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OPEC's big Gulf producers are keeping the door open for higher oil exports when the group meets Wednesday in Abu Dhabi.
An oil price "bubble" was not due to any shortage but was fuelled by global political tensions, a leading Iranian oil official told the state broadcaster.
The unofficial transcript of an interview with Vice President Dick Cheney on "Kudlow & Company."
The Bush administration announced Thursday that it is imposing sweeping new sanctions against Iran's defense ministry, its Revolutionary Guard Corps and a number of banks.
Oil rose $2 to over $81 per barrel Tuesday, on concerns about consumer-nation supplies ahead of the coming Northern Hemisphere winter.
Energy futures fell in quiet holiday trading Monday as investors, questioning whether oil will keep surging to new highs, decided to cash in some of their recent profits.
Energy futures fell Friday, as traders expecting a weakening of demand in the coming months cashed in profits from the previous session's rally.
Oil ended trade at $79.97 per barrel on Wednesday, after weekly U.S. data defied forecasts and showed crude inventories rising.
Turkey will finance a $3.5 billion investment in Iranian gas production entirely from a state company of its own as U.S. opposition has put off foreign investors, Energy Ministry officials said on Wednesday.
Oil slipped toward $80 per barrel Tuesday, retreating for a third day as a strengthening dollar and concerns about the world economy prompted investors to take profits.
Oil prices closed down on Monday, as investors took profit from the near-record highs of last week and weighed the threat of a deeper economic slowdown in the United States, the world's top oil consumer.
Oil futures fell Friday as a late flurry of selling overcame an earlier rally driven by the steadily weakening dollar.
Oil rose sharply to $83 per barrel on Thursday, as a weak dollar and supply worries ahead of the winter heating season encouraged buying by financial investors
Iran's interior minister says his country has finalized oil and gas projects with China. Two-way trade on target to hit $20 billion (14.4 billion euros) this year.
Acting Iranian Oil Minister Gholamhossein Nozari said on Wednesday there was no need for OPEC to increase its crude production, Iran's state broadcaster reported.
China could play fairer in its trade relations with the United States, Secretary of State Condolezza Rice told CNBC's Maria Bartiromo Friday. "On balance, a strong, growing Chinese economy is good for the international community, but China needs to play by the rules," she said.
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U.S. crude oil futures fell more than a dollar as RBOB gasoline faltered after rising early, triggering profit taking in the crude oil market and the rest of the oil futures complex, according to traders and analysts.
U.S. crude oil futures ended lower for the fourth consecutive session, as Nigerian militants freed several hostages taken from an Italian-operated oil field.
U.S. crude oil futures ended lower for the third day in a row after government data showed supplies last week rose within market forecasts.