July 2009 Archives

NEW YORK (Dow Jones)--Crude futures finished slightly higher Monday, as a weak equities market slowed, but failed to stop, a rally that has lifted oil prices for nine consecutive trading days.

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Light, sweet crude for September delivery settled 33 cents, or 0.5% higher, at $68.38 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled 49 cents, or 0.7% higher, at $70.81 a barrel. Crude futures nearly touched $69 a barrel early in the day, but spent most of the session nearly ...

Full Story: OIL FUTURES: Crude Prices End Higher, But Equities Slow Rally - Wall Street Journal

July 27 (Bloomberg) -- Crude oil rose to the highest inmore than three weeks on expectations that gains in Asian equitymarkets are the precursor to a recovery in the global economythat will spur fuel demand.

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Oil also gained after investors sought commodities as ahedge against inflation as the dollar traded near a seven-weeklow against the euro. The MSCI Asia Pacific Index climbed 1.3percent today, the 10th straight increase and the longestwinning streak since January 2004. “Investors see the equity markets as a good lead for whatyou can expect oil demand to be going forward,” said BenWestmore , an energy and minerals economist at National AustraliaBank Ltd. in Melbourne. “At times when you’ve got highinflation expectations, investors tend to move toward realassets such as commodities.” Crude oil for September delivery gained as much as 94cents, or 1.4 percent, to $68.99 a barrel in after-hourselectronic trading on the New York Mercantile Exchange. That wasthe highest intraday price since July 2. Futures were at $68.80a barrel at 3:07 p.m. in Singapore. The contract earlier fell asmuch as 0.5 percent to $67.68 a barrel.

Full Story: Crude Oil Rises as Asian Equity Gains May Spur Demand for Fuels - Bloomberg

Gas prices down 7 cents in past two weeks But Lundberg Survey says prices may be headed back up as crude begins to rebound.

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Prices at the pump can vary widely among states, due in large part to vastly different levels of gasoline tax. ATLANTA (CNN) -- Gasoline prices fell more than 7 cents a gallon over the past two weeks, despite a rise in crude oil prices, according to a survey published Sunday.

Full Story: Gas prices down 7 cents in past two weeks - CNNMoney.com

BAGHDAD (Reuters) - Iraq will hold a roadshow for oil fields on offer in its second major energy auction on August 25 in Istanbul, a senior Iraqi official said on Sunday.

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Abdul-Mahdy al-Ameedi, deputy director general of Iraq's contracts and licensing directorate, said 45 firms qualified to bid for contracts to develop some of Iraq's vast oil fields had been invited. Iraq has the world's third largest reserves. Iraq's first bidding round for contracts was held last month, giving major firms a chance to compete for Iraqi oil and gas fields for the first time in decades. But only one of eight fields on offer secured a developer, a group led by BP ( BP.L ).

Full Story: Iraq to hold oil deal roadshow in Turkey Aug 25 - Reuters

The dollar fell against the euro as figures showing a stabilizing euro zone economy and a good week for the U.S. stock market eroded demand for the greenback as a safe haven..

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The rise in risk appetite on hopes that a global recession is bottoming out led oil prices to rebound and top $68 a barrel. Analysts and traders hope a turnaround in the global economy will lift battered fuel demand. Solid corporate earnings and a slew of recent data boosted optimism about the economy and gave new life to a months-long rally in U.S. stocks that lifted the Dow <.DJI> above the 9,000 mark this week for the first time since early January.

Full Story: Oil, Stocks Rebound on Recovery Hopes - New York Times

OSHKOSH, Wis. - Nearly 100 workers at the GE Oil and Gasfacility in Oshkosh will be laid off.

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The company says 93 jobs will be cut by mid-September. That'sabout one-third of the manufacturing facility's 270 employees. Human resources director Jim Mutsch says the move was promptedby difficult business conditions in the oil and gas industry.

Full Story: GE Oil and Gas to lay off 93 from Oshkosh site - Chicago Tribune

Texas General Land Office spokesman Jim Suydam said officials still do not know where the tar balls came from, as crews worked Friday to finish the cleanup.

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He said the Coast Guard on Friday did more fly-overs of the Gulf of Mexico in search of the spill source. Suydam said one bird was found dead from the oil. Twenty-four 55-gallon drums of tar balls and six cubic-yard boxes of the muck have been removed since the blobs were first spotted Wednesday.

