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 [...]

The U.S. Supreme Court rejected an attempt by victims of a deadly refinery explosion to block a plea deal between BP PLC and prosecutors.
The Supreme Court’s action means a federal judge in Houston can now decide whether to give final approval to the much criticized plea deal, which settles criminal conduct by the London-based oil [...]

Pan African Mining Corp. (CDNX:PAF.V) (Other OTC:PAFRF.PK) (Frankfurt:P2A.F) (the “Company”) is pleased to announce the closing today of the Plan of Arrangement and related transactions (the “Plan of Arrangement”) contemplated by the Arrangement Agreement dated May 9, 2008, as amended June 17, 2008 (the “Amended Arrangement Agreement”), among Asia Thai Mining Co., Ltd. (”ATM”), 0819615 [...]

Federal regulators will place stricter limits on foreign exchanges that trade U.S. oil.
The Commodity Futures Trading Commission will require the London-based ICE Futures Europe exchange to adopt position limits used in the U.S. for trading West Texas Intermediary crude contracts.
Foreign officials also will share daily trading data with U.S. authorities and report violations when they [...]

Oil prices fell to the $122 level, after the Energy Department said fuel inventories rose more than expected, indicating slowing demand.
Light, sweet crude for July delivery fell $2.01 to settle at $122.30 barrel on the New York Mercantile Exchange. Earlier it dropped as low as $121.84. It was oil’s lowest settlement since May 6. July [...]

Norilsk Nickel is targeting a supplementary listing on the London Stock Exchange for the beginning of July, said the Russian metals giant’s chief executive, Denis Morozov.
“The listing will broaden the base for investors, give us more liquidity and, in time, a higher capitalization,” Interfax quoted Morozov as saying.
Norilsk initially had intended to list in London [...]

Sterlite Industries (India) Limited (“Sterlite”), a subsidiary of Vedanta Resources plc, the London-based FTSE 100 metal and mining group, and ASARCO LLC (“Asarco”), a Tucson based mining, smelting and refining company, announced today that they have signed a definitive agreement for the sale to Sterlite of substantially all the operating assets of Asarco for $2.6 [...]

Federal regulators are six months into a wide-ranging investigation of U.S. oil markets, with a focus on possible price manipulation.
The Commodity Futures Trading Commission said Thursday it started the probe in December and took the unusual step of publicizing it “because of today’s unprecedented market conditions.”
The commission said details of the investigation remain confidential, but [...]