Friedman, Billings, Ramsey raised its crude oil price outlook for 2008 to an average $115 per barrel from $90 per barrel, and to $110 per barrel next year from $85 per barrel.
“We are raising our crude oil price expectations to reflect near-term supply realities, but also near- to intermediate-term demand responses that may not have [...]

Saudi Arabia is reportedly considering raising its crude oil output to about 10 million barrels a day. The Middle East Economic Survey, a regional energy and finance newsletter, says that would mean increasing current output by about half a million barrels a day.
Although the Saudis have repeatedly insisted their massive oil reserves are not [...]

In its monthly market report, the Organization of Petroleum Exporting Countries said oil’s recent volatility — the price for a barrel has swung back and forth in a $10 range over the past week alone — “reconfirms the view that current price levels do not reflect supply and demand realities.”
Looking ahead to the second [...]

Oil prices pulled back after OPEC questioned whether crude can remain so high through the rest of the year and the dollar gained against the euro.
Light, sweet crude for July delivery sank $1.88 to settle at $134.86 on the New York Mercantile Exchange.
At the gas pump, the average national price for a gallon of [...]

Exxon Mobil is getting out of the retail gasoline business, a market where profits have gotten tougher because of high crude oil prices.
The world’s largest publicly traded oil company said Thursday it will sell its 820-company owned stations and another 1,400 outlets operated by dealers to gasoline distributors across the U.S.
The Irving-based company didn’t [...]

Oil prices rebounded sharply from a dip below $132 a barrel, ending higher Thursday in another volatile session fueled by a rising dollar and concerns about supplies. Gas prices reached new record at the pump, rising to a national average of $4.06 a gallon, and are likely to keep climbing.
Light, sweet crude for July [...]

Oil prices took off again, soaring as crude’s biggest drivers — a weak dollar and supply concerns — brought buyers back in force. At the pump, gas prices rose to a new record over $4.05 a gallon.
Light, sweet crude rose $5.07 to settle at $136.38 a barrel on the New York Mercantile Exchange after earlier [...]

The European Commission says oil prices are bound to stay high and cautioned European Union governments against giving short-term handouts to fishermen, farmers, truckers and others suffering from high fuel costs.
The Commission is drafting a report on the issue for next week’s spring meeting in Brussels of the 27 EU leaders.
Against a backdrop of protests [...]

Several airlines raised fuel surcharges again, trying to offset the relentless upward march of crude oil prices.
American Airlines added $20 per roundtrip on many routes. Virgin America tagged an extra $25 onto its long-haul fares.
In Europe, Air France-KLM added surcharges of up to $31, and Germany’s Lufthansa raised its fuel charge by almost $16 on [...]

The head of Petrobras says global oil prices are likely to stay high, and the Brazilian state-run oil giant plans to significantly expand its fleet of drilling rigs and other vessels in the coming years.
Speaking at a gathering organized by the Brazilian American Chamber of Commerce in New York, Petrobras President and Chief Executive Jose [...]