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Oil on Friday was supported by "concern" that rising demand will strain supplies already thinned by U.S. refinery glitches and output disruptions in Africa. U.S. light, sweet crude for August, which expires at the end of New York trading on Friday, dropped 7 cents to $75.85.
Earnings misses by tech darling Google and Caterpillar, one of the Dow's power drivers, are adding to a wobbly opening on Wall Street. Citigroup though is a bright spot with a better than expected 18 percent profit gain and record revenues from investment banking and overseas business.
Gas prices fell more than a cent overnight, and gas and oil futures closed mixed as investors tried to decipher a confusing picture of domestic gasoline production. Oil briefly hit $76 a barrel for the first time in 11 months.
Oil jumped by as much as $1.01 on Wednesday midafternoon, briefly topping $75 per barrel. The upward movement followed a steep drop in U.S. gasoline stocks -- which fanned concerns that the world's top consumer could face a shortfall during the peak summer driving season.
New York State Attorney General Andrew Cuomo filed a lawsuit against ExxonMobil to force the cleanup of a decades-old oil spill in New York City.
Oil fell Tuesday on easing gasoline supply concerns during the peak demand season in the U.S., the world's top oil consumer. U.S. light sweet crude briefly topped $75, then slid to as low as $74.04 by mid-afternoon Tuesday, a day ahead of key U.S. oil data, before climbing again.
Venezuela will buy back debt as part of a general policy of reducing its debt-servicing payments but, for now, will hold off on announcing details of its plan, the OPEC nation's economy minister said on Tuesday.
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Oil eased on Wednesday, after an unexpected drawdown in crude oil inventories in top consumer the United States helped the market pare earlier losses.
U.S. oil rose above $72 on Tuesday, and London Brent hit another 11-month high above $76, the 10th straight day of gains that have lifted crude by $6 to within striking distance of its record.
U.S. oil eased on Monday, while London Brent rose to an 11-month high above $76 a barrel, as rising global oil demand and North Sea field maintenance exacerbated supply worries.
Stocks posted the best weekly gains in three weeks, closing Friday near the best levels of the day as new economic data showed moderate jobs growth, easing worries of a slowing economy. "The jobs number was pretty decent, it was probably as good as we could have expected," said Charles Rotblut, market analyst at Zacks.com.
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Oil surged to an 11-month high above $76 a barrel on Friday, closing in on the all-time record as Nigerian disruptions and OPEC output cuts stirred supply concerns amid rising U.S. refinery demand stirred.
Market pros will be looking closely at the tech sector in the upcoming earnings season, but for investors seeking a quick pop, they need look no further than the energy sector as oil prices remain at record levels.
Oil and gasoline prices advanced Thursday after seesawing on a government report that surprised traders with bearish inventory data and bullish refinery utilization rates.
Oil set a 10-month high above $73 a barrel on Wednesday, supported by low U.S. fuel inventories and expectations of strong gasoline demand in the world's top consumer.
Any number of things, from energy prices to Fed policy to geopolitical events, could derail what's expected to be a solid second half.
Oil futures spiked above $70 a barrel on Thursday for the first time since Sept. 1 on a government report that showed gasoline inventories dropped unexpectedly as the summer driving season neared its peak.
Petro-Canada has decided to pull out of Venezuela and has reached an agreement with the state oil company on compensation for its oil investments, the Venezuelan government said.