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Apr-25-2008

Oil pricesup after news that US ship fired on Iranian boats

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Crude oil for June delivery fell as much as $1.55, or 1.3 percent, to $114.51 a barrel in after-hours electronic trading on the New York Mercantile Exchange. (More...)
NEW YORK (AFP) — Oil prices edged higher Wednesday but steadied after failing to top 120 dollars a barrel, as traders digested a mixed report on U.S. stockpiles and growing concerns over soaring energy costs. (More...)
The price of crude oil continued its record-breaking run after topping US118 a barrel in New York yesterday. (More...)
Heating oil futures slid by more than 4 cents to $3.328 a gallon while gasoline prices fell more than 5 cents to $2.9995 a gallon. (More...)
Oil rose as high as $119.90 a barrel on April 22 on the falling dollar and supply disruptions from Nigeria and a Scotland refinery. (More...)
The release of weekly U.S. oil inventory data for the week of April 18 at least temporarily slowed oil's meteoric rise from $100 to nearly $120 a barrel in the month of April. (More...)
Prices rose to just under $120 a barrel the previous session on concern about tight supplies. (More...)
Gasoline supplies have been falling lately, raising concerns about stockpile levels as the Northern Hemisphere summer driving season approaches. (More...)
"The biggest difficulty for oil producers will be if the speculative funds that have flooded into commodity markets moves on," said Mike Fitzpatrick, an analyst at brokerage MF Global, in a note. (More...)
The dollar rose against the 15-nation single currency Thursday giving investors a chance to lock in profits from oil's recent record run. (More...)
One would think that decreasing the price of crude is as simple as increasing supply but the price per barrel of crude is down to Wall Street and where people put their money. (More...)
Brazilian ethanol producer Cosan said on Thursday it had agreed to buy ExxonMobil's assets in Brazil for $826 million, outmaneuvering state-run oil giant Petrobras to gain a foothold in the fuel distribution business. (More...)
"Dollar strength seems to be offsetting the fundamental bullishness on oil,'' said Robert Laughlin, senior broker at MF Global Ltd. in London. (More...)
Analysts expect gas prices to continue rising for at least another month; predictions of how high prices will rise range from $3.70 to $4 a gallon. (More...)
"The bulls are certainly in control of the oil market right now," said Victor Shum, an energy analyst with Purvin Gertz in Singapore. (More...)
Additional support came from the weak U.S. currency, which makes dollar-priced oil cheaper for foreign buyers and stimulates demand. (More...)
Among precious metals gold futures fell as the dollar recovered against major currencies. (More...)
Crude-oil prices sank to a one-week low Thursday as a stronger dollar prompted investors to flee commodities markets. (More...)
The consumer price index rose 4.2% in the first quarter from a year earlier, the Bureau of Statistics said in Sydney today. (More...)
Southwest Florida set yet another record gas price on Thursday, climbing nearly three cents from the prior record on Wednesday. (More...)

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Crude oil for June delivery fell as much as $1.55, or 1.3 percent, to $114.51 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $114.66 at 9:21 a.m. London time. The dollar traded at $1.5628 per euro as of 8:39 a.m. in London, from $1.5682 yesterday in New York and $1.5817 on April 18, heading for a gain of 1.3 percent this week. [1] Light, sweet crude for June delivery on the New York Mercantile Exchange rose 74 cents to $116.80 a barrel in electronic trading by late afternoon in Singapore. It fell as low as $114.51 a barrel earlier. With the dollar still strengthening, though, it remains to be seen if oil will resume its march toward $120 a barrel. Investors see commodities such as oil as a less effective hedge against inflation when the dollar strengthens.[2] U.S. light crude for June delivery rose 23 cents on the New York Mercantile Exchange to settle at $118.30 a barrel. In its weekly inventory report, the U.S. Energy Information Administration, a government agency that measures oil and gas supplies, said gasoline supplies fell by 3.2 million barrels.[3]

Oil futures fell 73 cents or 0.62 percent to $117.34 a barrel on the New York Mercantile Exchange by 11:38 a.m. on Wednesday. Prices of crude have increased above $100 since the beginning of 2008 as demand for commodities such as oil, gold and copper has risen to compensate for inflation caused by losses in the dollar.[4] Crude Oil reached a new record of $119.90 a barrel on the New York Mercantile Exchange (Nymex) today amid ongoing supply concerns and a new record low for the U.S. dollar against the Euro, leaving investors looking for an inflation hedge.[5] Crude oil rose to a record $119.90 a barrel on the New York Mercantile Exchange yesterday, as the greenback dropped to an all-time low against the European euro. Crude oil is up 24% so far this year, and 88% from this time last year, Bloomberg News reported. With this unrelenting march, it's no wonder that industry observers continue to roll out ever-higher target prices for the "black gold."[6] April 23 (Bloomberg) -- Crude oil was little changed in New York after rising to a record $119.90 a barrel as the dollar dropped to an all-time low against the euro, prompting investors to purchase commodities as an inflation hedge. The dollar touched $1.60 per euro for the first time after European Central Bank policy makers signaled they may raise interest rates because of inflation. Oil's 24 percent surge this year has pulled gasoline and diesel fuel to records, weighing on an economy already reeling from a credit crisis. "This market defies gravity,'' said Tom Bentz, a broker at BNP Paribas in New York.[7]

SINGAPORE: Oil prices dropped toward $118 a barrel on Thursday, as a stronger dollar triggered selling and traders focused on a surprising increase in crude stockpiles in the United States. U.S. light crude for June delivery fell 18 cents to $118.12 a barrel by 0717 GMT, after gaining 23 cents in New York on Wednesday, off a record high of $119.90 seen this week.[8] Crude oil for June delivery fell as much as $1.18, or 1 percent, to $117.12 a barrel in after-hours electronic trading on the New York Mercantile Exchange.[9] Light, sweet crude for June delivery fell 82 cents to $117.48 a barrel in electronic trading by midday in Europe ahead of the opening of the New York Mercantile Exchange.[10] Light, sweet crude for June delivery fell 36 cents to $117.71 in electronic trading on the New York Mercantile Exchange by midday in Europe. The May contract, which expired Tuesday, rose as high as $119.90 in its last trading session and closed at $119.37.[11] Light, sweet crude for May delivery rose to a new trading record of $119.90 a barrel before retreating to trade up $1.70 at $119.18 on the New York Mercantile Exchange.[12] Light, sweet crude for June delivery on the New York Mercantile Exchange fell $1.64 to $116.66 per barrel in electronic trading by afternoon in Europe.[13] Crude for June delivery fell $1.19, or 1%, to $117.13 a barrel on the New York Mercantile Exchange, after hitting a low of $115.55, as a rebound in the dollar offset fears that supply is struggling to keep up with demand.[14] NEW YORK, April 22 (Xinhua) -- Crude futures approached 120 U.S. dollars a barrel Tuesday on the weak U.S. dollar and supply concerns. Light, sweet crude for May delivery, which expired Tuesday, hit 119.90 dollars on the New York Mercantile Exchange, refreshing its intraday high.[15]

LONDON (SHARECAST) - Crude oil futures settled 23 cents higher on the New York Mercantile Exchange at $118.30 a barrel.[16] Crude oil for May delivery advanced by $1.89 to settle at $119.37 a barrel on the New York Mercantile Exchange.[17] Crude oil for May delivery advanced 1.89, or 1.6 percent, to settle at 119.37 a barrel on the New York Mercantile Exchange, a record close.[18]

Crude futures for delivery in May rose 1.61 percent, or $1.89 to $119.37 a barrel on the New York Mercantile Exchange at at 2:46 p.m. The May contract expires today.[19] Crude futures prices fell $2.45, or 2.07 percent to $115.85 a barrel on the New York Mercantile Exchange by 3:23 p.m. on Thursday.[20]

Light, sweet crude for June delivery settled 23 cents, or 0.2 percent, higher at $118.30 a barrel on the New York Mercantile Exchange.[21] Light, sweet crude for June delivery closed at U.S. $116.06 a barrel on the New York Mercantile Exchange on Thursday.[22] Thursday, House Speaker Nancy Pelosi, D-Calif., called on Bush to stop filling the Strategic Petroleum Reserve, a proposal the administration immediately rejected. Thursday, light, sweet crude for June delivery stalled in its march toward $120 a barrel, falling $2.24 to settle at $116.06 a barrel on the New York Mercantile Exchange.[23] Light, sweet crude for June delivery jumped as high as $119.50 on the news before retreating to trade up $2.70 at $118.76 a barrel on the New York Mercantile Exchange.[24]

Crude oil for June delivery traded electronically on the New York Mercantile Exchange (Nymex) at $118.02, down 5 cents from Tuesday's close.[25] Light, sweet crude for June delivery settled 23 cents to 118.30U.S. dollars a barrel on the New York Mercantile Exchange.[26] Light, sweet crude for June delivery rose 5 cents to US$118.12 in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.[27]

On the New York Mercantile Exchange at 9:11 a.m. EDT (1311 GMT), June crude CLM8 was up $1.97, or 1.7 percent, at $118.03 a barrel, trading from $114.51 to $118.20.[28] On the New York Mercantile Exchange, oil hit a third daily record in a row. Oil rose $1.89, or 1.6%, to $119.37 a barrel -- up 23% this year.[25]

NEW YORK (Reuters) - Oil slumped on Thursday as gains in the U.S. dollar and rising fuel production from U.S. refineries spurred profit-taking that dragged crude further from its record peak near $120 a barrel.[29] NEW YORK: Oil prices climbed to a record level near $120 a barrel on Tuesday mainly due to a fall in U.S. stocks coupled with dollar dropped to an all-time low against the euro.[17] Mumbai: Crude oil surged more than $2 to a record $119.90 a barrel in New York today as the dollar dropped to an all-time low against the dollar, prompting investments in commodities as a hedge.[30] The price of crude oil soared Tuesday, hitting a new record high above $119 a barrel in New York trading.[31]

