here are some questions and answers about what to watch for with gas prices in the coming months.

Q: Are we sure prices at the pump are done going up? A: Since gas prices peaked at $2.693 a gallon on Sunday — after going up for 54 straight days — they have fallen 3.5 cents to $2.658 a gallon on Friday, according to auto club AAA.

Full Story: Meltdown 101: Have gas prices peaked for summer? - The Associated Press

NEW YORK -(Dow Jones)- The number of rigs drilling for oil and natural gas inthe U.S. rose in the week ended June 26 , marking the second increase in the rigcount since April.

The number of oil and gas rigs rose to 917, up 18 rigs from the previous week,according to rig data from oil-field services company Baker Hughes Inc (BHI).The number of gas rigs fell by five rigs to 687 from last week, while the oilrig count rose 23 rigs to 219. The number of miscellaneous rigs remained flat at11 rigs.

A glut of inventory has beleaguered the natural gas industry amid slumpingdemand from industrial consumers. The lack of severe weather such as hurricaneshas also caused supply to outstrip demand, causing prices to remain depressed.

Traders and analysts have been waiting for the decline in rig count over thepast several months to cut into the stockpile of gas and in turn boost gasprices.

Full Story: Baker Hughes: US Oil Gas Rig Count Rises 18 To 917 This Week - CNNMoney.com

BAGHDAD, June 26 (Reuters) - The prime minister of Iraq'slargely autonomous Kurdistan region condemned on Friday plans bythe Oil Ministry to auction six fields in a June 29-30 tenderfor service contracts, saying they violated the constitution.

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A row between Kurds and the central government in Baghdadover control of Iraq's oil reserves, the world's third biggest,often sees them refusing to recognise each other's dealings withforeign firms. The dispute is part of a wider struggle over power and landthat analysts say is the greatest long-term threat to Iraq'sstability as the United States plans to withdraw combat forcesfrom Iraq by the end of August 2010.

Full Story: Kurdistan prime minister rejects Iraq oil auctions - Reuters

NEW YORK (Dow Jones)--Crude oil futures settled below $70 a barrel Friday, under pressure from weak equities and concerns over sluggish oil demand.

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Light, sweet crude for August delivery settled $1.07, or 1.5%, lower, at $69.16 a barrel on the New York Mercantile Exchange. August Brent crude on the ICE futures exchange settled 86 cents, or 1.2% lower ... 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 Settles Below $70 On Weak Equities - Wall Street Journal

NEW YORK (Dow Jones)--Crude futures shed modest early gains and turned weaker near $70 a barrel early Friday in sympathy with equities.

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Nymex light, sweet crude for August delivery hit an overnight high of $79.21 a barrel, but ... 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 Turns Weak Near $70/Bbl, Eyes Equities - Wall Street Journal

LONDON (Dow Jones)--Crude oil futures were broadly steady Friday in London, supported by positive equities and a weaker dollar.

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"A sharp rebound in the equity markets has definitely restored some optimism regarding the global demand which easily spilled over into energy complex," said Marius Paun, a broker at ODL Securities in London. At 1154 GMT, the front-month August Brent contract on London's ICE futures exchange was down $0.05 at $69.73 a barrel.

Full Story: OIL FUTURES: Crude Steady; Supported By Equities, Dollar - Wall Street Journal

California’s budget troubles are not going away.  Moody’s Investor Services warned the Golden State it faces a “multi-notch” downgrade to its credit rating if the legislature does not produce a budget that closes the $24.3 billion deficit.  The state’s current A2 rating is the lowest rating for any state’s general obligation bonds.

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China is going all over the world to lock up supplies of key commodities.  This is just the latest example of the Chi-coms flexing their capitalist muscles.  It is not a level playing field, our laws require companies to only do business with certain countries, and cannot pay bribes.  China goes anywhere, ignoring human rights, and plays by no rules except “Do the deal”. Durable goods orders were up in May for the second straight month.  Orders for non-defense capital goods jumped 4.8%.  This was the biggest jump since September 2004.  These two good economic indicators set an optimistic tone for the market this morning.  New home sales fell, but investors seemed to ignore it, until the FOMC announced they were going to leave rates at 0.00 to 0.25%.

Full Story: California Dreamin' & Crude Oil - Seeking Alpha

The Money Times

OIL FUTURES: Crude Up After OECD Forecast, Nigeria Concerns Wall Street Journal "Oil has been trading sideways for a bit, but is staying up in price," said Mike Sander, investment adviser at Sander Capital Advisors, ... Economic Trends Looking Better For ConsumersConsumer Affairs Gasoline price-setting process complicatedMU The Parthenon Real-time Monetary Inflation (per annum): 8.3%Green Faucet Global Market Commentaries guardian.co.uk -bunkerworld (subscription) -BusinessWeek all 917 news articles »

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Full Story: OIL FUTURES: Crude Up After OECD Forecast, Nigeria Concerns - Wall Street Journal

MAJOR HIGHLIGHTS Nigerian rebel group said yesterday that they have carried out a pre-dawn attack against Royal Dutch Shell facilities in a warning to Russia not to invest in the country's oil and gas industry.

According to OPEC, the sabotage campaign in Nigeria by militant group can reduce Nigeria’s oil production to 1.3 to 1.4 million bpd from 1.8 million bps in Q1 2009.

As per US energy department natural gas inventory rose by 94Bcf against the expected increase of 104Bcf.

MARKET RECAP Crude Oil prices rose to one week high yesterday, after militants attacked a key pipeline in Nigeria, raising concerns over oil supply from the region. Weak dollar against major currencies also supported oil gains. NYMEX August Crude Oil futures traded higher by 2.27% to close at $68.67 per barrel, the highest closing since 18th June.

