After another volatile session, oil increasingly looks set to test its lows of the year.» Read More
Crude oil prices once again set both intraday and Nymex closing record highs Tuesday, driving toward $130 a barrel mid-day and finishing above $129 amid deepening worries over tight global stockpiles.
Oil was above $127 a barrel seesaw trading Monday as crude prices were hit alternately by profit-taking and comments from OPEC's president that the producer group would not increase output at its next meeting in September.
Oil prices shot to new highs again Friday as traders, unimpressed by U.S. and Saudi efforts to boost supply, kept buying on the belief that prices had more room to rise.
President George W. Bush and Sen. John McCain went to bat on energy policy this week. And guess what? They both struck out. Bush went hat in hand to the Saudis to ask for more oil production in order to bring down world prices.
The Energy Department said Friday it will not add millions of barrels of oil to the Strategic Petroleum Reserve, a move sought by Congress to battle record fuel costs but in the end will likely have little impact on lowering prices.
Oil majors can't get ahead of production declines despite spending on unconventional sources, an energy sector investment banker says.
The concept of "peak oil" could be thrown out the window if vast offshore and unconventional sources can be developed. Two experts weigh in on the subject.
As CEO Vikram Pandit continues his massive overhaul of Citigroup's operations, he's reaching out to some unusual help: former CEO John Reed.
Citigroup said it aims to cut its home loan exposure by $45 billion, reduce risk and save $200 million a year in an overhaul of its U.S. residential mortgage business.
Citigroup's job cuts could reach 30,000 or more over the next year and a half because of increasing writedowns from subprime related debt, CNBC has learned
OPEC on Friday kept oil supplies unchanged and began a debate about whether or not to deploy production curbs in March to defend prices against a drop in demand should recession bite in the United States.
India's lucrative outsourcing industry struggled Thursday to overcome Internet slowdowns and outages after cuts in two undersea cables sliced the country's bandwidth in half.
Citigroup CEO Vikram S. Pandit is expected to resist calls from investors to break up the banking giant--including spinning off the Smith Barney brokerage firm-- as part of his review of Citigroup's operations, sources told CNBC.
U.S. President George W. Bush said on Tuesday oil prices were "very high" and tough for theU.S. economy to bear.
Citigroup plans to announce a writedown of as much as $24 billion and layoffs of up to 24,000 due to subprime and credit-related losses, CNBC has learned.
Saudi Arabian Prince Alwaleed bin Talal, Citigroup's largest individual shareholder, will inject new cash to help America's biggest bank grapple with heavy mortgage market losses, the Wall Street Journal reported on its Web site on Friday.
Saudi Arabia plans to establish a sovereign wealth fund that may exceed $900 billion, which would likely be the largest in the world, the Financial Times reported on its Web site without naming sources.
OPEC agreed on Wednesday to keep exports unchanged, rebuffing consumer country calls for more crude to rein in $90-a-barrel oil.
OPEC's big Gulf producers are keeping the door open for higher oil exports when the group meets Wednesday in Abu Dhabi.
European planemaker Airbus named on Monday Saudi billionaire Prince Alwaleed bin Talal as the first private buyer of an A380 superjumbo, the world's largest passenger airliner.