The U.S. Energy Department's Energy Information Administration reported Wednesday that crude stockpiles grew 2.4 million barrels last week — more than double what analysts expected. "Despite the uptick in refinery demand, crude oil, stocks increased for the first time in three reports," said Stephen Schork in his Schork Report. Still he noted further support for prices in the short term due to an increased "risk factor regarding future supply." Feeding those concerns, about 170,000 barrels a day of Nigerian production remained shut-in following a pipeline attack earlier this week. BP PLC is also considering shutting down its 700,000 barrel-a-day Forties pipeline system if a strike continues at a U.K. refinery.[32] Speculation that surging global food prices may force a rethink on the use of food crops for biofuels, has been a factor in pushing the price of crude oil, close to $120 a barrel this week. Biofuels produced from crops such as corn, which now accounts for 20% of U.S. output and soya are not significant in the fuel market but are seen as a longer term threat. The use of food crops in biofuel production at a time of weather impacts on crop supply in some parts of the world and growing demand in Asia, has pushed commodities such as wheat and rice to a string of record highs.[25]

Oil prices were slightly lower Wednesday after climbing in the previous session to a record near $120 a barrel on the weakening U.S. dollar and concerns about unstable supply amid firm global demand.[11] Oil prices steadied a little yesterday after climbing overnight to a record near US$120 a barrel on the weakening U.S. dollar and concerns about unstable supply amid firm global demand. The dollar's drop to a record low against the euro on Tuesday helped to draw more funds from investors who see commodities such as oil as a hedge against inflation and a falling dollar. Oil is now nearly double its closing price a year ago, and is already up 24 per cent in 2008.[33] The previous session witnessed oil prices spike to a record US$120 levels as the U.S. dollar continued to weaken, and concerns about unstable supply mounted amid firm global demand. The dollar dropped to a record low against the euro, helping draw more funds from investors who see commodities such as oil as a hedge against inflation and a falling dollar.[34]

A stronger U.S. currency makes dollar-priced crude more expensive for foreign buyers, tending to discourage demand. Most analysts expect the Fed to lower its key interest rate by a quarter point at its policy-setting meeting next Tuesday and Wednesday. Before their sharp fall, oil prices had broken a series of records over the past two weeks, boosted by the weaker U.S. dollar, supply worries and the OPEC cartel's reluctance to increase output.[35] A weakening U.S. dollar, supply worries and the OPEC cartel's reluctance to increase output contributed to a surge that saw oil prices break a series of records over the past several days, analysts said.[36]

VIENNA, April 17 (Xinhua) -- OPEC's average daily oil prices have set records 16 times since the beginning of this year and soared to 106.65 U.S. dollars per barrel (dpb) Wednesday, the Vienna-based cartel said Thursday.[15]

"DOE rejected offers to purchase oil when the spot price was about $69 per barrel," yet in the same month last year agreed to take royalty payments in oil deliveries at "roughly the same price per barrel," Frank Rusco, acting director of natural resources and environment for the office, said in testimony Thursday at a congressional hearing. The reserve, the world's largest stockpile of emergency crude oil, holds 701 million barrels of oil, a record amount in its 31-year history.[23] May gasoline futures on the Nymex rose 3.73 cents to settle at $3.0164 a gallon after earlier rising to a trading record of $3.025, while May heating oil futures rose 0.55 cent to $3.3169 a gallon, down from an earlier high of $3.35. Crude is now nearly double its closing price a year ago, and up 24 per cent in 2008 alone.[30] "In fact, many a fortune has been lost trying to predict tops. Even with a pull back, it is likely to see oil at 125 dollars per barrel sooner rather than later," he pointed out. Other energy futures also set new record on Tuesday. May gasoline futures rose 3.73 cents to settle at 3.0164 dollars a gallon after rising to a trading record of 3.025 dollars, while May heating oil futures hit their own trading record of 3.35 dollars.[15] In other Nymex trading Friday, May gasoline futures rose 4.04 cents to $3.059 a gallon after earlier rising to a new trading record of $3.0815, and May heating oil futures rose 5.37 cents to $3.3121 a gallon.[24] "At the same time, the supply and demand fundamentals have been supportive secondary factors, but important nonetheless." In other Nymex trading on Tuesday, May gasoline futures rose 2.59 cents to $3.005 a gallon after earlier rising to a trading record of $3.02, while May heating oil futures rose 0.88 cent to $3.3202 a gallon after earlier rising to their own trading record of $3.35.[12]

Diesel advanced to $4.204 a gallon. "We are starting to see a lot of economic pain as a result of these prices,'' said Antoine Halff, head of energy research at New York-based Newedge USA LLC. "This is going to have an impact on demand.'' Gasoline futures for May delivery jumped 3.73 cents, or 1.3 percent, to close at a record $3.0164 a gallon in New York yesterday after reaching their highest intraday level of $3.025 a barrel.[7] New York's main oil futures contract, light sweet crude for delivery in June, slid 46 cents to $115.60 per barrel.[35] New York's main oil futures contract, light sweet crude for delivery in June, dropped 2.24 dollars to close at 116.06 dollars a barrel.[37]

NEW YORK, April 25 (Reuters) - U.S. crude oil futures rose sharply on Friday as supply snags in Nigeria and Britain offset the effect of a stronger dollar.[28] NEW YORK: Crude oil futures popped to a fresh record Tuesday as supply threats gathered and the dollar tumbled against the euro.[12]

April 24 (Bloomberg) -- Crude oil fell for a second day in New York after the dollar rose against the euro, reducing the appeal of commodities to investors, and a government report yesterday showed U.S. stockpiles increased more than expected.[9] NEW YORK - Crude oil fell more than $2 on Thursday as the dollar gained, lessening demand for commodities and prompting profit taking sales.[20]

NEW YORK (CNNMoney.com) -- Oil prices rose a bit higher Wednesday after a government report said stockpiles of gasoline fell more than expected and crude supplies exceeded analysts' estimates.[3] To a large extent, how high gas prices peak depends on what oil does. Lately, analysts have recently raised their oil price predictions to $125 to $130 a barrel. Earlier this week, the expiring May crude contract rose as high as $119.90 as investors scrambled to square positions.[24] Unions planning to strike at a 200,000 barrel-a-day refinery in Scotland next week are holding talks with the plant's owners Ineos Group Holdings Plc today after failing to reach agreement yesterday. "This morning oil has eased back below $118 a barrel amid profit-taking after crude prices have gained just over 18 percent this month,'' said Nimit Khamar, an analyst at Sucden (U.K.)[38] In Scotland, workers at Ineos PLC's 196,000 barrel-a-day Grangemouth refinery and petrochemical plant threatened to strike over changes to an employee pension plan. Global oil demand is expected to rise about 1.3 million barrels a day this year to 87.2 million barrels a day, according to the International Energy Agency. China imported a record 4.09 million barrels a day of crude oil last month, final data from its General Administration of Customs showed Tuesday.[11] At a recent conference in Washington sponsored by the U.S. Department of Energy, experts argued that the world production of conventional crude oil peaked in May 2005 at 74 million barrels a day.[39] Crude oil stocks were expected to increase 1.1 million barrels in the U.S. Energy Department's Energy Information Administration's report, the survey showed.[11] Crude oil stocks surged by 2.4 million barrels in the world's top energy user, double the forecast level, mainly due to an increase in inventories on the U.S. West Coast.[8]

Oil supplies rose for the first week in three, gaining 0.8 percent to 316.1 million barrels in the week ended April 18, the Energy Department said. "It's a mix between a dollar reaction and the fact that crude stocks rose yesterday,'' said Thina Saltvedt, an oil analyst with Nordea Bank AB in Oslo.[9] U.S. crude reserves rose 2.4 million barrels last week, beating market expectations for a 1.5-million-barrel gain. In the foreign exchange market Thursday, the dollar gained in value against the euro amid speculation the U.S. Federal Reserve soon might end its campaign of cutting interest rates and following a disappointing report on German business confidence.[37] London's Brent North Sea crude for June delivery on Thursday settled $2.12 lower at $114.34 a barrel after earlier hitting a record intraday peak of $116.87. In the foreign exchange market on Thursday, the dollar gained in value against the euro amid speculation the U.S. Federal Reserve soon might end its campaign of cutting interest rates.[35]

The contract touched $US116.75 today, an all-time intraday high. The dollar touched $1.60 per euro for the first time after European Central Bank policy makers signaled they may raise interest rates because of inflation. Oil's 24% surge this year has pulled gasoline and diesel fuel to records, weighing on an economy already reeling from a credit crisis.[17] The focus on supply constraints will inevitably lend gravitas to the weekly EIA (US Energy Information Administration) data released this afternoon with all eyes on the gasoline component ahead of the U.S. driving season. Forecasts suggest that the level of gasoline stocks will have fallen for a consecutive sixth week and this should be sufficient to see oil prices breeze through the $120 level. The impetus in the market is sufficient to project a move towards $125/bbl as the bulls clearly have the bit between their teeth and with little prospect of the Dollar recovering any time soon, freah highs beyond this target are very much in prospect. On Tuesday, the euro briefly crossed the $1.60 mark to $1.605 after Bank of France Governor Christian Noyer joined his German counterpart Axel Weber in saying that, far from cutting, the ECB stands ready to raise rates if necessary.[25] Two days after the euro crossed 1.60 dollars for the first time, the single European currency was trading below 1.57 dollars. "The dollar continued to strengthen against the euro, putting some downward pressure on oil prices and correcting after hitting a record low beyond 1.60 dollars against the single currency earlier this week," Kryuchenkov said.[37] The inventory gains, which prompted a brief drop in oil prices, weren't enough to shake off concerns about supplies worldwide. About 170,000 barrels a day of Nigerian production remains shut-in following a pipeline attack earlier this week. BP Plc is also considering shutting down its 700,000 barrel-a-day Forties pipeline system if a strike continues at a U.K. refinery. Both the North Sea and Nigeria produce oil that is low in sulfur and other impurities, which makes it ideal for gasoline production.[21] MEND is the main militant group behind a series of recent attacks in Nigeria's southern oil region. Shell said earlier this week that it had shut in about 170,000 barrels a day of Nigerian production due to one of the earlier attacks. Adding to supply concerns, BP PLC is also considering shutting down its 700,000 barrel-a-day Forties pipeline system if a strike continues at a U.K. refinery.[2] "Supply concerns will still underpin oil pricing, so the pullback won't be very substantial," Shum said. Feeding those concerns, about 170,000 barrels a day of Nigerian production remained shut-in following a pipeline attack late last week. BP PLC is also considering shutting down its 700,000 barrel-a-day Forties pipeline system if a strike continues at a U.K. refinery.[40]