Full Story: Texas cleans up oil blobs on South Padre Island - BusinessWeek

The company reports profit of $682 million, a major drop from the $2.3 billion it earned in the year-earlier period as crude oil prices were soaring toward a record high of $145 a barrel in July.

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Occidental Petroleum Corp. reported a 70% drop in second-quarter earnings because of sharply lower oil prices -- but still managed to beat Wall Street expectations. The Westwood company can appear as though it is being left in the dust by the oil industry giants when crude prices are running at high levels, analysts say, adding that Occidental tends to shine brighter than its bigger rivals when prices are lower.

Full Story: Oxy Petroleum profit slips 70% on sharply lower oil prices - Los Angeles Times

Schlumberger CEO Andrew Gould said Friday that volatility in crude oil prices is still spurring oil companies to postpone or cancel projects, but predicted activity could start to rebound next year if prices finish 2009 at a high enough level.

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“It really, really does depend on where prices will be at the end of the year, not where they are today,” Gould said in a conference call, acknowledging his current outlook is “less pessimistic” than it was a few months ago. But if crude prices do not stabilize by year end, oil companies may make additional cuts to capital spending programs in order to protect cash flows, he said.

Full Story: Volatile oil prices cloud outlook for services companies - Houston Chronicle

BY MADALINA IACOB NEW YORK -- Crude futures traded flat Friday, as traders look to equities for direction in a market haunted by weak oil demand.

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Light, sweet crude for September delivery recently traded two cents higher at $67.18 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 21 cents higher at $69.46 a barrel. Crude futures traded as high as $67.68 a barrel earlier in the session, but traders have begun to worry about the strong correlation between oil and equities. Crude futures ...

Full Story: Oil Prices Stall as Stocks Slip - Wall Street Journal

SINGAPORE (Dow Jones)--Crude oil futures edged lower Friday in Asia, taking a breather after soaring overnight on stronger fuel futures and an equities rally.

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On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at $67.05 a barrel at 0617 GMT, down 11 cents in the Globex electronic session. September Brent crude on London's ICE Futures exchange fell 1 cent to $69.24 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 Edges Down, But Econ Optimism Supports - Wall Street Journal

NEW YORK (Dow Jones)--Crude futures rose Thursday above $67 a barrel, soaring on strong gains in fuel futures and a euphoric rally in equities.

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Light, sweet crude for September delivery settled $1.76, or 2.7%, higher at $67.16 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled $2.04, or 3%, higher at $69.25 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 Shoots Higher On Strong Fuel Mkt, Equities - Wall Street Journal

BY JOHN KELL AND KATHY SHWIFF Occidental Petroleum Corp.'s second-quarter profit dropped 70% on lower oil and natural-gas prices, but production and volume improved.

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Full Story: Occidental Petroleum's Net Takes Hit From Lower Oil Prices - Wall Street Journal

SINGAPORE (Dow Jones)--Crude oil futures moved slightly higher Thursday in Asia, buoyed by positive sentiment in commodities markets and a weaker U.S. dollar.

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On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at $65.56 a barrel at 0606 GMT, up 16 cents in the Globex electronic session. September Brent crude on London's ICE Futures exchange rose 22 cents to $67.43 a barrel. Comments by Federal Reserve Chairman Ben Bernanke Wednesday in his Semiannual Monetary Policy Report to Congress have helped firm confidence in the economic ...

Full Story: OIL FUTURES: Crude Tad Up On Weak Dollar, Strong Sentiment - Wall Street Journal

NEW YORK (Dow Jones)--Crude oil futures ended slightly lower Wednesday, snapping a five-day winning streak as concerns about the strength in U.S. oil demand kept a lid on equity market-fueled gains.

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Light, sweet crude for September delivery settled down 21 cents, or 0.3%, at $65.40 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled 34 cents, or 0.5%, higher at $67.21 a barrel. Oil prices dropped as low as $63.76 a barrel in a choppy trading session, as investors digested a weekly U.S. petroleum inventory report that was ultimately seen as bearish for ...

Full Story: OIL FUTURES:Crude Futures Slide Amid Weak Oil Demand - Wall Street Journal

BY MADALINA IACOB NEW YORK -- Crude futures dropped Wednesday as an industry group's data showed an unexpected increase in U.S. crude stockpiles, souring hopes that oil supplies would continue to tighten.

