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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.
Russia's Gazprom and Total signed an agreement Friday that will give the French company a major role in developing the huge Shtokman gas field.
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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.
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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.
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.
ConocoPhillips expects its second-quarter production fell from-first quarter levels due to scheduled maintenance in the North Sea, exiting from operations in Dubai, asset sales and seasonality dips in Alaska, the third-largest oil and gas company said Tuesday.
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 steadied near $71 a barrel on Monday, underpinned by falling gasoline inventories in the U.S. and expectations for a recovery in refinery use.
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.
Crude oil and gasoline prices settled higher on Wednesday after a government inventory report stoked concerns about the nation's gasoline supplies during the summer driving season.
Stock futures point lower this morning after a weak showing in equities markets worldwide. European stocks are trading lower, and Asian markets were mostly down overnight. Volatility will no doubt be the tone of the day, as the Fed starts its two-day meeting. Durable goods fell 2.8%, below expectations. The dollar slid after the report and Treasurys rallied.
Stocks finished lower in a choppy session that was overshadowed by concerns about the housing slowdown and a meltdown in the subprime mortgage industry. "The financials tend to lead the market down and that's what they were doing today," said Robert Albertson, chief strategist at Sandler O'Neill. "I think it goes well beyond subprime. "
U.S. oil giants Exxon Mobil and ConocoPhillips both left huge crude projects in Venezuela's Orinoco Belt after President Hugo Chavez nationalized them as part of his socialist revolution. Venezuela is the fourth biggest supplier of oil to the United States.
Stock futures are perking up this morning after three sessions of selling. Housing starts for May are reported today and there are a few earnings reports to make headlines.
Stocks ended lower as investors were rattled by concerns regarded leveraged mortgage securities held by two Bear Stearns hedge funds. "We will see a splash near term as some of these funds need to unwind positions in paper that really isn't traded too much," said Jack Ablin of Harris Private Bank.
John Kilduff, senior vice president and energy analyst at Man Financial, appeared on CNBC's special "Power Lunch at the Four Seasons" to give his outlook for oil and gasoline -- and to explain why easing tensions in Nigeria haven't made him bearish on either.