Production disruptions in Nigeria helped moderate oil's pullback, and a planned two-day strike at a Scottish refinery that could affect 700,000 barrels per day of North Sea crude supplies also supported oil.[29] The refinery receives oil from a pipeline system through which crude flows from over 50 North Sea fields. Nigeria, the top five exporter to the U.S. in 2007, halted production by 169,000 barrels per day due to attacks on its pipelines.[19]

The slumping U.S. greenback has helped boost dollar-denominated commodities like oil and attracted speculative inflows from hedge funds. Crude prices surged about 24 percent this year, nearly double their closing price a year ago. "Another factor contributing for the days was the disruption in supplies in Nigeria due to attacks by rebels on production facilities," said Turner.[15] Demand will go down once the full consequences of high crude prices reach store shelves. OPEC have said there is enough crude to meet demand and, like last year at this time, they are not increasing production. This is used to drive crude prices up even further but in truth if people can't afford to buy hydrocarbons products demand will go down and pumping more crude out of the ground and/or seabed would not affect the price. A group of U.S. senators on Thursday threatened to block arms deals with OPEC member countries if they do not boost oil output to help bring down soaring gasoline prices.[41] Prospects that gasoline output may fall further just ahead of peak demand have led some analysts to believe that gasoline prices will drive the oil spectrum higher. Shum noted also that gasoline inventories remain above the five-year average for this time of the year, despite the decline. "Even though the gasoline inventory dropped sharply, the inventory at this time of the year in the U.S. is at the top end of the range despite several weeks of declines," he said.[32]

According to the EIA report, refinery usage was higher than the previous week but still low for the upcoming summer driving season. Refineries operated at 85.6% capacity last week, less than the usual 90% for this time of year. Refinery supplies are 7% above where they were a year ago, but with slumping demand and such a high cost of crude oil, refineries have not matched their usual output, according to Flynn. "There's no incentive for these guys to produce gasoline," said Flynn.[3]

Air NZ said yesterday that crude oil's "unprecedented rise" had also seen a widening of the gap between crude oil and jet fuel. That gap (known in the industry as the "crack spread"), which for the past two years has been about US$15 a barrel, was now more than US$25 a barrel. The airline had crude oil hedges in place but they did not protect against the growing differential with jet fuel. Jet fuel prices have surged 48 per cent in the past six months to a record US$144.15 in Singapore this week.[33] Air New Zealand has been forced to cut its profit expectations by as much as 25 per cent because of the soaring cost of fuel. With the price of oil poised to go through US$120 a barrel yesterday, Air New Zealand advised the market that its pre-tax earnings will likely come in at between $200 and $220 million for the year to June 30 - down from $268 million last year. When it issued its last guidance, with the interim result on February 29, the carrier said it still hoped to beat last year's result.[33] Under Danny Williams' new royalty system for White Rose, the federal government will get 37.5 per cent and the province 25 per cent. Husky Oil and Petro Canada are rushing to invest there, hiring a new offshore rig which will cost them $1 million per day.[39]

The May contract settled at $119.37 a barrel, up $1.89, or 1.6 per cent, on the New York Mercantile Exchange.[30] The benchmark contract closed down $2.24 at $116.06 a barrel during floor trading on Thursday at the New York Mercantile Exchange.[35] The contract dropped $2.24 overnight to settle at $116.06 a barrel on the New York Mercantile Exchange. It sank as low as $114.25 a barrel during the session.[40] Lightly traded nearby April gold fell $16.10 to settle at $906.20 after an intraday low of $898.80, on the Comex division of the New York Mercantile Exchange. That was the first time a front-month contract fell below $900 since April 4, when gold also reached $898.80.[42]

The benchmark contract closed at 118.30 dollars on Wednesday at the New York Mercantile Exchange.[36]

NEW YORK (AFP) — Oil prices edged higher Wednesday but steadied after failing to top 120 dollars a barrel, as traders digested a mixed report on U.S. stockpiles and growing concerns over soaring energy costs. [43] NEW YORK, April 21 (Xinhua) -- Crude futures closed above 117 U.S. dollars a barrel for the first time Monday due to supply concerns.[15] NEW YORK (Thomson Financial) - The oil-service sector fell for a third straight session Thursday, as crude futures retreated sharply amid strength of the U.S. dollar and broad-based weakness in the commodities sector.[14]

NEW YORK, April 24 (Xinhua) -- Crude prices retreated Thursday as the U.S. dollar rebounded against euro.[44]

SINGAPORE -- World oil prices, which had threatened to break the symbolic $120-a-barrel level, fell further Friday after a strengthening U.S. dollar and rising U.S. crude stockpiles prompted traders to lock in profits, dealers said.[35] LONDON (AFP) — Oil prices fell sharply Thursday as a strengthening dollar and rising U.S. crude stockpiles prompted traders to lock in profits after this week's record-breaking run.[37]

Oil prices had initially extended Thursday's decline of more than $2 a barrel, with a stronger U.S. dollar prompting investors to book profits.[2] SINGAPORE (AP) — Oil prices slipped further Friday after falling more than $2 a barrel in the previous session as the dollar strengthened, prompting investors to book profits. Oil stalled in its march toward $120 a barrel on Thursday after the greenback gained against the euro. Investors see commodities such as oil as a less effective hedge against inflation when the dollar strengthens.[40]

My colleague - Money Morning Investment Director Keith Fitzgerald - agrees with Chavez that oil prices are headed much higher: In fact, since back in December, when crude oil was trading at $90, Fitz-Gerald has been predicting that petroleum prices would reach $187 a barrel. There's growing support for his view: In mid-March, Goldman Sachs forecast oil prices of $175 within two years while just yesterday (Tuesday), noted MSNMoneycentral columnist James Jubak predicted that oil would reach $180 a barrel in the next few years.[6] The price of crude oil for future delivery went to $119.48 cents a barrel.[31] Crude oil futures contracts reached an intraday high of $119.90 a barrel on Tuesday.[23]

SAN FRANCISCO (MarketWatch) - Crude-oil futures fell more than $2 a barrel Thursday, pressured by strength in the dollar and data that showed last month's home sales in the U.S. plunged to a 17-year low, strengthening views that the largest oil consuming country is in a recession.[45] Oil reached $119.90 a barrel yesterday when the U.S. dollar touched an all-time low of $1.6018 to the euro.[38] Crude rose as high as $119.90 a barrel yesterday as the dollar dropped to a record low of $1.6018 against the euro.[4]

The dollar also dropped to a record low against the euro, which was recently at $1.5994. The greenback's decline has generally supported dollar-denominated oil futures as exporters adjust their prices to compensate for its weakness.[12] With a weak dollar testing record lows against the euro and talks of inflationary Federal Reserve rate cuts looming, investors will continue to buy oil futures as a hedge against a declining U.S. currency.[3] Trading volume was thin as the market awaited inventory data from the U.S. Energy Department. The dollar's drop to a record low Tuesday against the euro helped draw more funds from investors who see commodities such as oil as a hedge against inflation and a falling dollar.[11]

A weaker dollar also makes oil cheaper for investors overseas. An expected cut in interest rates further this year to shore up the ailing U.S. economy is expected to further weaken the dollar. Oil is now nearly double its closing price a year ago, and up 24% in 2008. As per the International Energy Agency, global oil demand is expected to rise about 1.3 mln bpd this year to 87.2 mln bpd.[34] The weakness of the dollar compared to the first-half of last year has been a primary factor to crude oil's sharp rise in recent months. That rise sent gas prices shooting way past $3 per gallon and sparking fears it could reach $4 by summer.[10] If we're only considering economic factors, the steep crude prices now being predicted would be unlikely to stick for any protracted period; there are huge new oil sources of oil that become economically profitable once oil rises above $100 per barrel.[6] After 2000, Russia was the principal source of new oil outside the Middle East. Since 2003, however, the most efficient Russian oil company - Yukos NK OAO - has been dismembered, contracts with foreign oil companies such as Royal Dutch Shell PLC ( RDS.A and RDS.B ) and BP PLC ( BP ) have been forcibly renegotiated, and Russia has imposed an 80% tax on oil revenue above $27 per barrel. The result of these heavy-handed machinations has been pretty much what you'd expect: We recently learned that Russian oil production declined by 1% in the first quarter of 2008, following several years of rapid growth.[6] The more active June contract, now the front-month, settled at $118.07 a barrel, up $1.44. Oil is now nearly double its closing price a year ago, and up 24 percent in 2008.[11]

Energy Secretary Samuel Bodman said last week the department would continue filling the reserve, even with oil prices above $100 a barrel. The Energy Department will send 1.3 million barrels of oil into the reserve this month, and expects to increase the reserve by another 3.8 million barrels in May, according to an inventory posted on its Web site.[23] Then there's Colorado oil shale - also containing at least 1.5 trillion barrels of reserves - that becomes economically viable at about $100. The environmental cost of getting really large quantities of oil out of Athabasca and Colorado would be immense, particularly if we attempted to supply the needs of the entire U.S. market from these sources, but at $180 per barrel, I'm confident that the economic necessity would probably trump the environmental problems. However, these scenarios consider only economic factors. As we'll see, there are two additional factors that make this a much-less-straightforward analysis, meaning oil prices could linger at significantly higher prices for a much-longer period than economics alone would justify. I've labeled these two "wild card" factors as "politics and a paradigm shift."[6]