Full Story: Crude Oil: Rises on Nigeria news, outlook positive - Commodity Online

BBC News

Oil, Gasoline Surge After Attack on Shell Pipeline in Nigeria Bloomberg June 25 (Bloomberg) -- Crude oil climbed above $70 a barrel and gasoline rose after militants attacked a Royal Dutch Shell Plc pipeline ... Is The Recent Rise In Oil A Head Fake?Seeking Alpha Why Nigerian militants becoming more daring against foreign oil ...Xinhua Nigerian Militants Claim Attack on 3 Shell Oil FacilitiesVoice of America AllAfrica.com -NEXT -Reuters all 634 news articles »

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Full Story: Oil, Gasoline Surge After Attack on Shell Pipeline in Nigeria - Bloomberg

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major oil discovery in early May 2009 with an estimated oil-in-place of 2.3-4.2 billion barrels. US dollar and its holdings of US treasuries. There are a lot of signs that China is channeling its gigantic foreign currency reserves into commodities through overseas acquisitions.

Full Story: Iraqi Kurdistan: One of the World's Most Coveted Oil Fields - Seeking Alpha

LONDON (Dow Jones)--Crude oil futures edged lower Tuesday amid ongoing doubts over the pace of economic recovery, although a weaker dollar and steady European equity markets helped limit falls.

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Participants were also wary that U.S. inventory readings due Tuesday and Wednesday could show that gasoline stocks built again last week, confirming fears that U.S. summer gasoline demand will fall short of earlier expectations. Having struggled to advance beyond its seven-month highs above $73 a barrel earlier this month, more market participants are now predicting crude could undergo a correction having outpaced near-term fundamentals.

Full Story: OIL FUTURES: Crude Steady With Equities; Stockpiles Eyed - Wall Street Journal

By Yee Kai Pin June 23 (Bloomberg) -- Crude oil fell in New York for athird day as equity markets declined on speculation fuel demandwill weaken further amid the global recession.

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Oil sank below $67 a barrel as the MSCI Asia Pacific Index fell the most in almost six weeks, after U.S. and European sharemarkets declined yesterday. The dollar gained against the eurofor a second day, limiting the appeal of commodities as a hedgeagainst inflation. “It is too early to proclaim a rout, and the bulls mayrally, but the oil bears are in a better position for a decisivevictory now than they have been at any time in 2009,” PeterBeutel , president at trading advisory firm Cameron Hanover inNew Canaan, Connecticut, said today in a note to clients.

Full Story: Crude Oil Falls on World Bank Forecast for a Deeper Recession - Bloomberg

NEW YORK -- Crude futures dropped below $67 a barrel on Monday, dragged down by a selloff in gasoline and growing fears about the global economic outlook.

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Light, sweet crude for July delivery, which expires at settlement, recently fell $2.89, or 4.2%, to $66.66 a barrel -- the lowest intraday level in more than two weeks -- on the New York Mercantile Exchange. Oil for August delivery, the more-actively traded contract, was down $2.86 to $67.16. Brent crude on the ICE futures exchange fell $2.57 to $66.62 ... NEW YORK -- Crude futures dropped below $67 a barrel on Monday, dragged down by a selloff in gasoline and growing fears about the global economic outlook.

Full Story: Oil Prices Fall Below $67 a Barrel - Wall Street Journal

SINGAPORE (Dow Jones)--Crude prices in Asia slipped Monday, tracking a firmer U.S. dollar and weaker commodities prices, but still lacked overall direction as traders reassessed whether oil was headed for a new rally or a correction.

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"While we would like to see in Friday's selloff the beginnings of something larger, the relative strength in crude oil prices leaves the bulls with ... 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 Slips In Asia On Firmer US Dlr - Analysts - Wall Street Journal

(CNN) -- Three attacks were made on Royal Dutch Shell oil facilities in Nigeria on Sunday, according to a company spokesman who said details were not immediately available.

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The attacks were against pipelines in the eastern part of the Niger Delta in Nigeria, said the spokesman, Rainer Winzenried. The attacks happened in remote areas, making investigations difficult, he said, adding that the company would not send in investigators until it was certain the area was secure. It was not known whether there were any casualties, he said.

Full Story: Oil pipelines in Nigeria attacked, company says - CNN International

By MARK WILLIAMS – 1 hour ago COLUMBUS, Ohio (AP) — After rising nearly every day for the past two months and climbing 67 percent so far this year, it looks like gasoline prices may be ready to take a break.

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Gas prices were up for a 54th straight day Sunday, by 0.1 cents, to a new national average of $2.693 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. The recent run-up exceeds anything that oil analysts say they have seen since the 1970s. But the streak should end Monday or Tuesday, Tom Kloza, publisher and chief oil analyst for OPIS, said Sunday.

Full Story: Upward tick in gas prices may be coming to an end - The Associated Press

refinery in Lincolnshire. Sacked workers plan a public burning of dismissal letters from the Total oil company, whose £200m project has been dogged by disputes over foreign labour and alleged breaches of national agreements.

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None of the 647 steel erectors, platers and welders plan to meet the company's demand that they formally reapply for their jobs as a condition of talks starting. Total was due to meet the GMB and Unite unions and the Advisory, Conciliation and Arbitration Service on Friday but withdrew after four hours of preliminary discussions. Both unions pressed for talks to start tomorrow and warned that sympathy action was likely to spread through the sector. Last week there were walkouts by builders at 17 power stations, refineries and other energy building sites from Yorkshire to south Wales.

Full Story: More strikes ahead at power plants as oil refinery row rumbles on - guardian.co.uk

Nigeria's main militant group said Sunday it sabotaged three more oil facilities in the restive Niger Delta in response to a military offensive begun last in the region.

