CRUDE OIL

Stock indexes turned higher on Wednesday, erasing earlier losses on strength in crude oil prices after a surprising drawdown in oil stocks.

Asian stocks edged up on Wednesday but hovered near three-week lows hit the previous day, with investors cautious ahead of Chinese bank results and wary that profit taking will continue to stall a six-month rally.

The Department of Energy announced a fund of $38 million from the stimulus package to all 50 states for emergency preparedness plans in case of energy supply disruptions. Crude oil futures settled at $70.16 a barrel at 2:44 p.m. on the New York Mercantile Exchange Wednesday. The first offshore wind farm in Germany, started operations of its first three turbines.

The U.S. and Mexican governments are probing a scheme to steal millions of dollars worth of crude oil and refined products from Mexico's state-owned oil company and sell it to U.S. refiners, a U.S. official said on Monday.

The U.S. and Mexican governments are probing a scheme to steal millions of dollars worth of crude oil and refined products from Mexico's state-owned oil company and sell it to U.S. refiners, a U.S. official said on Monday.

The U.S. Federal Trade Commission on Thursday issued a final rule to fight oil market manipulation, saying such fraudulent conduct can have wide-ranging ramifications throughout the U.S. economy.

Oil rose more than $2 to hit a one-month high near $72 on Monday as positive Chinese economic data and firmer equities bolstered hopes of economic recovery and higher energy demand.

Oil rose more than $2 to hit a one-month high above $71 on Monday as positive Chinese economic data and firmer equities bolstered hopes of economic recovery and higher energy demand .

Oil rose to a one-month high near $71 a barrel on Monday as positive Chinese economic data and firmer equities bolstered hopes of economic recovery and higher energy demand.

British oil major BP shut Europe's second largest oil refinery on Friday after a power outage, while gasoline units were closed in France and Germany by Total and a joint venture including Shell.

Yahoo Gets Hard Look, Cumo's Bank Critique, Exxon Earns Less Billions

Exxon Mobil Corp., Royal Dutch Shell Plc post low second quarter profits as oil, natural gas prices and refining margins plunged. NRG Energy's net income increased helped by the acquisition of Reliant Energy's Texas retail business.

Asian share markets were largely steady on Thursday, struggling to regain multi-month highs, while Shanghai shares see-sawed after a 5 percent sell-off the previous day that sent other markets reeling.

ConocoPhillips reported a 76 percent drop in quarterly profits on Wednesday, as oil prices fell sharply from a year ago and the U.S. oil major's refining business posted a loss as heavy fuel supplies and weak demand hurt margins.

Saudi Arabia, the world's top oil exporter, is burning more crude in domestic power plants to keep new wells pumping and produce cleaner electricity, likely eliminating demand for imported fuel this summer.

Oil fell below $64 a barrel on Tuesday, as the dollar edged off six-week lows and on lingering skepticism over the pace of the global economic rebound.

Oil steadied near $64 a barrel on Tuesday, holding onto recent gains made as optimism over a global economic recovery sparked a rally in equity markets and a drop in the dollar.

Oil bounced above $62 a barrel on Friday, buoyed by U.S. data suggesting the battered housing sector was beginning to stabilize and pointing to a gradual recovery from recession.

Oil slipped below $62 a barrel on Friday, undermined by concerns over the outlook for the world economy, a stronger dollar and some selling pressure after four days of gains.

Oil fell below $62 a barrel on Friday amid lingering skepticism over the pace of a global economic recovery, but prices are on track to snap four straight weeks of decline to post a weekly gain.

Oil fell toward $61 a barrel on Friday amid lingering skepticism on the pace of a global economic recovery, but prices are on track to snap four straight weeks of decline to post a weekly gain.