Geopolitical and supply disruption worries also supported prices. New attacks on Nigerian oil export facilities were likely to partly offset this week's start-up of Saudi Arabia's 500,000 barrels per day Khursaniyah field, said Antoine Halff, deputy head of research from Newedge USA, in a report.[8]

The May contract settled at 119.37 a barrel, a new record high, up 1.89 dollars from previous day. "Crude oil continued its upward march today due to host already familiar factors," Wall Street Strategies' senior research analyst Conley Turner told Xinhua.[15] April 23 (Bloomberg) -- Crude oil declined for the first time in four days on speculation yesterday's record near $120 a barrel wasn't justified.[38] China also is reported to have made record oil imports last month. China imported an average 4.09 million barrels a day of crude oil last month, final data from its General Administration of Customs showed.[30]

April 25 (Bloomberg) -- Crude oil fell for a third day as the recovering U.S. dollar dimmed the appeal of commodities as an inflation hedge. Oil is heading for its first weekly decline since March 21 even as a two-day refinery strike in the U.K. threatened to disrupt as much as 40 percent of the country's crude output.[1] Crude oil contracts have become attractive to investors seeking to offset a 14 percent decline in the dollar against the euro in the past year. When the dollar strengthens, oil loses some of its appeal as an inflation hedge.[9]

The price of crude oil continued its record-breaking run after topping US118 a barrel in New York yesterday. [46] NEW YORK, April 23 (Xinhua) -- Crude oil futures rose slightly Wednesday on tight supply concerns.[26] Natural gas futures ended flat Thursday as traders weighed supply concerns against sliding crude oil prices and forecasts of mild weather in the U.S. Northeast and Midwest.[47]

Brent crude prices rose 1.82 percent, or $2.06 to $119.37 a barrel on Londons ICE Futures Exchange.[19] Brent crude fell 28 cents or 0.25 percent to $115.33 a barrel on the London ICE Futures Exchange. This article is copyrighted by International Business Times.[4] Brent crude for June settlement dropped as much as 95 cents, or 0.8 percent, to $115.51 a barrel on London's ICE Futures Europe exchange. It traded at $115.96 a barrel at 1:31 p.m. local time.[9]

Brent crude futures rose 95 cents to $115.29 a barrel on the ICE Futures exchange in London. Associated Press writer Edward Harris in Lagos, Nigeria, contributed to this report.[2]

Brent crude for June settlement gained $US1.52, or 1.3%, to close at a record $US115.95 a barrel on London's ICE Futures Europe exchange.[17]

In London, Brent crude fell 5 cents to US$115.90 a barrel on the ICE Futures exchange.[27]

Heating oil futures slid by more than 4 cents to $3.328 a gallon while gasoline prices fell more than 5 cents to $2.9995 a gallon. [32] In other Nymex trading, heating oil futures added 0.17 cent to US$3.3186 a gallon (3.8 liters) while gasoline prices fell 0.34 cent to US$3.013 a gallon.[27]

Heating oil for May delivery rose 0.55 cent to a record settlement price of $3.3169 a gallon yesterday.[7] At the pump, meanwhile, gas prices rose another 2.1 cents Friday to a record national average of $3.577 a gallon, according to AAA and the Oil Price Information Service.[24] At the pump, the average national price of a gallon of regular gas jumped 2.3 cents overnight to a nationwide record of $3.556 a gallon, according to a survey of stations by AAA and the Oil Price Information Service.[23]

Crossing $1.60 per euro means "there will be a lot of commodity buying, especially oil.'' Regular gasoline, averaged nationwide, gained 0.8 cent to a record $3.511 a gallon, AAA, the nation's largest motorist organization, said yesterday on its Web site.[7] May gasoline futures hit an intraday record for the eighth-straight session, settling at $3.0507 a gallon, up 3.43 cents, or 1.1 percent, the biggest percentage gain in the energy complex Wednesday.[21]

Oil rose as high as $119.90 a barrel on April 22 on the falling dollar and supply disruptions from Nigeria and a Scotland refinery. [20] Mary Vega - Crude prices surpassed $119 a barrel on Tuesday as a labor clash in a refinery in Scotland and Nigeria output disruptions raised fears that demand will soar.[19] Crude prices retreated below $118 a barrel as traders speculate a report today will show crude supplies rose last week.[4] The soaring price of crude oil in the past few weeks has pump prices for high octane petrol topping $2 for the first time ever.[33] The single European currency traded below $1.57 on Friday, three days after it had crossed $1.60 for the first time. "It seems that a larger-than-expected increase in U.S. crude inventories during last week and a stronger dollar were good excuses for some investors to book profits," Sucden analyst Andrey Kryuchenkov said.[35] "Crude futures slipped lower, falling under pressure from the recovering greenback," said Sucden analyst Andrey Kryuchenkov. "It seems that a larger-than-expected increase in U.S. crude inventories during last week and a stronger dollar were good excuses for some investors to book profits."[37]

Crude oil futures sank to a one-week low Thursday, as the dollar's lingering strength prompted investors to flee from commodity markets.[47]

A strike by Nigerian workers at Exxon Mobil forced the company to shut down some 200,000 barrels per day of crude oil output, a senior union official said.[48] "Also, there is a threat of a strike at a refinery in the U.K. that is affecting the price move today." Nigeria, the biggest crude oil producer in Africa, is running below its capacity because of unrest in the nation.[15] Fading supply concerns over strikes in Nigeria and a key oil port in southern France added to downward pressure. The threat that a U.K. refinery strike this weekend could cut off a major North Sea crude system stemmed a runaway slide in oil prices.[47] Traders say a tight balance between demand and supply means oil prices jump when supplies seem threatened or demand rises. Currently supply concerns are growing out of violence in Nigeria, reports that Russia will produce less oil this year, and a possible strike by Scottish refinery workers. The Organization of Petroleum Exporting Countries says it will boost its current 32-million-barrel-a-day output by a bit more than one quarter by the year 2020. That will help meet growing demand in the long term but has little effect on oil prices right now.[31]

Prices were already up before the report on news of a pipeline attack in Nigeria and a looming refinery strike in Scotland. In Nigeria, the Movement for the Emancipation of the Niger Delta, or MEND, said its fighters hit an oil pipeline late Thursday, the fourth conduit the group has attacked in the past week.[24]

A stronger dollar also makes oil more expensive to investors overseas. "The current thinking is that the U.S. dollar may be bottoming out, and so market participants therefore unwound some of their positions in oil and took some profits," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore, before news of the pipeline attack in Nigeria.[2] "The recovery in the U.S. dollar weighs on oil prices," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.[32]

The U.S. dollar is still one of the key factors influencing the oil market, despite recent supply concerns, said Sucden analyst Andrey Kryuchenkov.[14]

Oil prices slipped today on the back of a strengthening American dollar and a U.S. government report showing an increase in crude supplies.[10] Shell called force majeure at the Bonny export terminal as a result. 'This news would normally have caused oil prices to spike more dramatically because Bonny Light crude is one of the preferred grades by U.S. refiners for making gasoline,' noted Armstrong.[5] NEW YORK (AP) — Oil prices rose sharply Friday on news that a ship under contract to the U.S. Defense Department fired warning shots at two Iranian boats.[24]

Light, sweet crude for June delivery dropped $1.32, or 1.2%, to $116.71 a barrel in mid-morning trade in New York.[49] Light, sweet crude for June delivery settled at US$118 on the New York Mercantile Exchange by midmorning in Singapore.[34]

Light, sweet crude for June delivery fell $2.24, or 1.9%, to settle at $116.06 a barrel, after hitting $114.25 a barrel earlier in the session.[47] Brent North Sea crude for June delivery dropped 18 cents to 116.28 dollars a barrel, after settling at 116.46 dollars on Wednesday in London. It touched an intraday peak of 116.75 dollars a day earlier.[36] In London, Brent North Sea crude for June delivery on Thursday settled 2.12 dollars lower at 114.34 dollars a barrel after earlier hitting a record intraday peak of 116.87 dollars.[37]

London's Brent North Sea crude for June delivery rose 51 cents to settle at 116.46 dollars on Wednesday, after hitting an intraday peak of 116.75 on Tuesday.[43]

In London, Brent for June delivery is trading on the International Commodities Exchange at $115.97 up 2 cents.[25] London Brent crude, which hit a record $116.75, was trading $1.42 higher at $115.85 a barrel.[30] London Brent crude traded $3.12 higher at $117.46 a barrel, after hitting a new record of $117.56 earlier. A cargo ship hired by the U.S. military fired warning shots at boats suspected to be Iranian, the U.S. Navy said Friday, underscoring tension in the Gulf as the Pentagon sharpened its warnings to Tehran. Iran denied there had been any confrontation between its forces and a U.S. ship in the Gulf, Iranian media reported.[48]

U.S. crude futures surged $3.44 to $119.50 a barrel by 1248 p.m. EDT, near the all-time peak of $119.90 reached on Tuesday.[48] U.S. light sweet crude hit an all-time high of $119.90 and was up $1.49 at $119.06 a barrel by 2:25 pm EDT (1825 GMT).[30]

U.S. crude settled down $2.24 to $116.06 per barrel after falling as low as $114.25.[29] In early April, the international price for WTI crude rose to $110 per barrel.[39]

On the demand side, world oil demand grew by 1.1% in 2006 and 0.8% in 2007, even though the average oil price (as measured by the OPEC basket) rose from $50.64 in 2005 to $61.08 in 2006 (a 20% gain), and then jumped to $69.08 last year (for a 13% increase).[6] Tensions between Washington and the OPEC nation last year helped send oil to then record highs. Crude prices have surged more than five-fold since 2002 as supplies stuggle to keep pace with rising demand in emerging economies such as China.[48]