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Light, sweet crude for September delivery recently traded $1.10, or 1.7%, lower at $64.51 a barrel on the New York Mercantile Exchange. The September contract is in its first day as the front month, after August crude futures expired at $64.72 a barrel. 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 Prices Fall Ahead of Inventory Data - Wall Street Journal

HONG KONG (MarketWatch) -- Crude-oil prices slipped Wednesday, retracing some of its recent advances after rising in the five previous regular sessions, although Asian stocks managed to eke out broad gains.

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September futures, the new front-month contract of light crude-oil, slipped 51 cents to $65.10 a barrel on Globex. The futures rose as high as $65.35 a barrel earlier in the day. Overnight, September futures ended up 0.5% at $65.61 a barrel in a regular session on the New York Mercantile Exchange. The August contract ended 74 cents, or 1.2%, higher at $64.72 a barrel - the highest settlement level for a front-month contract since July 2. See full story.

Full Story: Crude-oil prices slip after recent gains - MarketWatch


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Oil Prices Top $65 a Barrel
Wall Street Journal
NEW YORK -- Oil futures rose Tuesday as strong corporate profits add to investor confidence that the US economy may be in the early stages ...
Oil Pares Gains, Trades Below $64, on Fuel Stockpile IncreaseBloomberg
Oil's Outlook Is Hard to RefineBusinessWeek
OIL FUTURES: Crude Steady, Market Focus Turns To InventoriesWall Street Journal
Wall Street Journal -Bloomberg -Wall Street Journal
all 609 news articles »


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Full Story: Oil Prices Top $65 a Barrel - Wall Street Journal


AFP

OIL FUTURES: Crude Down On Profit-Taking After Morning Rise
Wall Street Journal
TOKYO (Dow Jones)--Crude oil futures fell Tuesday in Asia, giving up most gains made during morning trade and overnight in New York as equity markets took a ...
Oil Is Little Changed on Forecast for Rising Gasoline SuppliesBloomberg
Crude-oil futures slip on dollar strengthMarketWatch
Oil's Outlook Is Hard to RefineBusinessWeek
Bloomberg -Wall Street Journal -Wall Street Journal
all 693 news articles »


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Full Story: OIL FUTURES: Crude Down On Profit-Taking After Morning Rise - Wall Street Journal

NEW YORK (Dow Jones)--Crude futures inched higher Monday as the improving outlook for the U.S. economy promised eventual relief from the current glut of oil and fuel.

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Light, sweet crude for August delivery settled 42 cents, or 0.7%, higher at $63.98 a barrel on the New York Mercantile Exchange. The August crude contract expires Tuesday and much of the trading volume was in the September contract, which settled up 71 cents at $65.29 a barrel. Brent crude on the ICE futures exchange settled $1.06, or 1.6%, higher at $66.44 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 Rally Enters Fourth Day As Outlook Improves - Wall Street Journal

BY MADALINA IACOB NEW YORK – Crude-oil futures rose Monday, lifted by firmer equities and a weaker dollar, amid fresh hopes about the outlook for the economy.

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Light, sweet crude for August delivery traded recently at $64.11 a barrel, up 55 cents, or 0.9% on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 71 cents, or 1.1%, higher at $66.09 a barrel. Oil prices advanced in tandem with equities, which rose after CIT Group Inc. was expected to announce emergency financing from bondholders, which would help the struggling ...

Full Story: Oil Prices Climb Above $64 - Wall Street Journal

SINGAPORE (Dow Jones)--Crude oil prices in Asia rose Monday, tracking higher regional equity markets and a weaker U.S. dollar, after positive economic data from the U.S. last week improved the outlook for oil demand.

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Although oil and equity markets have risen together in the past weeks, one isn't necessarily driving the other, said John Vautrain, energy analyst at Purvin & Gertz in Singapore. 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 Remains Supported By Positive US Econ Data - Wall Street Journal

By CHRIS KAHN(AP)– 1 day ago NEW YORK — Oil prices are extending their rally into a third straight day, rising above $63 a barrel Friday for the first time in 10 days.

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Benchmark crude for August delivery jumped $1.80 to $63.82 a barrel on the New York Mercantile Exchange. In London, Brent prices climbed $2.95 to $65.70 a barrel on the ICE Futures exchange. Earlier in the week, crude futures were tugged higher by a rally on Wall Street, and they continued to rise as China reported that its economy grew faster in the second quarter. But with the country still swimming in surplus oil and consumer demand hovering around 10-year lows, analysts struggled to find a fundamental reason for an extended rally in oil.

