Energy firms along the Eastern Seaboard scrambled on Monday to resume operations after Hurricane Irene left 5.5 million customers without power.
Hurricane Irene closed in on the east coast on Friday, lashing North Carolina with ferocious winds and triggering emergency steps including unprecedented evacuations and transit shutdowns in New York.
The eastern United States ramped up its alert on Friday ahead of Hurricane Irene and New York City ordered evacuations of vulnerable residents as the broad, menacing storm closed in on the Atlantic coast.
Brent crude oil rose slightly in choppy trade on Friday as Hurricane Irene barreled toward the U.S. East Coast and traders weighed comments by U.S. Federal Reserve Chairman Ben Bernanke on the economy.
China on Tuesday urged Libya to protect its investments and said their oil trade benefited both countries, after a Libyan rebel warned that Chinese oil companies could lose out after the ousting of Muammar Gaddafi.
China's crude imports from Russia in July plunged 45 percent from a year earlier to 615,193 tonnes, or 144,870 barrels per day (bpd), the lowest level in several years, customs data showed on Monday.
Oil trading data that exposed the extensive positions speculators held in the run-up to record high prices in 2008 were intentionally leaked by a U.S. senator, sparking broader concern about industry confidentiality as Congress moves on Wall Street reform.
Gold set a record high on Friday on safe-haven buying but commodities rebounded after the U.S. dollar plunged to a record low against Japan's currency on speculation authorities will not halt the yen's surge.
China's buying of West African crude oil is set to rise about 15 percent in September from August, trade sources said on Friday, but overall Asian imports from West Africa will fall due to slower Indian demand.
Mid- and small-capitalization stocks sank for a third straight day on Thursday in a wide selloff on continued fears about the global economy's growth prospects.
Gold rallied 2 percent to new high above $1,820 an ounce on Thursday, after U.S. economic data pointed to a stalled economy, while renewed concern about the health of European banks brought safe-haven buying.
Renewed worries about Europe's debt crisis and a raft of weak U.S. economic data hit global markets on Thursday, driving down stocks and oil prices and pushing U.S. bond yields to record lows while pushing gold to a record high.
Oil fell more than $2 dollars on Thursday as a raft of poor economic data provided a fresh blow to shaky investor confidence and extended U.S. oil's losses to 13 percent so far in August.
Futures on major U.S. indices point to a lower opening on Thursday ahead of key weekly jobless claims data and corporate earnings.
Gas prices are on the rise throughout the U.S. Prices are rising fastest in the South, with Atlanta and Tampa seeing increases as much as 13 to 15 cents per gallon in the past week.
A recent Barron's article predicted that oil prices could top $150 next year and if this becomes true it could wreak havoc on the global economy with a devastating impact.
Governor Brian Schweitzer vowed to cling to Exxon Mobil to get the company clean up the oil spill over the weekend that fouled the Yellowstone River in Montana.
An ExxonMobil pipeline in Montana State ruptured late Friday, which spilled hundreds of barrels of crude oil into the famed Yellowstone River, prompting evacuations of nearby residents.
A pipeline operated by Exxon Mobil Corp in Montana state ruptured late Friday, dumping as many as 1,000 barrels of crude oil into the Yellowstone River over the weekend.
An ExxonMobil pipeline in Montana state ruptured late Friday, which spilled hundreds of barrles of crude oil into the famed Yellowstone River, prompting evacuations of nearby residents.
It's likely to be a bitter-sweet Fourth of July holiday weekend, gas price-wise, for U.S. motorists. Gas prices have edged lower recently, but are still up substantially from a year ago, in early July 2010.
After a diplomatic meeting with British Prime Minister David Cameron in London, Chinese Premier Wen Jiabao said that Beijing supports a political resolution to the conflict in Libya.