Gas prices have been following oil futures higher, but are also rising due to concerns about whether gasoline supplies are adequate to meet peak summer driving demand.[24] Low refinery output sends gasoline stockpiles down and contributes to the continued rise in oil futures. "Oil is on an unsustainable course right now, because we can't continue to have such low demand with such high prices," said Flynn. "This is still a supply-and- demand market to some extent, and one day we're going to hit a brick wall."[3]

Oil's losses were limited by a bigger-than-expected fall in U.S. gasoline stocks, just weeks before the peak summer driving season. "I won't be surprised that U.S. gasoline demand will be strong this year as many will travel across the vast land domestically given the value of the dollar," said Peter McGuire, managing director of Commodity Warrants Australia.[8] The U.S. government's Energy Information Administration said Wednesday that American gasoline or petrol reserves sank by 3.2 million barrels in the week ending April 18. That was steeper than analysts' consensus forecasts for a drop of 2.0 million. Traders focus on gasoline supplies ahead of the peak demand season that starts in May when many Americans take to their cars for their summer holidays.[43] U.S. gasoline inventories fell for the sixth-straight week, down 3.2 million barrels against forecasts for a 2.3 million barrel decline. Other factors such as a bleak U.S. economy and rising unemployment rates, point to a possible drop in gasoline demand during the driving season. The federal Energy Information Administration expects a slowdown in gasoline consumption this time versus last summer, the first drop since 1991.[8]

The weekly gasoline inventories report due tomorrow morning is expected to show a drop last week of 2.5 million barrels and an increase in oil supplies of 1.6 million barrels according to forecasts made by Bloomberg. This article is copyrighted by International Business Times.[19] Forecasts said gasoline stockpiles declined between 2 and 2.3 million barrels and oil supplies increased ranging from 1.2 to 1.5 million barrels according to surveys.[4]

In Mexico, oil production slipped 7.8 per cent in the first quarter to 2.91 million barrels a day as output at the country's oil fields waned, state oil company Petroleos Mexicanos said.[33] Gasoline demand is averaging 9.3 million barrels per day over the past month, a 0.9% increase over the same period last year. The rate of increase is less than usually seen this time of year, according to Flynn, who indicates that demand has been relatively flat for 2008. That's because gasoline prices are at historic highs.[3]

On average, analysts polled by Dow Jones Newswires expect the data will show crude stockpiles rose by 1.5 million barrels last week, while gasoline stockpiles fell by 2.3 million barrels and distillate stockpiles remained unchanged.[12] A U.S. government fuel inventory report to be released later Wednesday was expected to show U.S. gasoline inventories fell last week by 2.1 million barrels, according to a Dow Jones Newswires survey of analysts.[11]

The EIA also reported U.S. gasoline supplies fell by 3.2 million barrels in the latest week, while distillate stocks fell by 1.4 million barrels.[49]

MarketWatch reports : The Energy Information Administration, the Energy Department's statistical arm, reported that U.S. crude stockpiles rose 2.4 million barrels to 316.1 million barrels last week.[49] The U.S. Energy Information Administration said crude stocks rose by 2.4m barrels last week, higher than expectations of around 1.1m barrels.[16]

The release of weekly U.S. oil inventory data for the week of April 18 at least temporarily slowed oil's meteoric rise from $100 to nearly $120 a barrel in the month of April. [21] After oil dipped below $115 a barrel, news of the new threat to supplies put it back on the upward track.[2] LONDON (Reuters) - Oil jumped more than $3 to over $119 a barrel Friday on Nigerian and North Sea supply disruptions and rising tensions between the United States and Iran.[48] The Orinoco tar sands in Venezuela and the Athabasca tar sands in Canada - each of which contains larger oil reserves than the entire Middle East are viable even at $50 per barrel (Orinoco holds an estimated 1.8 trillion barrels and Athabasca 1.7 trillion barrels, versus a current Middle East estimate of 1.6 trillion barrels).[6] Only seven per cent of the remaining world reserves of crude oil are in countries like Canada, where the IOCs have full access to the resource.[39] Of the remaining oil reserves, 77 per cent are controlled by producing countries with state-owned national oil companies (NOCs) where the privately owned international oil companies (IOCs) are excluded. Another 11 per cent of reserves are in countries with NOCs where the private companies have some access through production sharing agreements.[39]

The large private oil corporations are having a difficult time finding new reserves. Talisman, for example, has seen the price of its stock drop due to the fact that its reserves are primarily found in mature areas with declining supply and production.[39] Large new oil discoveries are required simply to keep pace with demand and to halt oil prices from spiraling up toward infinity. Allowing international participation in oil exploration and production is essential to this process, but the list of countries in which such participation is allowed has declined and appears to be diminishing further.[6]

MEND is the main militant group behind a series of recent attacks in Nigeria's southern oil region. Earlier this week, Shell said an earlier attack cut its Nigerian oil production by about 170,000 barrels a day. Separately, workers at an ExxonMobil Corp. joint venture in Nigeria said they were cutting production by an unspecified amount to demand more pay.[24] The euro surged past 1.60 dollars for the first time on Tuesday. Global supply worries were also stoked this week after Anglo-Dutch oil group Royal Dutch Shell reported an output loss of 169,000 bpd from sabotage of its key pipelines in southern Nigeria.[43] Oil markets continue to be plagued by supply issues: A Royal Dutch Shell PLC joint venture declared a force majeure on April and May oil delivery contracts from a 400,000 bpd Nigerian oil field due to a pipeline attack last week.[34]

Royal Dutch Shell Plc closed 169,000 barrels a day of supply after attacks on a pipeline last week. The U.S. Energy Department is scheduled to release its weekly report on inventories today at 10:30 a.m. in Washington.[38] Royal Dutch Shell PLC has been unable to gain access to the pipelines, which feed into a key export terminal, a spokesman said. A joint venture that includes Shell said it had been forced to shut in around 169,000 barrels a day of crude exports from its Bonny terminal in southern Nigeria for the rest of April and May after a separate pipeline attack last week.[12]

The dollar has an inverse relationship to the price of a barrel of crude. Crude prices surged toward 120 dollars a barrel early this week due to the weak dollar and supply concerns.[44] The U.S dollar has an inverse relationship to the price of a barrel of crude. As opposed to their U.S. brethren, ECB officials appear determined to combat rising inflation," added the analyst.[15] Oil's rise came as the dollar strengthened. A stronger dollar typically encourages selling by making commodities such as oil less effective hedges against inflation, and by making oil more expensive to overseas investors. Analysts say the dollar's steady decline over the past year is the chief culprit behind this year's rapid rise in oil prices.[24] Strengthening of the Dollar and fall in oil prices pulled gold prices down yesterday to below $900 mark.[17]

In 2008, world oil demand is expected to grow another 1.2%, even though the price has so far averaged $94.50 - a full 36% higher than in 2007. This suggests that demand is very price-inelastic in the short term, so that even a price rise towards $200 might dent it only modestly. Since 2005, "easy-money" policies - global interest rates near zero, or even negative in real terms, after factoring inflation into the equation - has fueled a global growth boom that's been unprecedented in its rapidity.[6] Crude prices gained as the euro climbed to $1.60 for the first time after European Central Bank signalled an interest rate hike to rein in inflation.[30] "Among the primary reasons being was the fact that the dollar declined to an all time low against the euro." The euro surged above 1.60-dollar level for the first time Tuesday as officials at the European Central Bank (ECB) officials indicated that they will increase interest rates if inflation doesnot come down.[15] New York, April 22 (Xinhua) -- The dollar hit a record new low against the euro on Tuesday as two European Central Bank governors indicated that the ECB might raise rates if inflation didn't subside.[15] In Europe, business confidence in Germany and France slumped in April helping the dollar rally against the euro. On Tuesday the euro traded at $1.6019 its highest record since the currency was launched but this morning the euro fell to $1.5708 in New York.[20]

The spot price of gold is at $919.10 per ounce down $2.90 from Tuesday's close in New York.[25]

Prices rose to just under $120 a barrel the previous session on concern about tight supplies. [16] The May contract, which expired yesterday, rose $1.89, or 1.6 percent, to settle at $119.37 a barrel on Nymex, a record close.[38] The contract gained $1.52, or 1.3 percent, to close at a record $115.95 a barrel yesterday after touching $116.75, an all-time intraday high.[38]

The June Nymex crude contract dropped $2.24 to settle at $116.06 a barrel on Thursday.[2]

The EIA added that crude oil stockpiles grew by 2.4 million barrels. That was better than market expectations for a gain of 1.5 million.[43] Stockpiles of distillates, which include heating oil and diesel, fell 1.4 million barrels, more than four times the expected level.[32] Distillates - used to make heating oil and diesel fuel - also dropped, falling by 1.4 million barrels. That was more than the 300,000-barrel fall in supply that analysts had expected.[3] Oil supplies advanced 1.5 million barrels from 313.7 million barrels, according to the median of responses from 15 analysts.[38]

For the week ending April 18, gasoline inventories dropped 3.2 million barrels, compared with a mean analyst expectation of a 2.1 million barrel draw.[21] The EIA also reported that gasoline stocks fell 3.2 million barrels last week, about a million barrels more than expected.[32] Gasoline stockpiles probably declined 2 million barrels in the week ended April 18 from 215.8 million barrels the week before, according a Bloomberg survey.[38] For the week ending April 18, gasoline inventories dropped 3.2 million barrels.[26]

Officials said the facility, which typically produces about 2 million barrels a day in crude, was operating at "partial production."[24] The gap to the current production level of 88 million barrels a day is now being filled by much more expensive and difficult to access non-conventional sources.[39]

