Oil's return to Canadian Arctic is no stampede
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CALGARY, Alberta  - Imperial Oil Ltd and Exxon Mobil Corp turned heads in the oil industry in July with a nearly $600 million bid that won them a big exploration block in Canada's Beaufort Sea.
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Oil prices were little changed on  Thursday as downside pressure from swelling international  supplies was balanced by concern that Hurricane Ivan could hit  offshore energy production in the Gulf of Mexico after tearing  through the Caribbean.
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LONDON - The worldâs oil refiners are unimpressed by Saudi Arabiaâs boost to production capacity that would only swell supplies of sour, high sulphur crude while they hanker for sweet oil.
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The price of oil rebounds despite data showing that US crude oil stocks have risen.
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Oil prices held steady above &#36;53 a barrel on Wednesday as worries over a winter supply crunch countered expectations that high fuel costs would curb growth in petroleum demand next year.
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Oil rebounded from sharp recent losses  on Friday as China reported a fresh record in crude imports and  a U.S. cold snap was expected to keep up demand for heating  fuels.
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A faster-than-expected thaw of the Arctic is likely to open legendary short-cut routes between the Pacific and the Atlantic, but experts say icebergs and high costs will prevent any transpolar shipping boom.
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Canada has said it will build two military facilities in the Arctic. Are we witnessing a scramble for resources in the region?
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Canada announced plans Monday to increase its Arctic military presence in an effort to assert sovereignty over the Northwest Passage &#151; a potentially oil-rich region the United States says is international territory.
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Why oil won't fall below $60 again.
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Oil ended a slide on Monday, firming  up as cold weather in the U.S. Northeast promised higher fuel  demand and sabotage in Iraq once again disrupted the country's  exports.
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Crude oil, which has declined 12 percent from a record two weeks ago, was little changed after falling yesterday on expectation supplies will be enough to meet demand from US refineries making heating fuel for the winter.
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Oil dipping almost $1 doesn&#39;t signal the beginning of a major retreat, say commodities experts who suggest crude might never fall below $40 US a barrel again.
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An accelerating thaw of the Arctic may open vast regions for oil and gas exploration but that brings worries of spills in the fragile environment, experts said Thursday.
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Oil prices held strong on Friday not far below $55 as traders worried time is running out to top up low heating oil inventories before winter.
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Crude oil was little changed after rising for a second day yesterday on speculation that the Organization of Petroleum Exporting Countries will call for a production cut at a meeting today.
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Crude oil was little changed after rising 2.5 percent yesterday as the approach of Hurricane Ivan disrupted production and tanker shipments in the Gulf of Mexico, where a quarter of US oil and natural gas is pumped.