CRUDE OIL

Nigeria's 2012 budget will be based on average oil production of 2.48 million barrels per day and a benchmark price of $75 dollars per barrel, the country's finance minister said on Friday.

Asian stocks, U.S. index futures and the euro fell on Wednesday as investors remained unconvinced that euro zone leaders have a coherent plan to tackle the bloc's sovereign debt problems, which many fear could trigger a new banking crisis.

Libyan transitional forces besieging a bastion of forces loyal to Muammar Gaddafi on Tuesday gave residents two days to leave before a threatened onslaught, and fears rose for the fate of civilians trapped in the last redoubts of the fallen strongman.

European index futures rose and the euro edged off a seven-month low on Tuesday after a report that Italy may get financial support from China sparked a bout of short-covering but did nothing to ease fears that Europe is sliding into another banking crisis.

European stocks rose on Tuesday on a report that Italy may get financial support from China but the euro inched down as markets remained fearful that Europe is sliding into another banking crisis.

Libya's interim leader has made his first public speech in Tripoli, warning against reprisals after Moammar Gadhafi loyalists struck out at the revolutionaries pursuing them.

Gold closed lower Monday after investors sold their holdings in the yellow metal to generate cash, while others took profit and a third group bought the surging U.S. dollar as a safe haven.

Prices for platinum and palladium, which are key metals used in making automobile catalytic converters, fell 1 percent Monday in U.S. futures trading as a strong dollar and profit-taking dragged down all precious metals.

Stock futures pointed to sharp falls for equities on Monday after tumbling in the previous session following the resignation of a top official at the European Central Bank, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 down 1.6 to 1.9 percent.

European index futures tumbled on Monday, following a slide in Asian equities, and the euro slumped to a 10-year low against the yen after the resignation of a top European Central Bank official cast further doubt on the region's ability to tackle its worsening sovereign debt crisis.

Libya's interim government is drafting a proposal that would shrink the responsibilities of the National Oil Corp (NOC) to make it a purely commercial organisation, a member of the interim government has told Reuters.

Chinese Premier Wen Jiabao said on Wednesday that the government would strictly control new petrochemical projects around northern China's Bohai Bay, as energy giant ConocoPhillips apologized for an oil spill there.

Asian shares fell and U.S. Treasury yields dropped to the lowest levels in at least 60 years on Tuesday on fears that Europe's sovereign debt troubles are worsening and could trigger a second full-blown banking crisis.

Asian shares fell and the euro slipped Tuesday amid fears that Europe's sovereign debt troubles are worsening and could trigger a second full-blown banking crisis.

Ghana's 45,000 barrel-per-day state-run Tema oil refinery shut its main crude distillation unit on August 28 after running out of feedstock, two sources with knowledge of the plant's operations told Reuters on Monday.

European Union (EU) foreign ministers have, in principle, reached an agreement for imposing far reaching new economic sanctions against Syria. The major one is an embargo on oil-related imports from that country

Oil and an oil sheen covering several square miles of water are surfacing near the site of last year's BP Macondo Well disaster, prompting concerns that the well might not be plugged as Tropical Storm Lee gathers strength.

Oil and an oil sheen covering several square miles of water are surfacing near the site of last year’s BP Macondo Well disaster, prompting concerns that the well might not be plugged.

China is backing off from oil and gas investments in Iran, angering the Islamic republic with move officials and executives said reflected Beijing's efforts to appease Washington and avoid U.S. sanctions on its big energy firms.

If a new tropical storm gains momentum and becomes a hurricane, it could wreak havoc on oil production in the Gulf of Mexico.

If a new tropical storm gains momentum and becomes a hurricane, it could wreak havoc on oil production in the Gulf of Mexico.