Gasoline supplies have been falling lately, raising concerns about stockpile levels as the Northern Hemisphere summer driving season approaches. Those concerns about motor fuel supply are exacerbated by the possible shut-in of BP's Forties pipeline system. Both the North Sea and Nigeria produce oil that is low in sulfur and other impurities, which makes it ideal for gasoline production. [32] A strike threatened by workers at Ineos PLC's 196,000 barrel-a-day Grangemouth refinery in the UK also stoked worries that a shutdown could disrupt production from North Sea oil fields, including the Forties pipeline system.[12] A threatened labor strike at Ineos PLC's 196,000 barrel-a-day Grangemouth refinery in the U.K. also stirred worries that a shutdown could disrupt production from North Sea oil fields. "At this point, the momentum is clearly in favor of the oil bulls. While, a short term pull back will inevitably occur, it is extremely difficult to predict when this will occur," Turner added.[15]

A union labor strike in a major refinery in Scotland affected prices yesterday. The refinery produces near 200,000 barrels of crude from the North Sea, its owners and union leaders are in talks.[4] In Grangemouth Scotland, an oil refinery that produces 200,000 barrels a day managed by Ineos Group Holdings Plc, closed today as unions planned to strike.[19] The collapse of discussions between officials from Unite and Ineos, which owns the Grangemouth refinery between Glasgow and Edinburgh, means 1,200 workers at the site will go on strike Sunday and Monday. Ineos has begun shutting down Grangemouth, the biggest refinery in Scotland, producing 210,000 barrels per day (bpd), and has warned of fuel shortages later this week if the strike goes ahead.[37]

Adding to the supply concerns, BP PLC said it is considering shutting down a 700,000 barrel-a-day pipeline system that carries oil from the North Sea to refineries in the U.K. if workers at Scotland's Grangemouth refinery carry out a threat to strike beginning Sunday.[24] Workers are planning to strike from April 27 to 28 at Ineos' Scottish plant, which takes crude from BP Plc's Forties Pipeline System that transfers oil from more than 50 North Sea fields.[38] Shell confirmed the Friday attack and said it was trying to assess the extent of the damage to the pipeline. In the North Sea, BP said it had begun shutting down UK's Forties oil pipeline in preparation for a planned two-day strike at a major Scottish refinery this weekend.[48]

The shut down of the refinery will "clearly'' affect supplies of crude through the North Sea Forties pipeline which pumps oil to the refinery, Longden said.[9]

The company had already shut 169,000 bpd of Bonny Light crude oil output after a pipeline attack there a week ago. "Our candid advice to the oil majors is that they should not waste their time repairing any lines as we will continue to sabotage them," the Movement for the Emancipation of the Niger Delta (MEND) said in an emailed statement.[48] The Commerce Department reported home sales plunged by 8.5% to a 17-year low in March.A recession in the U.S. would lower the demand for crude oil, as the nation accounts for a quarter of the world's oil consumption.[47] The weakness of the dollar compared to the first-half of last year has been a primary factor to crude oil's sharp rise in recent months.[32] The Pioneer oil refinery is silhouetted against the setting sun Thursday, April 24, 2008 in El Dorado, Kan. as the facility transforms crude oil into gasoline and other petroleum products.[40]

The need for heating oil is lessening as warmer temperatures arrive in the primary U.S. Northeast market, but strong demand globally has kept prices high later in the year than normal. "Products have been really leading this market the past several weeks," Zarembski said.[21] OPEC officials say there is sufficient oil on the market and blames rising prices on speculators and the falling U.S. dollar. Some information for this report was provided by AFP.[31] Higher interest rates tend to stabilize or strengthen the dollar. "The current thinking is that the U.S. dollar may be bottoming out, and so market participants therefore unwound some of their positions in oil and took some profits," Shum said.[40]

Oil and other dollar-denominated commodities came under pressure after data showed U.S. jobless claims down sharply last week, boosting the dollar by more than 1 percent against a basket of major currencies. "This morning's sell-off has been engineered by the strengthening of the dollar," said Nauman Barakat, senior vice president at Macquarie Futures USA.[29] Gold futures slipped below $900 an ounce as the dollar strengthened, oil declined and the world's largest gold exchange-traded fund saw a marked drop in holdings.[42]

Brent Crude was trading at $114.34 down $2.12 on London 's ICE Futures Market.[41] U.S. crude futures rose 89 cents to US$116.95 in morning trading, after falling US$2.24 Thursday.[22]

Phil Flynn at Alaron Trading said earlier that traders hesitated after futures failed to break through the symbolic level of 120 dollars a barrel, easing some fervour. "After the market had built up all this bullish frenzy it's almost like the price objective of 120 dollars a barrel seemed to matter more than the fundamentals," he said.[36] Earlier Futures reached $US119.90, the highest intraday price since trading began in 1983.[17]

U.S. WTI (NYMEX - West Texas Intermediate) oil hit $119.90 in Asian trading before closing at $118.11.[25] The Oil Services Holdrs ETF (OIH) tumbled as much as 3.6% to $198.71 in intraday trading, before recovering slightly to trade down 2.6% at $200.81.[14]

The euro was steady at $1.5880, near Wednesday's low of $1.5860 hit on electronic trading platform EBS. The dollar was barely changed at 103.40 yen, below a two-month high of 104.66 hit last week.[8] The euro was down a bit against the U.S. dollar, a day after it breached $1.60 to a record high.[11] The sliding dollar has devalued U.S. financial assets, prompting investors to shift cash to commodities that helped lift crude to an all-time high of $119.90 on Tuesday.[29] The dollar rose more than 1 percent against a basket of major currencies after a U.S. weekly report showed unemployment claims fell unexpectedly causing investors to sell futures.[20] 'However, with U.S. demand running nearly 2% behind last year's levels and a considerable surplus of gasoline in storage, the reaction in the futures markets to the news was somewhat muted after an initial flurry that carried the prompt Nymex contract to record territory in the immediate aftermath of Shell's announcement."[5] Through Monday, oil futures have risen 22 percent year-to-date. A mix of production snags and macroeconomic factors have fueled its record run.[12] Crude production in Nigeria, already running below capacity because of security problems, was buffeted again after rebels hit two oil pipelines there Monday.[12] Even without proposing the politically impossible privatization of Pemex, Calderon's attempted legislation is running into huge political opposition. Other examples abound. Venezuela recently seized majority control of foreign owned oil concessions, so even with the world’s largest oil reserves in the Orinoco tar sands its production has declined by about 6% since 2006. Nigeria taxes foreign oil companies at 98%, so its production has declined 10% since 2006.[6] Where the oil industry is open, new reserves are found and production increases.[6] For instance, it is especially noteworthy that Saudi production peaked in 2004, and that Saudi oil reserve figures are in doubt ; indeed, most Saudi oil reserves derive from fields that were discovered in the 1970s, if not before. To see how production may stagnate without the benefit of such outside participation, just take a look at Russia.[6]

Oil also found support Friday from Nigerian production lost due to a workers strike and rebel attacks and disruptions caused by a planned refinery strike in Scotland.[48] INTERNATIONAL. Oil climbed towards US$117 Friday as strikes by workers caused major supply disruptions in Nigeria and the North Sea.[22] In Nigeria, a strike by the white-collar oil workers union began at Exxon Mobil Corp.' s operations in the country after the two sides failed to reach an agreement over compensation, company and union officials said.[9] Members of a white-collar union working for Mobil Producing Nigeria (MPN), an affiliate of U.S. oil group ExxonMobil, began an indefinite strike on Thursday over pay and working conditions.[37]

"The biggest difficulty for oil producers will be if the speculative funds that have flooded into commodity markets moves on," said Mike Fitzpatrick, an analyst at brokerage MF Global, in a note. "While there is no indication that the tidal wave of these funds is anywhere near cresting, it is very easy for them to flow in to and out of markets with the stroke of a computer key, so the higher prices go, the more vulnerable the market is to violent, albeit short reversals." Fitzpatrick said he doubted such a pullback would take place before Wednesday, when the Energy Information Administration delivers its weekly U.S. oil inventory estimates. [12] A major conference of the worlds largest oil consumers and producers ended Tuesday with a measured statement about the risks of oil prices. The International Energy Forum, after meeting in Rome this week, said in a statement that "oil prices should be at levels that are acceptable to producers and consumers to ensure global economic growth, particularly in developing countries."[27] SINGAPORE (AFP) — World oil prices paused within sight of the 120-dollar level on Thursday after a mixed report on U.S. energy stockpiles, dealers said.[36]

Only a recession brought on by exorbitant energy prices or much higher interest rates is likely to cause a reversal. Traditionally, if you wanted to invest in the world oil market, you bought shares in the world's major oil companies, such as ExxonMobil ( XOM ), Chevron Corp. ( CVX ), Royal Dutch Shell or BP. That's no longer a guarantee of success.[6] The Energy Department paid "roughly the same" for reserve oil delivered in lieu of royalties as the price it rejected as too high for cash purchases, the Government Accountability Office said.[23] Members of Congress, including presumptive Republican presidential nominee Sen. John McCain of Arizona, have called on the administration to suspend deliveries to the reserve while oil prices are at records.[23] "The fact that the euro is strengthening against the dollar only fosters higher oil prices.[15] Because rate cuts tend to weaken the dollar, a smaller than expected cut could push the dollar higher, and send oil prices down.[24] Any significant dollar movement would still affect oil prices at the moment.[14]

Dollar deterioration and inflation expectations are "the most important factors" behind oil's price rise, Societe Generale analysts said in a note.[12] Analysts said the dollar's rise against the euro gave investors a chance to lock in profits from oil's recent record run.[23] The dollars drop to a record low Tuesday against the euro helped draw more funds from investors who see commodities such as oil as a hedge against inflation and a falling dollar.[27] The dollar was higher in European trading, after taking back some ground against the euro Wednesday. A stronger dollar makes commodities such as oil less attractive as a hedge against inflation and makes oil more expensive to investors overseas.[32]

