Latest news about Oil
Glut of oil could push gasoline prices back down below $2 a gallon
Energy experts say oil supply is outstripping demand. Eventually suppliers will tire of paying to store every of the surplus oil and flood the market, they predict. A year after oil hit a record closing price, the commodity's price is way down -- and may fall significantly further as supply continues to dwarf demand.
3 Jul 2009, 8:41 pm | click here to view more
London oil market probes alleged rogue trader
Oil market officials in London have launched a probe into an alleged rogue trader who helped push prices to eight-month peaks this week, costing his company nearly 10 million dollars (6.12 million pounds).
3 Jul 2009, 8:34 am | click here to view more
Oil below $67 after bleak U.S. jobs data
Oil traded below $67 a barrel on Friday, adding to a fall of nearly 4 percent the previous day, as unemployment data hardened views economic weakness would sap energy demand further and that last month's rally was overdone.
3 Jul 2009, 8:31 am | click here to view more
Oil hovers above $66 after weak jobs data
Oil prices hovered over $66 a barrel Friday in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent prices tumbling.
3 Jul 2009, 8:14 am | click here to view more
Oil prices drop further as 'rogue' trader probed
Oil prices fell further on Friday, but losses were less severe than a day earlier when traders had sold heavily on fresh worries about the weakness of the US economy.
3 Jul 2009, 7:59 am | click here to view more
Oil brokerage PVM names rogue trader behind oil spike
PVM Oil Futures Limited said on Friday Steve Perkins, a senior broker based at the firm's London office, was responsible for unauthorized trades earlier this week which landed the firm with a loss of nearly $10 million.
3 Jul 2009, 7:40 am | click here to view more
Oil brokerage PVM names rogue trader behind oil spike
LONDON (Reuters) - PVM Oil Futures Limited said on Friday Steve Perkins, a senior broker based at the firm's London office, was responsible for unauthorized trades earlier this week which landed the firm with a loss of nearly $10 million.
3 Jul 2009, 7:40 am | click here to view more
Oil falls below $66 after bleak U.S. jobs data
Oil dropped a dollar to below $66 a barrel on Friday after unemployment data hardened views economic weakness would sap energy demand and that last month's rally was overdone.
3 Jul 2009, 12:42 pm | click here to view more
Oil brokerage loses $10 mln on rogue trades
PVM Oil Associates, the world's biggest over-the-counter oil brokerage, says it lost nearly $10 million this week because of unauthorized trades that caused a temporary spike in Brent crude markets.
3 Jul 2009, 11:36 am | click here to view more
Oil falls near $66 after bleak U.S. jobs data
Oil fell toward $66 a barrel on Friday, adding to a drop of nearly 4 percent the previous day, as unemployment data hardened views economic weakness would sap energy demand further and that last month's rally was overdone.
3 Jul 2009, 10:32 am | click here to view more