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The Movement for the Emancipation of the Niger Delta, or MEND, said in a statement e-mailed to journalists that the group had destroyed two Royal Dutch Shell oil pipelines in Rivers state. It is the first attack by militants in the eastern delta since MEND launched its latest campaign of sabotage. MEND said it also attacked a Shell offshore facility on Sunday. A Shell official has confirmed the attack on two Shell oil pipelines in Rivers state but denied that its offshore facility had also been targeted.

Full Story: Nigerian Militants Claim Attack on 3 Shell Oil Facilities - Voice of America

By PABLO GORONDI – 1 day ago Oil prices rose to $72 a barrel on Friday amid concerns that massive U.S. fiscal spending will spark inflation down the road, making oil and other commodities attractive investment alternatives.

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Benchmark crude for July delivery rose 77 cents to $72.14 a barrel by mid-afternoon in Europe in electronic trading on the New York Mercantile Exchange. On Thursday, it rose 34 cents to settle at $71.37. After hitting an eight-month high of $73.23 on June 11, oil has lingered above $70 a barrel this week on investor optimism that the global economy is stabilizing from a severe slowdown.

Full Story: Oil rises to $72 as investors eye inflation - The Associated Press

June 19 (Bloomberg) -- Royal Dutch Shell Plc , Europe’slargest oil company, made a natural gas discovery at a recorddepth in the northern Norwegian Sea that may equal the size ofNorway’s annual production of the fuel.

The find was made in the Gro prospect 360 kilometers (224miles) offshore Broennoeysund in Nordland and is estimated tohold 10 to 100 billion standard cubic meters of recoverable gas,the Norwegian Petroleum Directorate said today. The country hadnet gas output of 99 billion cubic meters last year.

“It’s a significant find for the Norwegian Sea,” Shellspokesman David Williams said by phone from The Hague. “We’veonly got one well, one point of data, so there’s not enough datato be specific. We’ll continue to reassess the data and planwhat we’re going to do as quickly as possible.” The find may the biggest since Ormen Lange in 1997. Norway,the world’s fifth-largest oil exporter and second-biggest gassupplier, is boosting gas output to make up for dwindling crudeproduction after 40 years of pumping oil. The country is openingmore of its unexplored northern waters to drilling in areas suchas the Norwegian Sea.

Westward Development Shell, operator of the prospect, made the find in awildcat well at a depth of 1,376 meters (4,515 feet), thegreatest water depth ever in Norway, the directorate said.Wildcat wells are drilled in zones not known to be productive.

Full Story: Shell Gas Find in Norway May Be Biggest in 12 Years - Bloomberg

The price of gasoline is still going up, just not as fast as in recent weeks. The national average price of self-serve regular is $2.69 a gallon, up a nickel from last Friday, according to AAA.

The average price of gas was $2.33 a gallon a month ago, and is up 60 percent since the beginning of 2009, according to AAA.

California remains the only state where average gas prices have risen back over $3 a gallon. The California average price crossed that threshold Monday. Today the California average is $3.025 a gallon.

The most expensive gasoline in California is found in the San Francisco area, where the average price is $3.102 a gallon. The least expensive gas in the state is in Yuba City, where today's average price is $2.945.

Full Story: Gas Prices Up a Nickel In Last Week - Consumer Affairs

The U.S. oil and gas industry’s costs of finding resources rose 35 percent last year amid the wild rise and fall in commodity prices, an Ernst & Young study released Thursday showed.

The three-year average cost per barrel of oil equivalent, excluding acquisitions of proved reserves, was $27.22. But in 2008 that spiked to $51.96.

“This validates that finding oil and gas reserves is very, very expensive,” said Marcela Donadio, oil and gas sector leader for the Americas. She noted that cost also demonstrates why some companies have delayed final investment decisions on costly expansions or new projects, such as those in Canada’s oil sands or deep-water exploration.

The study examined U.S. exploration and production results for 40 companies from 2004 through last year. The companies, which include oil majors as well as large and small to midsize independents, collectively hold 70  percent of U.S. oil reserves and 61 percent of U.S. natural gas reserves.

Full Story: Expense of finding oil and natural gas jumps - Houston Chronicle

Junk food appeals to our primal instincts: It is a cheap way of loading up on calories.

Right now, natural gas is the energy world's junk food. Burning a barrel of oil releases about 5.8 million British thermal units of energy. In theory, therefore, the price of oil, measured in barrels, should be roughly six times that of natural gas, which is priced per million BTUs.

Since 1994, the average has been 8.6 times. Today, with spot natural gas costing about $4 per million BTUs, it is almost 18 times.

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Full Story: Investors Shouldn't Gorge on Natural Gas - Wall Street Journal

HOUSTON -- The number of rigs actively exploring for oil and natural gas in the United States rose by 23 this week to 899, the second time this year the weekly count has increased.

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Of the rigs running nationwide, 692 were exploring for natural gas and 196 for oil, Houston-based Baker Hughes Inc. The only other time this year the count increased was the first week of April. A year ago, the rig count stood at 1,906. 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 rises by 23 - Forbes

HOUSTON (Dow Jones)--The number of rigs drilling for oil and natural gas climbed this week, marking the first increase in the U.S. rig count since April.

The number of oil and gas rigs climbed to 899, up 23 from the previous week, according to data from oil-field services company Baker Hughes Inc (BHI). The number of gas rigs was 692 - an increase of seven ...

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Full Story: Baker Hughes:US Oil,Gas Rig Count Up 23 To 899 This Wk - Wall Street Journal

Gold and silver futures finished slightly mixed Friday while continuing their recent consolidation on a day when the dollar and crude oil both fell, sending the metals conflicting signals.