Ritterbusch notes, "that connection between oil and the dollar can be broken easily by supply issues," which drove trading on Friday.[24]

Unlike the other two companies here, Eni is a bargain, trading at only 9 times trailing earnings and 8.5 times forecast earnings, and with a 5% dividend yield as an additional enticement. Although these are three different approaches, they all have one objective: Take advantage of the continuing increase in oil prices.[6] Air New Zealand has already increased ticket prices in response to rising fuel costs. While the airline stopped short of predicting more price rises, it said that if the oil prices were sustained, they would have "a significant impact, requiring continued review of our pricing, network and cost-base".[33] Oil prices have surged higher since 2007 and regularly hit new peaks, so that price breaking is no longer news but a "routine" matter.[15]

SINGAPORE (AP) — Oil prices rebounded Friday from the previous session's steep drop, fueled by supply concerns after a Nigerian militant group reported that it sabotaged another oil pipeline.[2] "Supply concerns will still underpin oil pricing," Shum said. In Nigeria, The Movement for the Emancipation of the Niger Delta, or MEND, said Friday its fighters hit a pipeline late Thursday in southern Rivers State. That brought to four the number of pipelines the group has attacked in the past week.[2]

The commodity has been notching up new records on a daily basis over the past two weeks amid persistent concerns over global oil supplies.[46] Few analysts, though, are willing to predict that oil's record run is over. Investors remain concerned about tight supplies of oil amid growing global demand, they say.[2]

May heating oil also settled at a record of $3.3250 a gallon, up 81 points, or 0.2 perceent.[21] Retail gas prices as expected rose further into record territory, nearing $3.60 a gallon.[24] West Texas Intermediate (WTI) for May delivery, a contract which expires today, closed up $1.89, or 1.6%, at $119.37/bbl, a record closing price.[5] The May contract had struck a record high of $119.90 before expiring on Tuesday.[35]

The contract settled 23 cents higher at $118.30 a barrel on Wednesday.[10]

In the 1990s, it cost oil corporations around $6 to extract a barrel of oil in western Canada. This has now risen to around $15.[39] Venezuelan President Hugo Chavez said a few months ago that if the United States invades Iran, we could expect to see oil at $200 a barrel.[6]

More active June Nymex crude was trading at $118.50 a barrel, up $1.87.[12] The contract reached $3.35, the highest since trading began in 1978. Some traders use heating-oil futures to hedge their diesel and jet- fuel purchases.[7] May natural gas futures rose 13.5 cents to $10.925 per 1,000 cubic feet. Associated Press writers Edward Harris in Lagos, Nigeria, and Gillian Wong in Singapore contributed to this report.[24] The more-active June futures rose $US1.12, or 1%, to settle at $US118.07 a barrel.[17]

The dollar rose 1.1 percent to $1.5719 against the euro in London, after rising 0.6 percent yesterday. It reached $1.6019 on April 22, the lowest since the euro's 1999 debut. It traded at $1.5767 at 1:26 p.m. in London.[9] The dollar fell against the euro, which surpassed the $1.60 level for the first time.[5] The dollar traded at 102.99 yen, after a 0.2 percent drop. The dollar extended its drop against the euro after a U.S. industry report showed sales of previously owned homes fell in March.[7] Dollar extended gains yesterday, continuing recovery from the record low levels against the Euro, finding support in slightly encouraging data from the U.S. Labor market.[17]

"The dollar continues to face a lot of pressure, it is likely to further weaken and that will continue to underpin prices." Many analysts expect the Federal Reserve to cut interest rates further this year to try to shore up the ailing U.S. economy, a move that would likely further weaken the dollar.[11] Analysts said the dollar gained ground Thursday on speculation the Federal Reserve is growing concerned about inflation and may not cut interest rates as much as once thought.[2]

Gold, wheat, silver and corn prices also dropped as the dollar climbed on expectations the Federal Reserve may stop cutting interest rates.[1] Investments flowed out of commodities yesterday, with gold, silver and copper prices also feeling the brunt of the surging dollar, and sought refuge in the equities markets. The dollar rose for a second consecutive day, amid expectations the Federal Reserve will pause in its string of interest-rate cuts after its meeting Wednesday.[22]

The dollar rose against the 15-nation single currency Thursday giving investors a chance to lock in profits from oil's recent record run. [44] "The precious-metals complex suffered significant losses today, as the U.S. dollar gained and oil.[42] The Australian dollar rose as high as 95.10 U.S. cents - the highest level against the U.S. dollar since 1984.[25] "The current thinking is that the U.S. dollar may be bottoming out," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.[24] The Energy Department's weekly report showed that U.S. crude stocks grew by more than double what analysts expected.[26]

Since the Energy Information Administration predicts that demand will exceed supply again in 2008 - after doing so in 2007 - expect supplies to keep getting tighter. This tightness is confirmed by the divergence in prices between West Texas and OPEC crudes. In a market where supplies were plentiful, any such difference would quickly disappear through arbitrage.[6] Prices had scaled historic heights on Tuesday as an attack on crude pipelines in Nigeria further tightened global energy supplies, which are under intense pressure with crude cartel OPEC declining to raise short-term output.[43]

One would think that decreasing the price of crude is as simple as increasing supply but the price per barrel of crude is down to Wall Street and where people put their money. [41] The average productivity of an oil well in the WCSB has dropped from 33 barrels per day in 1994 to 18 in 2003.[39] In 2007, the average oil well in Alberta produced only only 12 barrels per day.[39]

Meanwhile distillates, used to make heating oil and diesel, fell by 1.4m, much higher than the 300,000 barrel decline expected by analysts.[16] Stocks of distillate, which includes heating oil and diesel fuel, were expected to fall 300,000 barrels.[11]

Royal Dutch Shell Plc said April 21 it would declare a force majeure on oil exports after 169,000 barrels of daily output in Nigeria was suspended because of rebel attacks. Force majeure is a clause that allows companies to miss deliveries because of circumstances beyond their control.[7] The Movement for the Emancipation of the Niger Delta has claimed responsibility for most of the assaults on oil installations since the beginning of 2006, which have cut more than 20 percent of crude exports from Nigeria, Africa's biggest producer.[7]

Prices are up 88 percent from a year ago. "No one could have predicted how long this market would go up and how high it would go,'' said Andy Lipow, president of Lipow Oil Associates LLC, a Houston-based consulting company.[7] Prices are up 88 percent from a year ago. Regular gasoline, averaged nationwide, gained 0.8 cent to a record 3.511 a gallon, AAA, the nation's largest motorist organization, said on its Web site.[18] Front-month May reformulated gasoline fell 3.21 cents, or 1.05%, to finish at $3.0186 a gallon.[47] Silver fell 55 cents to $17.28 while platinum fell $18.60 to $2018.80.[16]

Brazilian ethanol producer Cosan said on Thursday it had agreed to buy ExxonMobil's assets in Brazil for $826 million, outmaneuvering state-run oil giant Petrobras to gain a foothold in the fuel distribution business. [41] The oil majors are the principal victims of the new trend of nationalism that's sweeping the world oil market. In country after country, their contracts are being renegotiated in a way that's certain to crimp profits, or they are being pushed out altogether. Their oil reserves are declining; part of the return you get when you buy them is simply a return of capital as they slowly go out of business.[6] New gas wells are much smaller and quickly depleted. This is the major reason that the oil corporations are looking elsewhere for new reserves.[39]

Iraq's oilfields were opened to foreign participation after 2003, and Iraq's estimated oil reserves have since doubled to 200 billion barrels, ranking it second behind only Saudi Arabia as having the largest crude-oil reserves in the entire Middle East.[6]

"How and how long it would impact the Forties crude oil stream is not yet fully transparent, but the market will shoot first and ask questions later,'' Olivier Jakob, managing director of Petromatrix GmbH in Zug, Switzerland, said in a report today.[9] Economic growth in China is still well above 10%, while that in India is running far above historical levels. Given those two countries' huge populations, their tendency to control petrol prices and China's massive switch from bicycles to automobiles, oil demand could well increase more rapidly than forecast.[6] High oil and natural gas prices pushed ConocoPhillips' first-quarter profits up 17 percent, the Houston-based company said today. ConocoPhillips is in talks with PDVSA to receive compensation for those operations.[41] The world's fifth-biggest oil exporter Norway said on Wednesday it would support a price drop, adding it did not believe there was a problem of supplies.[36] Word that a U.S. ship had fired on the boats in the Persian Gulf raised concerns that a conflict between U.S. and Iranian forces could cut oil supplies from the region.[24] "U.S. refiners are increasingly finding themselves in a sticky situation amid feeble gasoline cracks," the analysts wrote. "Either they cut runs for economic reasons, foregoing healthy (distillate) profits. or they boost production to meet middle distillate demand, which in turn contributes to the ample supplies of gasoline." ___ Brian Baskin is a correspondent of Dow Jones Newswires.[21] Oil also came under pressure from expectations of rising fuel production from U.S. refineries heading into the summer driving season.[29] When it comes to foreign oil companies, other companies are adopting a game plan that's very similar to that of Russia. Mexico bars foreign participation in oil exploration, and expropriates almost all the net revenue of its oil monopoly Petroleos Mexicanos, more commonly referred to as Pemex. Mexican oil production is undergoing a steep decline: It is currently about 12% below its 2006 average, according to the International Energy Agency. Mexican President Felipe Calderon is attempting to change that, by allowing Mexico to sign joint-venture agreements with foreign energy companies (the first such agreement under discussion is not with a hated "Yanqui," but is instead with Brazil's Petroleo Brasilero SA ( PBR ), usually referred to as Petrobras - itself a state-controlled enterprise, albeit one that's much-more open to modern exploration techniques).[6] In Mexico, oil production fell by 7.8% in the first quarter to 2.91 mln bpd as output at the country's oil fields waned.[34]

