Members of the Organization of the Petroleum Exporting Countries are holding consultations over the oil market in light of the Libyan turmoil, the Kuwaiti oil minister said on Tuesday.
"We are in consultation but have not yet decided which direction," we are heading, Sheikh Ahmad Abdullah al-Sabah told reporters when asked if OPEC was discussing whether to raise crude production.Full Story
World oil prices shot higher Monday, striking 2.5 year highs on the turmoil in Libya and the Middle East, analysts said.
New York's main contract, light sweet crude for delivery in April, hit $106.45 a barrel -- the highest level since September 2008.Full Story
Crude prices pushed higher in Asian trade Thursday as unrest in the Middle East and North Africa continued to weigh on markets, analysts said.
New York's main contract, light sweet crude for April delivery, rose 33 cents to $102.56 and Brent North Sea crude for April was up 30 cents at $116.65 in the afternoon.Full Story
Leading credit rating agency Standard & Poor's has warned that it could further downgrade both Portugal and Greece's debt in the coming two months, depending on the outcome of a crucial European leaders' summit later this month.
The agency said in a report Wednesday that it is maintaining its A- rating on Portugal and its BB+ rating on Greece but has kept both countries on so-called "CreditWatch with negative implications."Full Story
Mass-market automakers like Toyota, Fiat and Ford say green technologies on display at the Geneva Auto Show will help them weather the impact of skyrocketing fuel prices — while less humble sports car makers like Lamborghini flaunted their gas guzzlers.
Companies rolled out a raft of new models — including many electric, hybrid and more efficient conventional engines — in a sign of renewed confidence following the economic crisis that bottomed out auto sales and put a freeze on new models.Full Story
Japan can boast the world's tallest free-standing television tower as of Tuesday, when the under-construction Tokyo Sky Tree rose to a height of 601 meters (1,971 feet).
The steel structure eclipsed China's 600-meter Canton Tower, which opened in Guangzhou in September -- although both are shorter than the world's tallest building, Dubai's 828-meter Burj Khalifa skyscraper.Full Story
The chief executive of Saudi Arabia's state-run oil giant says it has stepped in to compensate for an export shortfall stemming from the unrest in Libya.
Saudi Aramco's Khalid Al Falih declined on Monday to specify how much additional oil Saudi Arabia — the de facto leader of the Organization of the Petroleum Exporting Countries — has pumped into the market.Full Story
World oil prices rose further on Friday as supply worries persisted due to escalating unrest in the oil-rich Middle East and North Africa, traders said.
Brent North Sea crude for delivery in April rose 76 cents to $112.12 per barrel, having rocketed the previous day to $119.79 -- the highest level since August 22, 2008 -- before sliding lower as many traders took profits.Full Story
European stock rose on Friday as some calm returned to global financial markets after a rocky week driven by Middle East fears while London resumed trading after a technical glitch closed the bourse for the morning.
In early afternoon deals, the Paris CAC 40 was up 1.21 percent to 4,058.22 points and Frankfurt's DAX 30 added 0.39 percent to 7,158.27 points.Full Story
London Brent oil prices jumped within a whisker of $120 on Thursday, hitting fresh 2008 high points, as ongoing Libya instability stoked supply jitters across the Middle East and North Africa.
Brent North Sea crude for delivery in April rallied as high as $119.79 per barrel, which was the highest level since August 22, 2008. It had already smashed past $110 on Wednesday as Libya was rocked by fresh violence.Full Story