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Traders work on the floor of the New York Stock Exchange

Libya continues to poison stock market sentiment; oil surges again

Stocks sank for a second consecutive day in tandem with oil prices surging to 28-month highs as continued turmoil and violence in Libya shatters traders nerves.

U.S. stocks in sharp sell-off over Libya fears

U.S. stocks are plunging and oil prices are surging on fears over the continued violent unrest in Libya.

Chevron fined record $9.5 bln for polluting Ecuador, calls verdict product of fraud

Ecuadorean workers clean up an oil waste pit owned by state petroleum company Petroecuador in Shushufindi, east of Quito, December 8, 2009

U.S. oil giant Chevron Corp. said it will challenge the ruling of an Ecuadorean judge who has ordered it to pay a record $9.5 billion fine after holding it responsible for polluting a wide swath of Amazon rainforest in Ecuador from 1972 to 1992 while it operated in a consortium with state-run Petroecuador.

Environmentalist Donald Moncayo shows his glove after conducting a test made on an affected field in Lago Agrio January 25, 2011. Moncayo coordinates visits to the polluted fields involved in the $27 billion suit brought against Chevron Corp by local farm

Ecuador court fines Chevron $8-bln for polluting Amazon

A court in Ecuador has fined US oil explorer Chevron (NYSE: CVX) $8-billion for polluting part of the country's Amazon region.

More news

Risks for Nigerian oil go beyond elections

Clashes between political gangs rather than attacks on oil facilities are the greatest threat to Nigeria's Niger Delta ahead of April elections and the long-term security of its oil output depends on much more than who wins.

A BP sign is seen at a petrol station in south London.

Is the Worst Over For BP?

BP Plc, which is tormented by the Gulf of Mexico oil spill, has witnessed a positive development last week when Presidential Commission did not find BP solely responsible for the oil spill.

US stocks open lower despite upbeat jobs data

U.S. stocks declined in early trade on Wednesday despite upbeat private sector employment report from ADP as commodities and natural resources stocks were hurt by strong dollar.

A Chevron tanker truck unloads gasoline into underground storage tanks in Burbank

Can US drill its way to low gasoline prices?

Former Shell Oil CEO John Hofmeister's prediction a fortnight ago that retail gasoline prices would hit $5 per gallon by 2015 has gone viral since then, drawing attention largely on the U.S. drilling policies but also spooking consumers and polarizing analysts in the process.

Iraq's Prime Minister Nuri al-Maliki speaks during a news conference in Baghdad

Chevron approached Iran to develop oil project: WikiLeaks

Chevron Corp. (CVX) negotiated with the Iranian government about developing Iraq-Iran cross-border oilfield, in direct violation of U.S. sanctions against Teheran, according to Iraqi Prime Minister Nouri al-Maliki in diplomatic cables leaked by WikiLeaks.