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August gold rose $1.60 to $936.20 an ounce on the Comex division of the New York Mercantile Exchange. July silver fell 4 cents to $14.20. Gold has been confined to a range of less than $20 over the past five trading days - much less than volatility in months past when ...

Full Story: PRECIOUS METALS: NY Gold In Tight Range As Dollar, Oil Fall - Wall Street Journal

BarackObama ’s envoy to the Middle East and a former Democratic Senatemajority leader, told a jury he had no reason to believe bribeshad been paid as part of his $200,000 investment in an oil deal.

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Mitchell took the witness stand yesterday in the defense ofConnecticut entrepreneur Frederic Bourke , who is on trial oncharges that he joined a 1998 conspiracy to bribe governmentleaders in Azerbaijan in a failed bid to buy the state oilcompany. Bourke invested $8 million and brought his friendMitchell into the deal. Bourke says he didn’t know the architectof the deal, Viktor Kozeny , had paid bribes. Defense attorneys summoned Mitchell, 75, to show thatKozeny concealed the corruption from both Bourke and the formerSenator. Mitchell, a Maine Democrat who left Congress in 1995,told jurors that Bourke never suggested that bribes were beingpaid and that he wouldn’t have invested had he known.

Full Story: Mitchell, Obama Envoy, Says He Didn't Know of Oil-Deal Bribes - Bloomberg

Russia's OAO Lukoil said Friday it will pay $725 million for a stake in a Dutch refinery owned by France's Total SA, blocking a bid for the holding from Valero Energy Corp.

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The move is the latest in a series of deals signaling Russian energy companies' push to strengthen their positions in the European market. Lukoil, which is 20%-owned by U.S. oil major ConocoPhillips, said it plans to close the deal for a 45% stake in Total Raffinaderij Nederland by year end.

Full Story: Lukoil to Take 45% Stake in Dutch Refinery - Wall Street Journal

June 19 (Bloomberg) -- Crude oil fell more than $1 a barreland gasoline tumbled the most in two months on speculation thatsupplies of the motor fuel will climb as refineries bolsteroutput and imports gain.

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Gasoline inventories rose 3.39 million barrels to 205million last week, the biggest increase since January, theEnergy Department said on June 17. Total daily demand for fuelsis 6 percent lower than a year ago. Crude prices advancedearlier as violence escalated in Nigeria and on speculation thatfuel consumption will increase as the global recession eases. “The demand numbers are just too weak to ignore,” said Rick Mueller , a director of oil markets at Energy SecurityAnalysis Inc. in Wakefield, Massachusetts. “The big gasolinebuild suggests that refiners are chasing a diminishing target.” Crude oil for July delivery fell $1.82, or 2.6 percent, to$69.55 a barrel at 2:50 p.m. on the New York MercantileExchange, the lowest settlement since June 8. It was the biggestdecline since June 3. Futures, which are up 56 percent thisyear, dropped 3.5 percent this week.

Full Story: Crude Oil, Gasoline Tumble on Increasing Motor-Fuel Supplies - Bloomberg

By Grant Smith June 19 (Bloomberg) -- Crude oil rose for a third day afterNigerian militants targeted an Agip pipeline, while speculationgrew that fuel demand will increase as the global economyrecovers.

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The Movement for the Emancipation of the Niger Delta, orMEND, said it blew up an Agip link that delivers crude to theBrass export terminal. The index of U.S. leading economicindicators rose for a second month and European Union leaderssaid the region is on course for a “sustainable” economicrecovery. Protests in Iran over the result of last week’selection entered a seventh day. “Missing flows from Nigeria are starting to add,” said Olivier Jakob , managing director of Petromatrix GmbH in Zug,Swizerland. “We will need to keep an Iranian risk premium forthe weekend and to it we will add a Nigerian risk premium.” Crude oil for July delivery rose 68 cents to $72.05 abarrel in electronic trading on the New York Mercantile Exchangeat 11:36 a.m. London time. Prices have risen 60 percent thisyear and reached a seven-month high of $73.23 on June 11. TheJuly contract expires June 22. The more-active August contractwas at $72.63 a barrel, up 72 cents.

Full Story: Oil Trades Nears $71, Snapping Four Weeks of Gains, on Fuel Demand ... - Bloomberg

By Mark Shenk June 19 (Bloomberg) -- Crude oil was little changed afterrising yesterday on reports that signaled the U.S. economy willrebound later this year, prompting an increase in energy demand.

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Oil and stocks climbed after manufacturing in thePhiladelphia region contracted in June at the slowest pace innine months. The index of leading economic indicators rose inMay and the number of Americans receiving jobless benefits fellfor the first time since January, separate reports showed. Prices “stubbornly” held up “on expectations that theeconomy is recovering and demand will strengthen,” said PeterBeutel , president of Cameron Hanover Inc., an energy consultingcompany in New Canaan, Connecticut.

Full Story: Oil Little Changed Amid Reports That US Recession Is Easing - Bloomberg

SINGAPORE (Dow Jones)--Crude prices in Asia rose slightly Thursday, despite weakness in Asian equity markets and a stronger U.S. dollar, as many analysts stayed bullish after weekly U.S. oil inventory data showed a decline in crude stocks that exceeded forecasts.

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"We're going into the tightening phase," said Yingxi Yu, commodity analyst for Barclays Capital in Singapore. "We'll see inventories starting to look lower in the next few months." At 0620 GMT, New York Mercantile Exchange sweet crude futures for delivery in July traded ... 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 Up A Tad On US Data Despite Equities, Dlr - Wall Street Journal

(UPDATES Brent settlement) NEW YORK (Dow Jones)--Crude oil futures ended higher after dipping to a one-week low, as the latest U.S. petroleum data showed rising demand but also a continued abundance of supplies.

