Ben Bernake, Federal Reserve Chairman, stated that the U.S. economy is facing “significant” risks to growth, while the Organization of Petroleum Exporting Countries lowered its forecast for world oil-demand growth for 2008 and 2009. in apart chances John Kilduff, an analyst at futures brokerage MF Global, said “Signs of economic contraction and financial-market malaise are [...]

Saudi Arabia’s oil minister says OPEC’s dominant producer has no immediate plans to boost crude output because there is no need to do so.
But Minister Ali Naimi said he was “concerned about the (price) level” and suggested Saudi Arabia is ready to raise production if the kingdom perceives that basics had changed, with supply no [...]

Oil futures shot above $140 after OPEC’s president said oil prices could rise well above $150 a barrel this year and Libya said it may cut oil production.
Light, sweet crude for August delivery rose as high as $140.39 in afternoon trading on the New York Mercantile Exchange before retreating slightly to settle at $139.64, up [...]

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 [...]

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 [...]

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 [...]

The Organization of Petroleum Exporting Countries boosted crude-oil output in May, according to a survey by Dow Jones Newswires.
The survey estimates daily production by the group’s 13 members in May rose 432,000 barrels a day, from the previous month to 32.39 million barrels a day.
May’s production increase came mostly from OPEC’s top producer, Saudi Arabia, [...]

Gasoline held steady near an average $3.98 a gallon at the pump, as oil prices rose modestly after an OPEC official again said there’s no need for the cartel to pump more oil and rough weather closed Mexican oil ports.
The national average price of a gallon of regular gas was unchanged at $3.975, according to [...]