Concern about the appetite for Eurozone sovereign debt pushed European stocks lower and hit the single currency on Thursday, with the first French bond auction of 2012 set to test how much progress policymakers have made in easing tensions.
The government also warned the public not to hoard fuel or buy on the black market.
An arbitration panel has awarded U.S. oil giant Exxon Mobil Corp $908 million in compensation for Venezuela's 2007 nationalization of its assets, less than 10 percent of what the company sought in a long legal battle with the OPEC nation.
Persian Gulf oil producing nations are prepared to compensate for any loss of oil in the world market, a senior Saudi official said after Iran amped-up its rhetoric Tuesday about blocking the Strait of Hormuz, a key supply route for the world’s oil.
Business mogul Donald Trump has some harsh words for President Obama, China, and a whole slew of others in his book Time to Get Tough: Making America #1 Again.
Cold War militant Carlos the Jackal was sentenced to a second life term by a Paris court on Thursday after being found guilty of a number of bombings in France three decades ago.
Crude oil prices advanced in Europe trade on Thursday, after plunging to their lowest level in more than five weeks in the previous session.
With oil prices already high at/near $100 per barrel and the global economy no where near its GDP output potential, OPEC is once again in the catbird seat as it heads into its December meeting.
OPEC began negotiations on Monday on a new production deal aimed at healing the rift caused by a bad-tempered failure to agree an output target when it last met in June.
Oil prices ratcheted up on Monday morning on concerns that tension between Iran and Western countries could lead to an oil distribution disruption and a potential shortage.
Iraqis are wary on how their country will fare once the Americans leave. The Americans are seen as an occupying force by many, but welcomed by others who believe they act as a buffer amid the country's still-volatile sectarian mix.
China is set to embrace Canada's offer of more crude, heating up competition with the United States as the world's top two oil consumers jostle to secure supplies and meet ravenous demand.
Ecuador's President Rafael Correa says his government is within days of signing contracts with mining companies set to develop large copper and gold projects in the mineral-rich Andean nation.
Reportedly, oil production in Libya plunged to as low as 10,000 bpd in August during the bloodiest episodes of the civil war.
Carlos the Jackal has already been convicted of three murders and is currently serving a life sentence in France, but the Venezuelan, who was once one of the most wanted figures of the Cold War, is again on trial.
The death of Moammar Gadhafi has definitely clarified one piece of the jigsaw puzzle that is the global oil market: There is now one fewer issue to hinder production security in a host of oil hot spots.
The events in Libya probably will not lead to a drop in crude prices as measured by West Texas Intermediate metric, analysts say.
Saudi Arabia's central bank is not interested in buying distressed or speculative assets such as troubled European debt and gold, and the OPEC member's banks are well-positioned to withstand the Eurozone crisis.
President Barack Obama warned Iran on Thursday it would face the toughest possible sanctions for an alleged plot to kill the Saudi ambassador in Washington, as Treasury officials eyed action against the Iranian central bank.
A rebound in Hong Kong and Shanghai shares helped lift most Asian stocks into positive territory Wednesday, but concerns that Europe's debt crisis has hurt confidence in the global economy and is weighing on corporate earnings limited gains.
Libya's top oil body is pursuing international oil firms for bills worth around $6 billion that were left unpaid this year due to U.N. sanctions imposed in March, a source in the National Oil Corporation (NOC) told Reuters this week.
Libya will likely name a new government within 10 days, interim Prime Minister Mahmoud Jibril said, raising hopes of political progress in the fractured country weeks after the overthrow of Muammar Gaddafi.
