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Oil falls nearly $5 as China hikes fuel prices

NEW YORK - Oil plunged nearly $5 on Thursday after China announced it will raise domestic fuel prices, a move likely to curb demand in the world's second largest consumer. U.S. crude settled down $4.75 at $131.93 a barrel, while London's Brent crude dropped $4.44 to end at $132...

Senators seek to stop Iraq oil deals

WASHINGTON - A group of senior U.S. Democratic senators on Tuesday urged the Bush administration to try to stop the Iraqi government from awarding short-term service contracts to major oil companies, saying the no-bid deals could inflame sectarian tensions. Sens. Charles Schumer ...

Oil rises on Iran, Nigeria supply worries

NEW YORK - Oil rose to $137 a barrel on Tuesday on concerns over Nigerian supply disruptions and rising tensions between Israel and OPEC member Iran. U.S. crude settled up 26 cents at $137.00 a barrel after trading as high as $138.75. London Brent crude gained 55 cents to settle ...

No shortage of oil in markets: OPEC chief

BRUSSELS - OPEC President Chakib Khelil reiterated on Tuesday that there was no shortage of oil available on markets and recent record prices were due to other factors. "Our view from a producers' point of view ... is that as far as fundamentals are concerned I think we have ...

U.S. to buy 35,000 bbls heating oil for N.E. reserve

WASHINGTON - The U.S. Energy Department said on Monday it will seek bids from energy companies to buy 35,000 barrels of heating oil for the Northeast emergency reserve. The department said it will use $3 million in appropriated funds to buy the heating oil, which will bring the ...

OPEC president says sees no demand for more oil

ALGIERS - Oil producers cannot pump more without demand for extra supply, and at the moment that demand does not exist, OPEC President Chakib Khelil said on Monday. He added in an interview on Algerian state radio that supply and demand was balanced and prices would remain high ...

Paulson urges boost in oil output

CANCUN, Mexico - U.S. Treasury Secretary Henry Paulson on Monday urged oil-producing nations to boost their output and warned that soaring energy costs threatened to prolong a U.S. economic slowdown. "This is a very, very important issue because the high price of oil is creating ...

Mexico sees oil revenues bouncing back in 2nd qtr

CANCUN, Mexico - Mexico should see oil revenues bounce back in the second quarter, after a dip in the first quarter, citing revenues above forecast in April, Deputy Finance Minister Alejandro Werner said on Monday. He also said the government will not cut fuel subsidies. Factors ...

LyondellBasell to boost its global PP compounding capabilities by more than 30% by end of 2009

LyondellBasell Industries has announced plans to expand its global polypropylene (PP) compounding capacity to 1.2 million tonnes per year by the end of 2009, which represents a growth rate of more than 30 percent. To address rapidly expanding needs in the Asian region, LyondellBa...

Crude surge lifts some petchems, market cautious

SINGAPORE After US light crude futures surged $5/bbl to above $140/bbl overnight, Asian petrochemical players raised their discussion levels of key products such as aromatics early Friday, buyers and sellers said. The New York Mercantile Exchange (NYMEX) light sweet crude futures ...

OPEC daily price sets new record

VIENNA -- The crude oil price of the Organization of Petroleum Exporting Countries (OPEC) set a new record Tuesday, data released by the Vienna-based cartel showed Wednesday. One barrel of OPEC-produced crude stood at 131.25 U.S. dollars Tuesday, 0.55 dollars higher than the ...

Oil falls on U.S. inventory build, weak demand

NEW YORK - Oil fell more than $2 on Wednesday after U.S. weekly data showed crude inventories in the world's top consumer rising as high fuel prices continued to erode demand. U.S. crude settled down $2.45 at $134.55 a barrel. London Brent crude fell $2.13 to settle at $134.33. U...

EIA cuts world 2010 oil output; big non-OPEC loss

WASHINGTON - Crude oil production from non-OPEC countries will not be able to keep up with growing global demand in the next few years, forcing oil consuming nations to rely more on the Organization of Petroleum Exporting Countries for supplies, the U.S. Energy Information ...

