Oil prices finished about where they began, after jumping more than $2 earlier on reports of lower U.S. oil stockpiles and an Iranian missile test.
Light, sweet crude for August delivery rose a penny to settle at $136.05 a barrel on the New York Mercantile Exchange, but prices shifted between positive and negative territory as traders [...]

Oil prices jumped past $145 a barrel for the first time, as traders added to their bets on the commodity ahead of the long holiday weekend.
There was little good news for Americans hitting the road for the July Fourth holiday, as gas prices set their own record near $4.10 a gallon.
Light, sweet crude for August [...]

Occidental Petroleum Corporation announced an agreement with SandRidge Energy to develop a West Texas hydrocarbon gas processing plant and related pipeline infrastructure that will provide carbon dioxide (CO2) for use in Oxy’s enhanced oil recovery (EOR) projects. The new CO2 resources are expected to expand Oxy’s Permian production by a minimum of 50,000 barrels [...]

OPEC President Chakib Khelil again said oil producers saw no need to raise supply and blamed record oil prices on factors outside the cartel’s control, such as U.S. pressure on Iran and the weak U.S. dollar.
Following talks with European Union nations, Khelil said oil states believe they are pumping enough oil to satisfy demand and [...]

Iraq invited bids from local and international companies for two new oil tankers and another for chemical products.
The country’s fleet of oil tankers was devastated by tit-for-tat shelling during the 1980-88 Iran-Iraq war and by attacks during the 1991 U.S.-led Gulf War.
Last year, Iraq signed a $65 million contract with China to buy three oil [...]

Iran is continuing to defy UN demands that it suspend uranium enrichment, the UN atomic watchdog said on Monday.
“Contrary to the decisions of the (UN) Security Council, Iran has not suspended its enrichment related activities,” the International Atomic Energy Agency wrote in its latest report on Tehran’s disputed nuclear drive.
In all, Iran was operating about [...]

Oil prices shot to a new record near $127 a barrel on worries that Iran might cut crude oil production. Gasoline rose to a new record over $3.73 a gallon, and its advance showed little sign of slowing ahead of the Memorial Day weekend, the traditional start of the summer driving season.
Light, sweet crude for [...]

Iran’s oil minister predicted oil prices will soon rise to $200 per barrel, the official IRNA news agency reported.
Oil Minister Gholam Hossein Nozari attributed crude’s recent spike to production slowdowns in Nigeria and the dollar’s weakening against other currencies. A number of analysts around the world have cited both factors as contributing to the recent [...]

Iraq’s oil ministry said it is postponing the deadline for bids to develop the prized Akkas natural gas field in the western part of the country until May 18. The new deadline comes after the ministry said it was unable to lure enough offers by a previous deadline two weeks ago because of a lack [...]

Crude oil futures leaped to a new all-time high above $120 a barrel as supply concerns grew and the U.S. dollar weakened against the euro. Retail gasoline and diesel prices eased over the weekend, although pricier oil threatens to push them higher again.
Light, sweet crude for June delivery jumped to a new trading record of [...]