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Light, sweet crude for July delivery settled 56 cents, or 0.8%, higher at $71.03 a barrel on the New York Mercantile Exchange, snapping a three-day losing streak. August Brent crude on the ICE futures exchange settled 61 cents, or 0.9%, higher at $70.85 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: Nymex Crude Up Following Mixed US Oil Data - Wall Street Journal

LONDON (Dow Jones)--Crude oil prices dropped below the key $70 a barrel level for the third time in as many days Wednesday, as doubts over economic recovery consolidated.

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European equity markets tracked losses on Wall Street as investors questioned the pace of any potential economic recovery, in turn raising doubts over future crude oil demand. A decline in U.S. May industrial production, alongside news U.S. producer prices had fallen the most for 60 years, helped knock the Dow Jones Industrial Average 1.25% lower Tuesday.

Full Story: OIL FUTURES: Crude Below $70/Bbl Again As Econ Doubts Harden - Wall Street Journal

Obama vs. the oil bubble A financial regulatory overhaul could reduce huge swings in the price of crude oil and gasoline.

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NEW YORK (Fortune) -- Can reinvigorated financial watchdogs take a bite out of surging oil prices? President Obama is scheduled to outline a regulatory reform program Wednesday that will, among other things, call for strong federal oversight of derivatives -- side bets on changes in asset values or interest rates. The reform push is being driven by the past year's financial-system tremors, which were intensified by derivatives such as credit default swaps, or wagers on a bond issuer's health. The administration aims to defang that demon by moving derivatives trading out of the shadows to reduce uncertainty.

Full Story: Obama vs. the oil bubble - CNNMoney.com

LONDON (Dow Jones)--Crude oil futures climbed more than a dollar to back above $72 a barrel after two days of falls Tuesday, tracking a fresh bout of weakening in the dollar and as German data boosted optimism over economic recovery.

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Crude prices continued to take much of their cue from the greenback Tuesday. The dollar lost ground after two days of strengthening as Russian officials again questioned its role as a reserve currency. A falling greenback makes commodities more attractive to investors seeking a currency and inflation hedge. 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 Back Up To $72/Bbl As Dollar Loses Ground - Wall Street Journal

NEW YORK (Dow Jones)--Crude oil prices ended lower Monday as the dollar mounted a strong recovery and stocks plunged on concern about the U.S. economy.

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Light, sweet crude for July delivery settled $1.42, or 2%, lower, at $70.62 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled $1.48, or 2.1%, lower, at $69.44 a barrel. Investors moved out of riskier assets, including oil, and into the dollar, amid growing concerns about the pace of economic recovery. Both oil and the Dow Jones Industrial Average spent most of the day down about 2%, following ...

Full Story: OIL FUTURES: Nymex Crude Drops As Dollar Strengthens - Wall Street Journal

June 16 (Bloomberg) -- Crude oil fell below $70 a barrel inNew York as the dollar rose, limiting investor demand forcommodities as a hedge against inflation.

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Oil declined for a third day as the dollar gained versus 15of the 16 major currencies on speculation leaders from Brazil,Russia, India and China meeting today to discuss the financialcrisis will signal support for the dollar. Asian stock marketsfell, eroding optimism that fuel demand may increase. “The dollar is an important influence on the oil price,”said David Moore , a commodity strategist at Commonwealth Bank ofAustralia Ltd. in Sydney. “Equity markets are off as well andwe’re seeing some concern that these prices are becomingoverextended.” Crude oil for July delivery fell as much as 72 cents, or 1percent, to $69.90 a barrel in electronic trading on the NewYork Mercantile Exchange. It was at $70.16 a barrel at 11:04a.m. Singapore time. Yesterday, it dropped $1.42, or 2 percent,to settle at $70.62 a barrel. Oil reached $73.23 on June 11, thehighest in seven months.

Full Story: Crude Oil Falls Below $70 on Dollar Gain, Equity Market Drop - Bloomberg

Platts Survey: May OPEC Oil Output Rose to 28.39 Million Barrels Per Day --Production rose by 300,000 barrels per day from April LONDON, June 12, 2009 /PRNewswire via COMTEX/ --Platts -- The Organization of the Petroleum Exporting Countries (OPEC) increased crude oil production by 300,000 barrels per day (b/d) to 28.39 million b/d in May, according to a just-released Platts survey of OPEC members, oil industry officials and analysts. This is an increase from 28.09 million b/d in April.

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Production had already risen in April for the first time since August 2008. According to the May production estimate OPEC-11 (those bound by production quotas) is at only 72% compliance with its 4.2 million b/d in crude output cuts agreed late last year. This is down from 78.7% compliance in April and 81.8% in March. May production increases totaling 320,000 b/d from Angola, Iran, Nigeria, Qatar, Saudi Arabia, the UAE and Iraq were slightly offset by a 20,000 b/d decline in Venezuelan output.

Full Story: Platts Survey: May OPEC Oil Output Rose to 28.39 Million Barrels ... - MarketWatch

U.S. import prices rose for a third-straight time last month, suggesting that rising oil prices and a weaker U.S. dollar have substantially reduced the risk of deflation.

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Still, with sharply rising unemployment making it harder for workers to command higher wages, and for businesses to make price increases stick, ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: Import Prices Increase 1.3% on Oil's Rise - Wall Street Journal

NEW YORK (Dow Jones)--Crude oil futures seesawed on Friday around $72 a barrel as the dollar strengthened amid continued worries about the global economy, especially in the eurozone.

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Light, sweet crude for July delivery settled at $72.04 a barrel, down 64 cents, or 0.9%, on the New York Mercantile Exchange. Crude gained $3.60 a barrel, or 5.3% over the week. July ICE Brent crude futures settled 87 cents lower at $70.92. 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 Settles -64c At $72.04/Bbl - Wall Street Journal

(Updates oil prices.) NEW YORK (Dow Jones)--Crude futures dropped below $72 a barrel early Friday, erasing three days of gains, as the dollar rebounded and eurozone industrial production plummeted to a record low, damping hopes of an economic recovery that would boost oil demand.