"Dollar strength seems to be offsetting the fundamental bullishness on oil,'' said Robert Laughlin, senior broker at MF Global Ltd. in London. [1] A two-day strike at Ineos Group Holdings Plc's 200,000 barrel-a-day Grangemouth oil refinery in Scotland is set to go ahead after talks in London between Ineos and the U.K. union Unite broke down late yesterday.[9] Oil also gained on a Nigerian supply disruption and a U.K. refinery strike threat.[7]

In the UK, an impending strike at Ineos' 196,000 barrels-a-day Grangemouth refinery and petrochemical plant is also thought to have had an impact on prices.[46]

Analysts expect gas prices to continue rising for at least another month; predictions of how high prices will rise range from $3.70 to $4 a gallon. [24] Gas hit a new record of $3.533 a gallon on average, motorist group AAA reported Wednesday.[3] Air New Zealand shares fell after the announcement, closing down 10c at $1.19.[33] The median price of a new home fell more than 13 percent, the largest drop since 1970.[27] Given the spike in jet fuel prices over the past few weeks, the announcement was not too surprising, Curley said. Generally Air New Zealand was in a stronger position of than most of its rivals. It was in a good financial position and had already completed the upgrade of its business class product, he said. If they hadn't completed that "they would probably be in dire straits", he said.[33] One of the problems facing Air New Zealand was that increased domestic competition was making it difficult to pass on the full cost of the rising fuel price, said Goldman Sachs JBWere analyst Marcus Curley. "They certainly haven't been able to pass it on in the short-haul network," he said.[33]

"You have everything coming together and that's lifting us off again," said Tom Bentz, analyst for BNP Paribas Commodity Futures in New York.[48]

Futures rose slightly as gasoline inventory shortfall exceeds forecasts while crude stockpile tops expectations.[3] Futures reached 119.90, the highest intraday price since trading began in 1983.[18] Analysts were looking for a rise of 1.1 million barrels. "It's a mixed review here a little bit," said Phil Flynn, senior market analyst with Alaron Trading.[3] Analysts were looking for a a 2.1 million barrel drop, according to a Dow Jones poll.[3]

"The bulls are certainly in control of the oil market right now," said Victor Shum, an energy analyst with Purvin Gertz in Singapore. [27] "Oil's bull run is taking a pause," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "Oil pricing has simply gained too much, too fast, and so this profit-taking activity is much deserved."[40]

Additional support came from the weak U.S. currency, which makes dollar-priced oil cheaper for foreign buyers and stimulates demand. [43] "Oil has become a little bit of a monetary phenomenon, where low rates boost demand for oil in emerging markets.''[38]

Even in libertarian Republican Alaska, the government is raising the basic royalty on oil from 22.5 per cent to 25 per cent and eliminating many of the key deductions and subsidies.[39] Fears over attacks on oil installations and pipelines in Nigeria have helped fuel spikes.[46] "The selloff here was an opportunity. some really high-grade crude for gasoline usage is out in Nigeria," said Mike Zarembski, senior commodity analyst at brokerage optionsXpress Inc. in Chicago.[21] The price of gasoline was $1.23 for a litre. Both have since risen even higher.[39] Currently, while OPEC crude sells for $109, West Texas crude is at $118, indicating an exceptionally tight supply situation.[6] Natural gas for May delivery settled less than a penny higher at $10.790 a million British thermal units.[47] The euro traded at $1.5996 at 6:11 a.m. in Tokyo, after increasing 0.5 percent yesterday, when it touched $1.6019, the highest since Europe's currency debuted in 1999.[7] The dollar's recovery against the euro and falls in other commodities also undermined prices.[8] Addison Armstrong, director of market research at TFS Energy said that dollar weakness was 'once again providing an impetus for a push to record high prices,' in a research note.[5] All three are classed as distillate fuels. The falling dollar and higher global demand for raw materials have led to records this year for commodities including gold, corn, soybeans and rice.[7] The May contract had struck a record high 119.90 dollars before expiring on Tuesday.[37]

Among precious metals gold futures fell as the dollar recovered against major currencies. [16] Gasoline supplies fell by 3.2m barrels, higher than an expected decline of 2.1m barrels.[16] Weekly government data showed stockpiles of crude were higher than expected while gasoline stocks fell more than expected.[16]

A stronger U.S. currency makes dollar-priced crude more expensive for foreign buyers, tending to discourage demand.[37] Traders were monitoring production problems in Nigeria, which is the largest crude producer in Africa.[37]

Crude-oil prices sank to a one-week low Thursday as a stronger dollar prompted investors to flee commodities markets. [22] Gordon Brown, the UK prime minister, said on Tuesday that the UK may push for a change in a European Union target to increase the proportion of biofuel to 10% of road fuels by 2020. Malcolm Wicks, the UK energy minister told the Financial Times that the targets should be reviewed because of mounting concern that they are contributing to food shortages. Angela Merkel, Germany'''s chancellor, said last week: '''Those rising global food prices have nothing to do biofuels.'''[25] Petrobras even qualifies as environmentally sound, if you care about that sort of thing; it is a major producer of ethanol from sugar cane, Brazil's successful alternative fuel technology that is eight times as energy efficient as the United States’ hopeless ethanol boondoggle. Petrobras has had a hell of a run - with its shares having run up 138% during the past year - but the stock may well have further to go: It is trading at 22 times trailing earnings but only 18 times forecast earnings, and a continued success with its exploration efforts could push the shares up even higher. You can accept that many countries don't like the United States - preferring, instead, to pursue inane socialist energy policies - and invest in a company that still offers them access to some modern technology when they do so. That company is Italy's Eni SPA ( E ), which has operations in Venezuela, Libya and Kazakhstan.[6]

The Dollar Index, which tracks the greenback against a basket of the worlds major currencies, rose 0.9% to 72.47 in recent trading.[14] The dollar was higher in European trading, after taking back some ground against the euro Wednesday.[10]

The consumer price index rose 4.2% in the first quarter from a year earlier, the Bureau of Statistics said in Sydney today. The Reserve Bank raised its benchmark rate to 7.25% in March. [25] President Bush last year proposed doubling the size of the reserve to 1.5 billion barrels by 2027.[23]

Southwest Florida set yet another record gas price on Thursday, climbing nearly three cents from the prior record on Wednesday. [13]

SOURCES

1. Bloomberg.com: Australia & New Zealand
2. The Associated Press: Oil prices rise after Nigeria pipeline attack
3. Oil prices just higher; supply data mixed - Apr. 23, 2008
4. Crude prices retreat to $117 as Supplies Rose Last Week | IBT Commodities & Futures
5. Energy risk - Dollar low helps push crude to new record
6. As Oil Prices Hit Another Record High, Consider These Three Ways to Profit From This Long-Term Gusher
7. Bloomberg.com: Australia & New Zealand
8. Oil eases toward $118 on dollar recovery, US stocks- Indicators-Economy-News-The Economic Times
9. Bloomberg.com: Latin America
10. Price of oil slips as dollar gains
11. The Associated Press: Oil falls from Tuesday record near $120
12. Crude oil nears $120 on supply woes, dollar slide- Indicators-Economy-News-The Economic Times
13. HeraldTribune.com - Breaking news - Business - - HeraldTribune.com
14. Oil service stocks tumble for third session in a row on dollar strength | Latest News | News | Hemscott
15. Crude prices approach 120 dollars on weak dollar, supply concerns_English_Xinhua
16. ShareCast - News you can use
17. US stocks down as oil hover near $120 a barrel
18. Crude oil at all-time high price - Salt Lake Tribune
19. Crude Soars above $119 on Scotland, Nigeria Supply Disruption | IBT Commodities & Futures
20. Crude Oil Slips to $115 a Barrel as Dollar Rallies | IBT Commodities & Futures
21. Crude oil futures higher as product inventories decline
22. Business Intelligence Middle East - bi-me.com - Oil prices back at US$117 on supply disruptions - News, analysis, reports
23. Oil royalties purchase price in question | Chron.com - Houston Chronicle
24. The Associated Press: Oil pricesup after news that US ship fired on Iranian boats
25. Markets News Wednesday: Oil retreats from above $119: UK PM may press EU to drop biofuel production target because of surging global food prices
26. Crude futures rise slightly on supply concerns _English_Xinhua
27. Oil prices steady above US$118 a barrel in Asia after overnight record - International Herald Tribune
28. U.S. crude futures up more than $2 on supply snags | Markets | Reuters
29. U.S. crude oil falls as dollar strengthens | Markets | Reuters
30. domain-b.com : Crude near-$120 a barrel as dollar hits a new low against euro
31. VOA News - Oil Prices Hit New Record High Above $119 a Barrel
32. The Associated Press: Oil drops below $117 a barrel as dollar gains
33. Fuel cost hits Air NZ profit forecast - 24 Apr 2008 - NZ Herald: New Zealand Business, Markets, Currency and Personal Finance News
34. Oil rebound to US$118 after flitting near US$120
35. Business - Oil prices fall further - INQUIRER.net
36. AFP: Oil prices pause within sight of 120 dollars
37. AFP: Oil prices slip on dollar recovery, rising US crude inventories
38. Bloomberg.com: India & Pakistan
39. Letting dwindling oil, gas go cheap
40. The Associated Press: Oil falls below $115 on stronger dollar
41. News from the South Atlantic - Falkland Islands, Saint Helena, Ascension Island, Tristan da Cunha - South Atlantic Remote Territories Media Association
42. Free Preview - WSJ.com
43. AFP: Oil prices edge up, but fail to break 120 dollars
44. Crude futures retreat as U.S. dollar rebounds _English_Xinhua
45. Crude drops on dollar's strength, home sales data - MarketWatch
46. Price of crude oil at a new high - Mirror.co.uk
47. Commodity Online : Oil futures drop to one-week low
48. News | Africa - Reuters.com
49. Resource Investor - Blog - Crude falls on higher crude inventories, rising dollar

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