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 [...]

Gasoline demand at the pump last week was down 2.7 percent from a year ago, according to a survey by MasterCard SpendingPulse.
The average national retail price for a gallon of regular gasoline rose 3 cents and is 35.7 percent higher than one year ago. Gas prices are up $1.01 since the beginning of the year.
“The [...]

Aztec Oil & Gas, Inc. previously announced that the Company had completed the drilling of two new wells for its Aztec 2007A Limited Partnership. The wells, Williams #1 and #2, were drilled in Tyler County, West Virginia to a depth of approximately 5,000 feet each. Logs on both wells indicated substantial reserves. Today, Aztec is [...]

Oilfield service shares rallied Monday as higher crude-oil prices gave investors reason to add to their bets on the sector.
Oil prices rose on what the market saw as a modest production increase from Saudi Arabia and concerns that output from Nigeria will decline. Light, sweet crude for August delivery rose $1.38 to settle at $136.74 [...]

Quest Resource Corporation announced today that it has commenced, subject to market conditions, an underwritten public offering of approximately 8.4 million shares of its common stock, par value $0.001 per share. Quest also intends to grant the underwriters a 30-day option to purchase up to approximately 1.26 million additional shares to satisfy any over-allotments.
Quest intends [...]

Halliburton Co. shares raced to a new record high as oil prices climbed and the oilfield service provider walked away from an offer to buy Expro International Group PLC.
The stock rose more than 5 percent at one point in the session, touching a high of $52.84, before moving back to $52.50, up $2.45 in afternoon [...]

Some lawmakers on Capitol Hill say investors have a role in rising oil prices, pointing out that speculation in crude futures has nearly doubled since 2000.
Pension funds, Wall Street banks and other large investors that have no intention of taking delivery of fuel have increasingly pumped money into contracts for oil and other commodities as [...]

Oil prices rose after Saudi Arabia’s modest production increase failed to push traders to sell.
Light, sweet crude for August delivery rose $1.38 to settle at $136.74 a barrel on the New York Mercantile Exchange.
Retail gas prices inched lower overnight but appear unlikely to change much as long as oil prices remain stuck in their recent [...]

DMC Mining released the findings of the scoping study completed by GRD Minproc on its 80% owned Mayoko Iron Ore Project in The Republic of the Congo, reporting that the Mayoko Iron Ore Project is at an early stage of development. Preliminary economics appear attractive and justify advancing to a more detailed level of assessment. [...]