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Light, sweet crude oil for July delivery recently traded $1.04, or 1.43%, lower at $71.64 a barrel on the New York Mercantile Exchange, sliding to an intradday low of $70.80. Crude settled at $72.68 on Thursday, the highest level since Oct. 20. Brent crude on the ICE ... 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:Oil Drops Below $72 As Dollar Rebounds - Wall Street Journal

NEW YORK (Dow Jones)--Crude oil futures on Thursday extended their rally to a third day, propelled by a weak dollar and a forecast from the International Energy Agency for stronger demand.

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Light, sweet crude for July delivery settled at $72.68 a barrel, climbing $1.35, or 1.9%, on the New York Mercantile Exchange and notching a fresh seven-month high. Brent crude on the ICE Futures exchange settled 99 cents, or 1.4%, higher at $71.79 a barrel. Traders say that oil prices, which have risen 24% in the last month, could easily rise as high as $76 a barrel in the coming ...

Full Story: OIL FUTURES: Crude Hits New 7-Month High On Weaker Dollar - Wall Street Journal

Straits Times

Oil Climbs Above $72 as China Imports Rise, US Supplies Drop Bloomberg By Ben Sharples June 11 (Bloomberg) -- Crude oil rose for a third day, climbing above $72 a barrel for the first time in seven months, after China's net ... OIL FUTURES: Crude Ends At 7-Month High As Supplies TightenWall Street Journal Oil rallies as supply plummetsCNNMoney.com Oil rises above $71 as inventories fallMarketWatch Wall Street Journal -Wall Street Journal -MarketWatch all 2,052 news articles »

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Full Story: Oil Climbs Above $72 as China Imports Rise, US Supplies Drop - Bloomberg

NEW YORK (Dow Jones)--Crude oil prices rose Wednesday after government data showed U.S. supplies unexpectedly dropping and demand picking up.

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Light, sweet crude for July delivery settled $1.32, or 1.9%, higher at $71.33 a barrel on the New York Mercantile Exchange, the highest settlement since Oct. 20. Brent crude on the ICE futures exchange settled $1.18, or 1.7%, higher at $70.80 a barrel. U.S. crude stockpiles declined by 4.4 million barrels to 361.6 million barrels last week, the Energy Information Administration said ...

Full Story: OIL FUTURES: Crude Ends At 7-Month High As Supplies Tighten - Wall Street Journal

Oil rallies further into the $70s Crude prices spurred by global stock market rally and the weak dollar. Market awaits weekly government supply report.

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Pontiac's road to oblivion The Pontiac most of us know today really started in the early 1960s. Over the years, there have been several attempts to bring it back. NEW YORK (CNNMoney.com) -- Oil prices surged past $71 a barrel Wednesday on the back of a global stock market rally and ahead of the government's weekly supply report.

Full Story: Oil rallies further into the $70s - CNNMoney.com

Published: June 9, 2009 The Senate Energy and Natural Resources Committee approved expanded oil and gas leasing today in the eastern Gulf of Mexico in a bipartisan vote that would upend a 2006 compromise with Florida senators that provided their state at least a 125-mile buffer in most areas until mid-2022.

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The committee voted 13-10 in favor of Sen. Byron Dorgan's (D-N.D.) plan to allow leasing as close as 45 miles from Florida's coast. It also allows leasing in a gas-rich region called the Destin Dome off the Florida Panhandle that is even closer to shore. Dorgan said the measure should be part of a bill that also addresses alternative energy and efficiency. "I am interested in doing this to increase production," Dorgan said.

Full Story: Senate Panel OKs Expanded Oil and Gas Leasing in Eastern Gulf - New York Times

Oil heads above $69 Crude prices rally on signs of a recovery, weak dollar. Supply report expected to show a build in inventories, keeping a cap on gains.

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Pontiac's road to oblivion The Pontiac most of us know today really started in the early 1960s. Over the years, there have been several attempts to bring it back. NEW YORK (CNNMoney.com) -- Oil prices passed $69 Tuesday on the back of a falling dollar and expectations that the economy is headed for recovery.

Full Story: Oil edges higher - CNNMoney.com

TOKYO (Dow Jones)--Crude oil futures rallied in Asia Tuesday after a moderate fall in New York overnight, staying well clear of the $70-a-barrel mark, which was breached Friday for the first time since November.

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At 0632 GMT, front-month July light, sweet crude oil futures on the New York Mercantile Exchange rose 95 cents to $69.04 a ... 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 Up; Upside Trend Amid Worries Of Collapse - Wall Street Journal

Oil, which has closed above $60 a barrel each session sinceMay 20, also rose as the dollar declined, boosting the appeal ofcommodities as a hedge against a weaker U.S. currency.

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Crude oil for July delivery gained as much as 81 cents, or1.2 percent, to $68.90 and was at $68.63 on the New YorkMercantile Exchange at 11:50 a.m. in Sydney. Yesterday, thecontract fell 35 cents, or 0.5 percent, to settle at $68.09.Futures touched a seven-month high of $70.32 on June 5. The MSCI Asia Pacific Index rose 0.4 percent to 102.76 asof 9:41 a.m. in Tokyo, with three stocks advancing for every twothat declined. Krugman, a Princeton University economist, saidyesterday he wouldn’t be surprised “if the official end of theU.S. recession ends up being, in retrospect, dated sometime thissummer.” The euro rose from one-week low and the pound advancedagainst the dollar after a report said the U.K. housing marketshowed signs of “stabilizing” in May. The euro gained to$1.3914 per dollar as of 10:16 a.m. in Tokyo from $1.3900yesterday in New York. The pound rose to $1.6056 from $1.6051.