Full Story: Oil extends rally, jumps above $63 - The Associated Press

QUITO (Reuters) - Although Ecuador seized control of Perenco's oil fields over a tax dispute, the OPEC nation is unlikely to nationalize petroleum companies while it seeks to renegotiate contracts in a bid to increase revenue.

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The leftist government of Rafael Correa, a key ally of Hugo Chavez, who has nationalized scores of energy companies as president of Venezuela, seized control of Perenco's operations on Thursday. But analysts and oil executives say the move does not signal a desire from Correa to tighten the state's grip on the oil industry, the country's biggest revenue earner.

Full Story: Ecuador unlikely to nationalize oil sector - Reuters

By JARED GRIGSBY(AP)– 1 day ago SAN FRANCISCO — The helmsman of a cargo ship that set off a major environmental disaster in the San Francisco Bay was sentenced Friday to 10 months in prison.

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John Cota pleaded guilty in March to two misdemeanor environmental crimes of illegally discharging oil in the bay and killing thousands of birds. Cota apologized to the court and to the "people of the Bay Area for the damage I have caused." Cota's attorney, Jeff Bornstein, had asked U.S. District Judge Susan Illston to impose a two-month sentence.

Full Story: Ship helmsman sentenced to 10 months for oil spill - The Associated Press


AFP

India's Benchmark Bonds Advance as Crude-Oil Prices Decline
Bloomberg
July 13 (Bloomberg) -- India's 10-year bonds gained after crude oil fell below $60 per barrel for the first time since May, tempering concern ...
OIL FUTURES: Crude Falls Below $59/Bbl On Demand WorriesWall Street Journal
Oil up near $60 on weaker dollar, Nigeria attackThe Associated Press
Oil falls below $60 on economic outlook, equitiesReuters
AFP -Bernama -Bloomberg
all 302 news articles »


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Full Story: India's Benchmark Bonds Advance as Crude-Oil Prices Decline - Bloomberg

9 hours ago OSLO (AP) — Norwegian police say a large amount of oil has leaked from a cruise ship in the UNESCO World Heritage-listed Geiranger fjord.

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Police spokesman Magne Toennoey says authorities have managed to contain the oil in one spot to prevent it from spreading and will try to pump it out of the water. He couldn't say exactly how much oil was in the water but said it was "a large amount clearly visible from land." Toennoey said the oil leaked from the Bahamas-registered cruise ship Spirit of Adventure Sunday and that police will investigate the cause of the leak. The Geiranger fjord in southwestern Norway is one of country's most popular tourist sites and has been listed as a UNESCO World Heritage Site together with Naeroey fjord since 2005.

Full Story: Cruise ship spills oil in Norwegian fjord - The Associated Press


US Gasoline Falls to $2.5573 a Gallon, Survey Finds
Bloomberg
“These lower prices are from lower crude oil prices and from reduced demand from the poor economy,” Lundberg said in an interview today. ...
US gasoline prices fall to $2.56/gallonReuters
Gasoline prices drop 10 cents in past 2 weeksThe Associated Press
Gas hits $2.55: Down 10 cents in two weeksCNNMoney.com

all 189 news articles »


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Full Story: US Gasoline Falls to $2.5573 a Gallon, Survey Finds - Bloomberg

By Matt Smith DUBAI, July 12 (Reuters) - Industries Qatar tumbled to drag Doha's index to its lowest close for more than two months and most other Gulf Arab markets fell as falling oil prices and global equities last week prompted regional selling.

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Oman slipped to an eight-week closing low, Dubai and Abu Dhabi each fell for the fifth session in six and Saudi Arabia retreated. Bahrain extended losses to reach a new two-year low and Egypt lost 2.9 percent. Oil prices suffered their largest weekly decline since January last week, weighing on petrochemicals producer Industries Qatar, which fell 4.6 percent.

Full Story: MIDEAST STOCKS-Industries Qatar heads Gulf losers, oil weighs - Forbes


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Bourke Convicted of Bribery in Kozeny's Azerbaijan Oil Deal
Bloomberg
... who was once part of the Ford family, was convicted by a US jury of conspiring to pay bribes to government leaders in Azerbaijan in a 1998 oil deal. ...
Conn. businessman convicted in oil bribe caseSan Jose Mercury News
US businessman guilty in Azerbaijan oil caseReuters

all 200 news articles »


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Full Story: Bourke Convicted of Bribery in Kozeny's Azerbaijan Oil Deal - Bloomberg

LONDON -- A militant commander in Nigeria's Niger Delta Friday condemned a recent sabotage on a Royal Dutch Shell PLC oil facility and said he was awaiting the release of leader Henry Okah to accept an amnesty.

