SKorea to start oil shipments next week
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North Korea will receive its first promised shipment of energy aid next week, South Korea said Wednesday, a day after Pyongyang's reclusive leader urged progress in a deal to dismantle his country's nuclear programs.
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Oil prices firmed on Friday, cementing  this week's gains spurred by worries a U.S. cold spell could  erode already low winter fuel inventories.
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Data in the coming week are expected to reveal a more resilient industrial sector and a narrowing trade gap.
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Investors are expected to focus on oil  prices and corporate earnings outlooks next week, and the  slightest warning about company revenues could weigh on stocks.
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The United States said Wednesday it planned to send a second shipment of fuel oil to North Korea even though it has not provided a full declaration of its nuclear programs under an aid-for-disarmament deal.
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Oil prices rose amid expectations a report will show U.S. crude stockpiles fell last week to post the seventh straight decline in inventories for the worldâs largest energy consumer.
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World crude prices climbed on Tuesday, as Qatar&#39;s energy minister said OPEC would not move next week to increase the cartel&#39;s oil output to battle tight global supplies amid strong energy demand.
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Nigeria's main oil unions said that their members will join next week's planned nationwide general strike and warned of disruptions in the country's exports of crude to the world market.
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Oil rose to $71 a barrel on Friday, near a nine-month high, as a strike in Nigeria threatened more of the country's output and Iran remained defiant over its nuclear program.
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Crude oil prices may fall this week as companies including Royal Dutch/Shell Group restart platforms and tankers resume shipments in the Gulf of Mexico after Hurricane Ivan
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Oil prices stayed close to six-week  highs on Friday on forecasts that a bout of cold weather in the  United States would raise demand for heating fuels and natural  gas.
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Crude oil prices will top $US50 ($A69) a barrel for the first time this week, despite a slight fall in New York on Friday night, some analysts have predicted.
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Brands, buys, and bulk products will color in the week that lies ahead.
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OPEC oil producers were poised on Friday  to stamp out excess supply that has lowered world prices from  record highs.
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A shipment of oil that North Korea has said it is awaiting before it begins to shut its nuclear reactor as part of a disarmament deal set sail from the South on Thursday, a port official said.
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VIENNA - The Organization of Petroleum Exporting Countries agreed Wednesday to boost its current daily crude oil production quota by 1 million barrels to 27 million barrels from Nov 1 to try to stabilize recently high-flying crude oil prices.
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Crude oil in New York approached $70 a barrel for the first time since September after Nigerian unions planned a strike this week, threatening supplies from Africa's biggest oil producer.