Full Story: Oil Rises as Prediction Recession to End Sparks Equity Rebound - Bloomberg

NEW YORK (Dow Jones)--Crude oil futures held steady around $68 a barrel Monday, caught between the temptation to take profits as they recede from Friday's year high and a volatile dollar.

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Light, sweet crude oil for July delivery was recently trading 28 cents, or 0.4%, lower at $68.16 a barrel on the New York Mercantile Exchange. July crude fell as low as $66.78 in overnight trading and set an intraday high of $68.59 a barrel early in the U.S. trading day. 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 Steady, Caught Between Dollar, Profit-Taking - Wall Street Journal

TOKYO (MarketWatch) -- Crude-oil futures fell below $68 a barrel in Globex electronic trading Monday, extending losses seen in the previous session as demand for energy remained weak.

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Crude for July delivery fell 45 cents to $67.98 a barrel on Globex by Monday afternoon in Tokyo, after touching a low of $67.78. Prices had briefly topped $70 a barrel on Friday, but finished that day's session with a loss of 0.5% -- though still up 3.2% for the week.

Full Story: Oil futures fall below $68 on Globex - MarketWatch

MyFox Houston

Crude oil, gas prices continue to climb. WDEL 1150AM, DE By Jim Hilgen As the price of crude oil continues to climb, so does the price at the pump. Since the beginning of the year gas prices have risen by nearly a dollar a gallon. That increase coincides with crude oil prices more than doubling after hitting ... Gas prices above $2.60 CNNMoney.com Gas goes up as demand goes down Southtown Star Gas Prices Increase Nearly 10 Cents In Last Week Jamestown Post Journal Newark Post - Bizjournals.com all 138 news articles

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Full Story: Crude oil, gas prices continue to climb. - WDEL 1150AM

The state's financial crisis should not be used as an excuse to force a dubious deal on offshore oil drilling.

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Alot of appalling program cuts and questionable revenue schemes are on the horizon as California lawmakers seek to close a $24-billion budget gap, and many will pass with a wince and a shrug given a lack of better options. But some of the cheap budget tricks on the table in Sacramento are so outrageous and unnecessary that they should be rejected without further ado. A case in point: Gov. Arnold Schwarzenegger's attempt to subvert the public process and allow the first new oil drilling project off the coast of California in 40 years. In January, the California State Lands Commission considered a bid by the Houston oil company Plains Exploration & Production to open several new wells from an existing oil platform off the coast of Santa Barbara. The platform is in federal waters just beyond the three-mile limit controlled by the state, but Plains Exploration wanted to drill "slant wells" to access oil under state lands. In return, the company promised to cease operations by 2022 and close not only that platform but three others it operates off Santa Barbara and two onshore processing facilities. It also promised to donate 4,000 acres of land for preservation.

Full Story: Santa Barbara oil deal is too slick - Los Angeles Times

NEW YORK (Dow Jones)--Crude oil prices ended modestly lower Friday on profit-taking from seven-month highs amid lingering concerns about the state of the U.S. economy.

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Light, sweet crude oil for July delivery settled at $68.44 a barrel, down 37 cents, or 0.5%. For the week, crude rose 3.2%, or $2.13 a barrel. The settlement price for July ICE Brent Crude wasn't immediately available. The Labor Department said Friday that nonfarm payrolls fell by 345,000 in May, compared with a consensus of 525,000. April nonfarm payrolls was 504,000, adjusted down from 539,000. The decline ...

Full Story: OIL FUTURES: Crude Settles Down; Profit-Taking On 7-Mo High - Wall Street Journal

NEW YORK (Dow Jones)--Crude oil futures prices dropped below $69 a barrel early Friday after climbing to a seven-month high above $70 a barrel in response to news that U.S. nonfarm payrolls fell by less in May than was expected.

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Full Story: OIL FUTURES: Crude Drops Under $69/Bbl After 7-Month High - Wall Street Journal

June 4 (Bloomberg) -- Venezuela moved to nationalize thecountry’s chemicals industry as President Hugo Chavez tightenshis grip over South America’s third-largest economy.

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A law requiring private sector chemicals-makers to becomeminority partners in joint ventures with the state passed itsfirst reading in the national legislature today and will bedebated Tuesday, National Assembly Deputy Angel Rodriguez said. Chavez, a self-described revolutionary socialist, hasalready forced all of the country’s private oil companies intominority positions in joint ventures. In the past month,Venezuela ordered the seizure of property from at least 74oilfield service companies and also this week started takingover gas compression plants, Chavez said yesterday.

Full Story: Chavez Moves to Nationalize Venezuela Chemical Plants - Bloomberg

By Christian Schmollinger and Ben Sharples June 5 (Bloomberg) -- Crude oil rose in New York, poisedfor a third weekly gain, after Goldman Sachs Group Inc. saidprices may reach $85 a barrel by the end of the year as demandrecovers and supplies shrink.

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Oil surged to a seven-month high yesterday and gasolineclimbed after the bank increased its year-end forecast from $65.The dollar’s drop over the past six weeks has boosted crudeprices as investors buy commodities as an inflation hedge. “It’s the funds that are pushing the market higher,” said Jonathan Kornafel , a director for Asia at options trader HudsonCapital Energy in Singapore. “When everyone reads the samereport and comes to the same conclusion, then you’re going tohave the market moving in one direction. The general trend isfor the dollar to get weaker and for crude to get stronger.” Crude oil for July delivery rose as much as 71 cents, or 1percent, to $69.52 a barrel on the New York Mercantile Exchange.It was at $69.40 a barrel at 11:20 a.m. Singapore time.Yesterday, the contract rose $2.69 to $68.81, the highestsettlement since Nov. 4 and the biggest gain since May 18.Prices are up 4.6 percent this week.

