Energy Dept. to delay oil purchases
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The Energy Department will hold off purchases of oil for the government's emergency reserve through the upcoming winter, the department said Monday.
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Oil prices fell to seven-week lows below  $47 a barrel on Wednesday as traders braced for another  increase in U.S. oil and natural gas inventories ahead of  winter.
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Oil prices edged lower on Wednesday as traders waited to see whether the first cold snap of the US winter had eaten into low heating fuel supplies.
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Oil prices eased on Wednesday, as gasoline inventories in the United States were expected to rise for the sixth week to soothe fuel supply concerns, though forecasts for strong demand limited losses.
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Oil ministers suggested they might cut output in April to fend off a seasonal slowdown in demand when winter ends in the Northern Hemisphere.
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The Bush administration is moving toward releasing oil from the nation's emergency stockpiles as a result of disruptions to production and imports caused by Hurricane Ivan.
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The U.S. government's top energy forecaster on Tuesday said it raised its estimate for world crude prices in 2010 by about 20 percent to near $60 a barrel due to delays bringing new oil fields on line.
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Russia's oil major YUKOS has asked the Lithuanian government to postpone at least for four months the procedure of purchase of shares of the Mazeikiu Nafta oil processing complex of Lithuania, YUKOS ...
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Oil futures skidded lower Thursday on growing concerns that a U.S. economic slowdown is imminent and will depress demand.
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Oil prices fell Wednesday as traders awaited the release of a U.S. government inventory report expected to show increases in supplies of crude, gasoline and distillates.
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Oil prices fell to their lowest in five   months before steadying on Thursday, pausing from a three-day   decline as dealers zeroed in on healthy U.S. inventories   heading into the mild autumn demand season.
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With oil near $50 a barrel, the Bush administration said on Thursday it would negotiate with refineries that want to borrow oil from the federal emergency stockpile to offset supplies disrupted by Hurricane Ivan.
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Oil prices steadied below $70 on   Wednesday as dealers weighed tensions over Iran's nuclear   program against robust crude inventories in the United States,   the world's largest energy consumer.
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Oilfield services company BJ Services Co. (BJS.N: Quote, Profile, Research) on Wednesday said it would delay filing its annual report with US market regulators for another month
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Oil slipped toward $63 on Tuesday as   traders balanced healthy U.S. fuel stocks ahead of winter with   a fresh delay to BP's giant Thunder Horse oilfield in the Gulf   of Mexico.
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Oil prices followed U.S. stocks lower on   Friday as slowing economic growth raised fears demand could   falter for the world's biggest energy consumer.
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The International Energy Agency cut its forecast for global oil demand, due to slowing economies.