Petchem buyers talk down market on crude dip

SINGAPORE --An overnight dip in crude futures dragged prices of key petrochemicals lower on Thursday as Asian markets extended their sluggishness in early morning trades, and could fall further before the week ends, buyers and sellers said. Crude oil futures for August delivery ...

Hercules acquires Logos Qu mica

Hercules Incorporated announced it has acquired Logos Qu mica Ltda., a Brazilian based specialty chemicals company with 100 employees and 2007 annual sales of approximately $17 million. Headquartered in S o Paulo, Brazil, Logos Qu mica specializes in the supply of specialty ...

U.S. sees high oil prices reducing long-term demand

WASHINGTON - World oil demand will soar over the next two decades but more slowly than experts expected a year ago because high crude prices will take a toll, the U.S. government's top energy forecasting agency said on Wednesday. World energy consumption will grow 50 percent by ...

Oil prices drop on unexpected U.S. stockpile rise

NEW YORK -- Crude futures dropped Wednesday after the U.S. Energy Department reported an unexpected increase in the crude inventory last week. Light, sweet crude for August delivery plunged to 131.95 U.S. dollars a barrel before rising back and settling at 134.55 dollars a barrel...

Bayer plans to invest EUR 100 million in Brazil

Bayer plans to invest roughly EUR 100 million at its Brazilian sites through the end of 2009. This was announced by Group CEO Werner Wenning at a press conference held in Belford Roxo, near Rio de Janeiro, to mark the 50th anniversary of the site's founding. "Brazil is our ...

Roc Oil CEO John Doran dies after short illness

PERTH - Roc Oil Ltd's (ROC.AX: Quote, Profile, Research, Stock Buzz) founder and chief executive John Doran died last Friday after a sudden illness, the Australian energy firm said in a statement on Monday. Roc's chief operating officer Bruce Clement will take charge on a ...

Oil market oversupplied but not wise to cut: Qatar

MADRID - Oil markets are oversupplied but it would not be wise for any OPEC exporter to tighten the taps given the risk of exacerbating prices, Qatari Oil Minister Abdullah al-Attiyah said on Sunday. Attiyah's remarks came after Libya's most senior oil official said on Thursday ...

Latest World News

china

Bill Gates talks nuclear
Bill Gates talks nuclear
Microsoft co-founder Bill Gates confirmed on Wednesday that he is ...
China offers inspirations to global dilemmas
China offers inspirations to global dilemmas
BEIJING, Jan. 22 (Xinhua) -- Policies of China's new leadership in the ...
Merck to put $1.5b in R&D
Merck to put $1.5b in R&D
Merck Sharp & Dohme (MSD), the world's second-largest drug producer by ...

world

market

IMF chief warns of risks to recovery
IMF chief warns of risks to recovery
DAVOS, Switzerland, Jan. 25 (Xinhua) -- The International Monetary ...
China's farm product pricing plan shifts to market orientation
China's farm product pricing plan shifts to market orientation
The Number One Document also proposed a new pricing plan for China's ...
Chinese investors look to overseas opportunities
Chinese investors look to overseas opportunities
SHANGHAI, Jan. 25 (Xinhua) -- China, the world's top manufacturer and ...

finance

company

Retailer's Net Profit Falls 3%
Retailer's Net Profit Falls 3%
A Wal-Mart store is seen in Stratford, Connecticut, the United States. ...
Gaming Firms Find Going Tough
Gaming Firms Find Going Tough
Employees demonstrate Sony Ericsson Mobile Communications' Xperia Play ...
Boeing Wins Biggest Order of US$26b
Boeing Wins Biggest Order of US$26b
A formation of nine Royal Air Force Red Arrows Hawk aircraft fly ...

trade

sports

Yao's gift of sport for all
Yao's gift of sport for all
Chinese NBA player Yao Ming teaches a boy with special needs how to ...
Lucrative golf industry lures stiff competition
Lucrative golf industry lures stiff competition
Two models stand beside golf equipment and bags at a recent golf ...
Li Na wins French Open women's singles title
Li Na wins French Open women's singles title
History-making tennis legend Li Na notched the first-ever grand slam ...
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