Full Story: Oil Rises, Heads for Third Weekly Gain, After Goldman Forecast - Bloomberg

The Associated Press

Oil futures add to gains after jobs data MarketWatch NEW YORK (marketwatch) -- Oil futures added to their gains Thursday after data showed a decline in jobless claims, boosting optimism over an economic recovery. Crude oil for July delivery rose $1.32, or 2%, to $67.44 a barrel in electronic trading on ... OIL FUTURES: Nymex Crude Surges As Bank Predicts Long Rally Wall Street Journal Oil rises to new high for 2009, near $70 barrel The Associated Press Oil Jumps Past $69 a Barrel on Inflation Worries, Weaker Dollar FOXBusiness Wall Street Journal Blogs - Wall Street Journal all 441 news articles

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Full Story: Oil futures add to gains after jobs data - MarketWatch

TOKYO (Dow Jones)--Crude oil futures fluctuated around $66 a barrel in Asia Thursday as traders remained uncertain whether the recent rally would continue after the overnight correction or fall further.

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At 0610 GMT, front-month July light, sweet crude oil futures on the New York Mercantile Exchange was down 11 cents to $66.01 a ... 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 Fluctuates Around $66/Bbl; Outlook Unclear - Wall Street Journal

(Adds Brent settlement price) NEW YORK (Dow Jones)--Crude oil hit a wall Wednesday, falling more than $2 a barrel on an unequivocally bearish report on U.S. petroleum stockpiles.

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Light, sweet crude for July delivery dropped $2.43, or 3.5%, to settle at $66.12 a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange settled $2.29 lower at $65.88 a barrel. Nymex crude has risen sharply since mid-April, cresting above $69 a barrel before closing flat Tuesday. But questions have dogged the rally, as demand looked tepid and millions of barrels of unused oil sat in storage. ...

Full Story: OIL FUTURES: Crude Unravels After US Stockpiles Rise - Wall Street Journal

(Adds reformulated gasoline blendstock and heating oil prices) SINGAPORE (Dow Jones)--Crude futures rose Wednesday in Asia, ahead of weekly U.S. oil inventory data and alongside a rise in regional share markets, as traders bet that a global economic recovery later this year would jump start demand.

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"We're in a period of relative euphoria," said John Vautrain, an energy analyst at Purvin & Gertz ... 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 Up Ahead Of US Oil Inventory Data - Wall Street Journal

NEW YORK (Dow Jones)--Crude futures were little changed Tuesday, as a rally built on the prospect of an economic recovery later this year sputtered on the weak state of current oil demand.

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Light, sweet crude for July delivery settled 3 cents lower at $68.55 a barrel on the New York Mercantile Exchange. The slight decline snapped a streak of six consecutive gains. July Brent crude on the ICE futures exchange settled 20 cents, or 0.3%, higher at $68.17 a barrel.

Full Story: OIL FUTURES: Crude Pauses Near $70/Bbl Milestone - Wall Street Journal

TOKYO (Dow Jones)--Crude oil futures fell below $68 a barrel Tuesday in Asia on profit-taking, but market sentiment has been strong on recent gains in floor trade, and a test of $70 is possible if one more positive factor emerges, analysts said.

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At 0555 GMT, front month July light, sweet crude oil futures on the New York Mercantile Exchange were down 46 cents at $68.12 a barrel on Globex. July Brent crude ... 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 Dn On Profit-taking But Could Test $70 - Wall Street Journal

NEW YORK (Dow Jones)--Crude oil rose to a new high for the year as investors flicked aside current soft demand and seized on data hinting at stronger consumption ahead.

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Light, sweet crude for July delivery settled at $68.58 a barrel, up $2.27 or 3.4% on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange settled up $2.45 at $67.97 a barrel. Crude has climbed in nine of the past 10 trading sessions and in 16 of the preceding 20. The Nymex contract settled at its highest since early November.

Full Story: OIL FUTURES: Crude Shoots To New '09 High On Demand Hopes - Wall Street Journal

June 1 (Bloomberg) -- Crude oil rose to the highest sinceNovember as China’s manufacturing expanded for a third month,signaling that fuel demand in the world’s second-biggest energyconsumer may increase.

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Oil climbed as much as 1.8 percent after the U.S. dollarfell to its lowest against the euro since December, heighteningthe need for commodities to hedge against inflation. Chinaincreased prices of gasoline and diesel by as much as 8 percent,a move that may prompt refiners to boost crude purchases. “Recovery optimism is on a roll with green shoots eruptingeverywhere,” said David Hufton , managing director of PVM OilAssociates Ltd. in London. The “stock overhang and theprospects of permanent damage and change to oil demandelasticity are being swamped by the macro factors.” Crude oil for July delivery rose as much as $1.98, or 3percent, to $68.29 a barrel on the New York Mercantile Exchange.That’s the highest since Nov. 10. The contract traded at $67.85at 12:32 p.m. London time.

Full Story: Oil Rises to Seven-Month High on China Manufacturing Expansion - Bloomberg

NEW YORK (Reuters) - The average price for a gallon of gasoline in the United States rose 19 cents in the past two weeks on a rise in crude oil prices related to a weaker dollar, according to the Lundberg survey released on Sunday.

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The average national price for self-serve, regular, unleaded gasoline hit $2.4929 a gallon on May 29, up 19.29 cents a gallon from May 15, according to a nationwide survey of 5,000 gas stations. That is an increase of 44 cents per gallon over the past five weeks and 54 cents over the past 10 weeks.

Full Story: US average gasoline price rises with oil: survey - Reuters