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The statement shows how militants in a conflict in the oil-rich region, which has contributed to the shutdown of 1 million barrels a day of oil, are now split over their next strategic steps. In an interview late Friday, Busta Rhymes -- a pseudonym for a Nigerian militant, not the American hip-hop artist -- said the oil companies "are not paying us for their security. We are not their slave." But "we call for peace. We don't want people to come and destroy and sabotage," he said.

Full Story: Nigeria Militant Will Accept Amnesty If Okah Is Freed - Wall Street Journal


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Gold falls as oil slumps, dollar strengthens
MarketWatch
NEW YORK (marketwatch) -- Gold futures fell Friday, heading for a weekly loss of more than 2% as tumbling oil prices and a stronger dollar reduced the ...
Gold May Fall as Stronger Dollar, Lower Oil Prices Curb DemandBloomberg
PRECIOUS METALS: NY Gold Seen Down $8, Silver Down 40 CentsWall Street Journal
Gold Extends Decline in Asia as Dollar Strengthens, Oil SlumpsBloomberg
Bloomberg -Bloomberg -Wall Street Journal
all 237 news articles »


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Full Story: Gold falls as oil slumps, dollar strengthens - MarketWatch

- people ) fedjitters about an economic recovery Friday, dragging globalstocks and oil down while boosting the dollar and governmentdebt on a safe-haven bid.

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U.S. crude prices slid below $59 a barrel and were poisedfor their biggest weekly decline since January, while Europeanshares notched a fourth straight week of losses. Crude's slide has underscored worries that recovery will beweaker than originally hoped and that the second-quartercorporate results just starting to be released are unlikely toshine.

Full Story: GLOBAL MARKETS-Stocks, oil fall as US consumer sentiment wanes - Forbes

NEW YORK (Dow Jones)--Crude oil futures ended below $60 a barrel for the first time in nearly two months Friday as the prospects for a resurgence in fuel demand looked increasingly bleak.

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Light, sweet crude for August delivery settled 52 cents, or 0.9%, lower at $59.89 a barrel on the New York Mercantile Exchange, ending below $60 a barrel for the first time since May 19. Oil's drop below $60 comes near the year anniversary of the peak of its scorching record runup. On July 11, 2008, benchmark oil futures hit an intraday high of $147.27 a barrel but then ...

Full Story: OIL FUTURES:Crude Below $60/Bbl;Fuel Demand Flatlines - Wall Street Journal

Oil prices briefly fell under $60 a barrel on Thursday after nearly two weeks of uninterrupted declines, as traders and investors acknowledged that a global economic recovery would take longer than hoped.

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Yanina Manolova/Associated Press Traders await the natural gas inventory numbers at the New York Mercantile Exchange. The price of oil has fallen by about $10 a barrel in the last seven trading days. But at the end of a volatile trading session, crude oil futures pared their losses, and closed at $60.41 a barrel, up 27 cents, after falling as low as $59.25 a barrel in New York. The price of oil had fallen by about $10 a barrel in the last six trading days, or nearly 17 percent.

Full Story: Oil Prices Weaken as Recovery Hopes Falter - New York Times

SINGAPORE (Dow Jones)--Crude oil futures recovered in Asia Thursday as the market found support near the psychologically important $60-a-barrel mark after falling for six straight sessions.

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On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $60.73 a barrel at 0709 GMT, up 59 cents in the Globex electronic session. August Brent crude on London's ICE Futures exchange rose 60 cents to $61.03 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 Recovers; Psychological Support At $60/Bbl - Wall Street Journal

Oil's record high, one year later Crude is less than half its $145 peak of last July 3 - as a global economic slowdown zaps demand.

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NEW YORK (CNNMoney.com) -- One year ago, on July 3, 2008, oil prices settled at a record high -- a once-unthinkable $145.29 a barrel On Thursday, it settled at $66.73, less than half the record price, following a $2.58 decline. In between, a global demand surge morphed into a global economic slowdown -- one that would drive the price of oil as low as $33.87 in December -- followed by the partial recovery that has been underway since.

Full Story: Oil's record high, one year later - CNNMoney.com

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

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

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

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

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

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

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

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

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