CRUDE OIL

At least one major refiner, BP PLC (NYSE: BP), has said it is shutting down production in the region. Production shutdowns can lead to price spikes at the pump fairly quickly.

Plumes of thick, black smoke continue to rise from the inferno that has engulfed Venezuela's main oil refinery and left at least 41 people dead and dozens more injured, following the country's worst oil accident on record.

Crude oil futures hovered above $83 a barrel Wednesday ahead of a weekly report on US oil supplies as well as Thursday's OPEC ministerial meeting in Vienna.

The U.S. singled out China on Monday in its effort to push the international community to place additional economic pressure on Iran.

Leaders of the world's 12-member crude oil cartel gather this week in Vienna to discuss and perhaps set a production ceiling for the group in what is expected to rubber stamp the current state of affairs. It is also expected to feature a fierce tug-of-war between Saudi Arabia, the cartel's dominant producer, and Iran.

Crude oil futures declined on Tuesday amid concerns that Spain's banking bailout may not be enough to rescue the country from the financial crisis.

Forbes has upped its wealth estimate for Aliko Dangote, founder and chief executive officer of the Dangote Group, to $11.2 billion.

Crude oil futures rallied Monday as market participants welcomed Europe's plan to provide financial assistance to Spain to properly restructure its troubled banks.

Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) rose 40,000 barrels per day (b/d) to 31.75 million in May, a new survey has shown.

Lower U.S. demand for crude oil and petroleum products in April helped shrink the nation's balance-of-trade deficit from the previous month, the Commerce Department said Friday, but the trade deficit with China worsened.

Lower U.S. demand for crude oil and petroleum products in April helped shrink the nation's balance-of-trade deficit from the previous month, the Commerce Department said Friday, but the trade deficit with China worsened.

Crude oil futures declined Friday as the lack of explicit hints about further quantitative easing from Fed Chairman Ben Bernanke disappointed investors.

U.S. crude oil futures fell more than $2 on Friday, pressured by uncertainty about the fragile economic recovery in the United States .

Crude oil futures edged higher Wednesday as positive US service sector data and the G7 leaders' pledge to tackle economic problems provided some relief to the markets.

Crude oil futures hovered below $84 a barrel Tuesday as concerns over the euro zone debt crisis continued to weigh on the sentiment.

Home prices are stagnant, crude oil is tumbling and copper has fallen to a seven-month low. Inflation is not the problem. What is the problem is inflation's evil twin, deflation.

Petrol price woes in India are not going to end anytime soon. Oil companies, which had raised Rs 7.5 per liter over a week ago, announced a rollback of Rs 2 Saturday after wide protests against the hike. However, the companies Monday said that the prices would be reviewed June 15.

Crude oil prices declined for the fifth day Monday as sentiment was dampened after reports indicated a slowdown in China's nonmanufacturing activity and U.S. employment.

The value of the monetary unit of Canada slipped Thursday against the U.S. dollar as a consequence of underwhelming employment data issued by the U.S.

BP PLC is selling its stake in Russia-based crude oil and natural gas venture TNK-BP after receiving a unsolicited indications of interest regarding the potential acquisition, the British company said Friday.

Crude oil prices slid more than 3 percent Wednesday on fears of a slowdown in global economic growth. U.S. stocks also closed lower, with major indexes all down more than 1 percent and yields on the benchmark 10-year Treasury sank to a record 1.64 percent.