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Latest Brent Crude Stories

2008-08-28 15:01:01

By wire NEW YORK -- Oil prices shot up more than $5 a barrel Thursday, rising to the highest level in over two weeks as escalating tensions with Russia stoked fears of supply disruptions to the West. Crude's rally mimicked the wild price swings seen last month and at least temporarily halted oil's slide back toward $100 a barrel. A weaker U.S. dollar and worries about tightening output from OPEC countries are also supporting prices. After days of brushing off geopolitical flare-ups...

2008-08-26 00:00:34

By Stevenson Jacobs NEW YORK - Oil prices tumbled more than $6 a barrel Friday - the biggest one-day percentage plunge in nearly four years - after a rebounding dollar and a Russian troop pullback in Georgia sparked another frenzied sell-off. Crude's nosedive wiped out all the gains from the previous day's big rally and reaffirmed the belief that high energy prices and a softening global economy are still cutting into consumer demand for fossil fuels in the U.S. and overseas. Light,...

2008-08-25 12:01:12

By Rosemary Gallagher OIL cartel Opec is expected to reduce supplies next month following a sharp fall in crude prices on Friday. The value of US crude fell 5.5 per cent to dollars 114.59 a barrel - the biggest drop in percentage terms in one day since December 2004. In London, Brent crude dropped dollars 6.24 to dollars 113.92 a barrel. Analysts put this drop down to rising supply levels and weakening global demand. They said this may lead Opec to cut the flow of oil when it meets in...

2008-08-15 00:00:34

By THE ASSOCIATED PRESS VIENNA, Austria - Tighter U.S. gasoline supplies propelled oil prices upward for the second day today with crude moving above the $116 a barrel mark. Light, sweet crude for September delivery rose 48 cents to $116.48 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. The contract jumped $2.99 overnight to settle at $116.00 a barrel. "It's the first bright news for traders in the oil market in a while," said Gavin Wendt, head of...

2008-07-23 18:00:48

Husky Energy Inc. (TSX: HSE) reported net earnings of $1.36 billion or $1.61 per share (diluted) in the second quarter of 2008, an increase of 89 percent from $721 million or $0.85 per share (diluted) in the same quarter of 2007. Cash flow from operations in the second quarter of 2008 was $2.1 billion or $2.46 per share (diluted), a 66 percent increase compared with $1.3 billion or $1.48 per share (diluted) in the same quarter of 2007. Sales and operating revenues, net of royalties, were...

2008-07-17 15:00:56

By CHURCHOUSE, Nick OIL companies are standing by their pumps as the Automobile Association calls for a three-cent drop in petrol prices after crude oil prices dipped. Crude oil prices have jerked up and down in the last week, with Texas crude diving $6 a barrel on Tuesday in the largest single session drop since 1991. AA spokesman Mark Stockdale said it took time for crude prices to flow through to refined, a major driver of pump prices, but this time there was certainly room for a...

2008-07-16 15:01:02

By TIM SHARP OIL prices dropped to dollars139 yesterday as a strike by Brazilian oil workers did little to dent output and the outlook for the US economy worsened, but British MPs still demanded information that could show if speculators are manipulating the market. Oil prices reached a high of dollars147 on Friday on news of the Brazilian action. But yesterday, after hitting dollars146, light crude was trading down dollars6.44 on the day at dollars138.74 and Brent Crude was trading at...

2008-07-12 18:00:22

Oil prices yesterday set a new record above EUR147 a barrel amid fears over growing tension in the Middle East. Brent crude reached EUR147.02 on the London-based ICE Futures Exchange. It has now risen more than EUR10 in the past two days. Analysts cited concerns over missile tests by Iran, a member of oil production cartel Opec, as being behind the surge. Brent's previous record high was EUR146.69 a barrel, set on Thursday last week. The commodity fell to the EUR136 level earlier...

2008-07-08 09:01:01

By Jack Money, The Oklahoman Jul. 8--YEARS AGO, Oil Refiners Sought -- and were able to find -- barrels of light, sweet crude they could refine into every fuel the United States needs, such as gasoline, diesel and jet fuel. Not so much anymore, and that could affect prices we pay for just about everything made out of petroleum products, analysts say. That's because these days, just about any type of oil makes it to the refineries, including those with a heavier and more sour makeup....

2008-06-27 12:03:03

"The problem you had in California was caused by a combination of things: an unwise regulatory scheme, because they didn't really deregulate. Now they're trapped from unwise regulatory schemes, plus not having addressed the supply side of issues. They've [Californians] obviously created major problems for themselves." -- Vice-President Dick Cheney, May 17, 2001, on PBS's Frontline "Market fundamentals show us that production has not kept pace with growing demand for oil, resulting in...


Word of the Day
Cthulhu
  • A gigantic fictional humanoid alien god being described with a head resembling an octopus and dragon wings and claws, around whom an insane cult developed.
  • Pertaining to the mythos of Cthulhu and additional otherworldly beings created by H. P. Lovecraft or inspired by his writings and imitators.
This word was invented in 1926 by H.P. Lovecraft for his short story, 'The Call of Cthulhu.' 'Cthulhu' may be based on the word 'chthonic,' which in Greek mythology refers to the underworld.
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