Crude oil futures rose to another record close Thursday, boosted once more by the dollar's continuing slide to new lows against the euro.
Oil surged Wednesday, rising a remarkable $5 a barrel to a new record over $104 after the government reported a surprise drop in crude oil stockpiles and OPEC held production levels steady.
Even a supply surplus and falling demand are no match for oil’s momentum. As crude sets a new record close, commodity veteran Addison Armstrong gives his short and long-term views.
An escalating battle with Exxon highlights the growing rift between the U.S. and Venezuela, which is likely to continue even after President Bush leaves the White House.
Venezuela's state-owned oil company PDSVA says it's cutting off supplies to ExxonMobil. Most traders I talk to think it's all talk from President Hugo Chavez while he tries to save face as the legal battle between his country and the oil giant has gone Exxon's favor so far.
With more of the world's most valuable natural resources under the control of national governments, Exxon likely believes it has no other choice than to stand firm in its escalating battle with Venezuela.
Venezuela needs US refineries as much as we need the oil.The bulk of Venezuelan oil into Exxon's U.S. operations goes into its joint venture in Louisiana. Venezuela supplied about 78,000 bpd into the Chalmette refinery in Louisiana last year, according to energy analyst Andy Lipow in Houston.
Venezuelan President Hugo Chavez stopped oil exports to Exxon Mobil on Tuesday, escalating a multibillion-dollar fight with the U.S. company two days after threatening to cut off all supplies to America.
A key piece of economic data, some big earnings reports and a testy fight between Exxon Mobil and Venezuela may influence markets Wednesday.
Venezuela's state oil company PDVSA has suspended oil exports to Exxon Mobil in retaliation for the freezing of billions of dollars of Venezuelan assets in a legal fight with the U.S. oil giant.
Venezuela softened its tone on Tuesday over a threat to stop oil sales to America, with a top official saying a supply cut would be undesirable a day after world oil prices rose due to President Hugo Chavez's warning.
Venezuela is "ready" to cut off oil supplies to the United States, Energy Minister Rafael Ramirez was reported as saying in a newspaper interview published Tuesday.
Halting Venezuelan oil exports to the United States is possible, but would be undesirable and costly, a top official in the OPEC nation said Tuesday, a day after oil prices rose on a threat by President Hugo Chavez.
Stocks rode higher Monday ahead of General Motors' Tuesday earnings report, so you can bet it will be a big feature of Tuesday morning's trading.
Venezuelan President Hugo Chavez on Sunday threatened to seize milk plants owned by Switzerland's Nestle and Italy's Parmalat if they muscled state producers out of the market.
Venezuela has begun moving oil revenue into Swiss banks to avoid a possible seizure of funds by Exxon Mobil in a legal tussle that pits leftist anti-U.S. President Hugo Chavez against America's biggest company.
President Hugo Chavez Sundaywarned he would halt oil supplies to the United States if it continued to attack Venezuela as he said it had done with an Exxon Mobil lawsuit freezing assets of the OPEC nation.
Venezuela's top oil official accused Exxon Mobil of "judicial terrorism," but said court orders won by the oil major do not amount to confiscation of $12 billion in assets.
Exxon Mobil has moved to freeze up to $36 billion in Venezuelan assets around the world as the U.S. company fights for payment in return for the state's takeover of a huge oil project last year.
Exxon Mobil posted the highest-ever quarterly and yearly profits by a U.S. company, while Chevron said its fourth-quarter earnings rose 30 percent.