The federal government formed an interagency task force to assess developments in oil and other commodity markets.
It is made up of staff from the Commodity Futures Trading Commission, the Federal Reserve, the Securities and Exchange Commission, and the departments of Treasury, Energy and Agriculture. The task force will examine oil supply and demand factors, investor [...]

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 [...]

Tens of thousands of truckers in Spain are on strike over soaring fuel costs, parking their big rigs and snarling traffic around Madrid and Barcelona.
The Spanish protest is one of a number across Europe, and comes as a Spanish fishermen’s protest against high fuel prices enters a second week, with smaller boats now joining the [...]

Analysts disagree on how much Murphy Oil Corp. stands to gain from its stake in a deepwater offshore Malaysian oilfield, with Goldman Sachs giving a strong recommendation and JPMorgan downgrading the stock.
Murphy owns an 80 percent stake in the Kikeh field, where it began drawing oil in August 2007. The company shares production with Malaysia’s [...]

BP PLC Chief executive Tony Hayward told an oil and gas conference in Malaysia that governments should lower trade barriers and cut taxes for the industry to boost production and help stabilize global oil prices.
Hayward says the world is not short of petroleum resources, but high operating costs, rising taxes and lack of access are [...]

A Miami lawyer is suing OPEC over the skyrocketing price of oil.
Attorney Larry Klayman claims in the lawsuit that the Organization of Petroleum Exporting Countries is violating U.S. antitrust laws by fixing oil prices.
The lawsuit claims OPEC is operating a conspiracy aimed at causing economic harm to the U.S. and other western nations.

Saudi Arabia will call for a meeting of oil-producing countries and consumers to discuss soaring oil prices and work to prevent unjustified rise in prices.
Information and Culture Minister Iyad Madani says the kingdom will work with OPEC to “guarantee the availability of oil supplies now and in the future.”
In a statement following the weekly Cabinet [...]

Gasoline prices continued to rise above a national average of $4 a gallon, but oil futures retreated after Treasury Secretary Henry Paulson said he will not rule out intervention to stabilize the dollar — boosting the greenback against the euro — and Saudi Arabia said it will call for a meeting to discuss crude-oil prices.
Light, [...]

Oil prices shot up more than $10 to a new record above $139 after a major investment bank predicted a spike to $150 in the coming weeks and rising tensions in the Middle East left investors uneasy about supply.
The meteoric surge built on a price jump Thursday and capped oil’s biggest two-day gain in the [...]

Oil prices rose back above $128 a barrel after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates. At the pump, meanwhile, gas prices rose to a new record near $3.99, and are likely to hit $4 soon.
Light, sweet crude for July delivery [...]