U.S. crude futures fell on Friday and were on track to finish down for the week as the unresolved debt-ceiling row in the United States and worries about the threat of spreading euro zone debt woes weighed on oil prices.
Oil prices rose to near $100 a barrel Tuesday in Asia, boosted by a weaker dollar as talks among U.S. leaders made little progress ahead of next week’s deadline to raise the government debt limit.
Oil prices rose to above $98 a barrel Wednesday in Asia after a report showed US crude supplies dropped more than expected, a sign that demand may be improving.
The Canadian dollar turned higher against the the U.S. currency on Wednesday as the price of oil rallied and weak retail data from south of the border raised concerns about the U.S. recovery
Iran will invest $18 billion in the development of its oil and gas fields in the hydrocarbon-rich south of the country in a 5-year development plan ending 2015, its deputy oil minister in charge of planning was quoted as saying Sunday.
A recent Barron’s article predicted that oil prices could top $150 next year and if this becomes true, it could wreak havoc in the global economy with a devastating impact
Russia ranks first globally in oil production, but an analysis of international data on Russian proven oil reserves shows that the industry has only 17 years’ worth of production left [2]. Note that Russian estimates of oil reserves are somewhat higher than international assessments
Brent crude oil futures open today’s trading session hanging near $112 a barrel as both Brent and WTI crude oil futures firm and a weaker US dollar helps support high commodity and oil prices
State-owned oil companies are a rising force in the global energy sector as private rivals such as BP and Total seek aMore than half of the world’s top energy firms, 28 out of 50, are fully state-owned, and these national oil companies control almost 80 percent of crude reserves, according to industry publication Petroleum Economist
The United States sold more than 30 million barrels of crude from the Strategic Petroleum Reserve in its largest-ever auction of emergency supplies on Friday, naming independent refiner Valero the top buyer
