“Today’s 5.4 percent crude oil price increase to $121.18 a barrel despite decreased demand and increased supply is a clear sign that speculators continue to dominate the commodities markets hurting our national economy,” said Lea Wilson, executive director of the Washington Oil Marketers Association (WOMA).
“There is absolutely no economic reason for prices to increase the [...]

Oil Purification Systems (OPS), developer and manufacturer of the OPS-1™ on-board oil refining system, today announced a collaboration with Felderhoff Brothers Drilling to implement the Enviro-Pur fluid cleaning system. The new Enviro-Pur system helps lower overall maintenance costs by maintaining the quality of lubricating fluids used by all types of drill rig equipment, and by [...]

Oil prices dropped sharply after China said it will raise fuel prices, a move that could dampen its booming oil consumption.
Crude-oil prices also were given a downward push by the Iraqi Oil Ministry’s announcement that it is close to signing oil service deals with several major Western oil companies in an effort to boost crude [...]

The Energy Department and the Paris-based International Energy Agency both lowered their global oil consumption forecasts for this year amid surging prices, but said demand for oil and petroleum products is accelerating in parts of the developing world.
In its monthly short-term Energy outlook, the Energy Department’s Energy Information Administration said oil consumption is falling more [...]

Oil prices ended lower, giving up an earlier advance as the dollar held its gains against the euro and the Energy Department slashed its oil consumption projections. Retail gasoline prices rose to a new record over $4.04 a gallon.
Light, sweet crude for July delivery fell $3.04 to settle at $131.31 a barrel on the New [...]

Skyrocketing oil prices are likely to curtail demand, a refining industry veteran said Wednesday.
“I think the price is going to mitigate consumption,” Tom O’Malley, chairman of Swiss refiner Petroplus A.G., told an industry conference here.
Price is the biggest single lever moving the market, he said.
A recession, which O’Malley said has already begun in the U.S., [...]

Net oil imports to the Philippines fell 2.6 percent in volume terms last year partly due to conservation measures implemented as prices soared, the government said on Sunday.
Energy Secretary Raphael Lotilla said the country’s net oil imports fell to 100.8 million barrels last year compared with 103.46 million in 2005.
However, the Southeast Asian country’s net [...]

Crude oil fell on speculation that U.S. fuel inventories are sufficient to meet demand as temperatures decline.
Prices jumped as much as 2.8 percent in early trading because of forecasts for colder weather in most of the U.S. Inventories of crude oil, heating oil, natural gas, gasoline and diesel in the week ended Jan. 12 were [...]

Russia and Belarus sought Tuesday to resolve a damaging trade battle that has led Moscow to halt oil supplies to several EU nations via Belarus, causing fresh alarm in Western Europe over its reliance on Russian energy.
A delegation led by Vice-Premier Andrei Kobyakov flew to Moscow on Tuesday to find a solution to the halt [...]

The government will take several strategic measures to ensure energy security and a more environment-friendly petroleum policy, said Petroleum Secretary M S Srinivasan today.
Delivering one of the Distinguished Lecture Series titled `Emerging Issues in the Hydrocarbon Sector’, Srinivasan said the new policy would include the operationalization of the petroleum regulatory board and providing a conducive [...]