CRUDE OIL

A weakening dollar combined with bargain hunting, short covering and Chinese physical demand to lift gold prices Monday for the fifth time in the last six trading sessions.

Western powers this week readied a contingency plan to tap a record volume from emergency stockpiles to replace nearly all the Gulf oil that would be lost if Iran blocks the Strait of Hormuz, industry sources and diplomats told Reuters.

Iranian naval forces have reportedly completed a 10-day series of exercises near the Strait.

Economic sanctions don't seem to deter a defiant Iran. In a move that would further escalate tensions in the Strait of Hormuz, Iran has announced its plans for more naval exercises in February.

On signs that the U.S. economy is back on track and tensions with Iran may lead to further disturbance in exports in the Middle East countries, crude oil futures headed for a weekly gain in New York. Futures of West Texas Intermediate have surged 3.4 percent this week.

Gold prices rose Friday as concerns about the Eurozone's economy and the health of its banks offset the effect of a stronger dollar.

Essentially meaning greater force, the Dutch oil company is attempting to insulate itself from possible liabilities following a pipeline leak, the second in more than three weeks in the country, by declaring it beyond the company's control.

Gold prices rose Thursday as Chinese purchases of physical gold and concerns Iran might spark a regional conflict by attempting to block the Strait of Hormuz offset concerns over a Eurozone recession.

The United States can be entirely self sufficient in liquid fuels in the next 15 years if more federal lands are opened up to oil and natural gas exploration and drilling.

Gold rose around 1 percent on Wednesday, breaking ranks with the euro as renewed hedge fund and technical buying put the precious metal on track for its fourth straight day of gains.

A former civil engineer and inspector for the original Keystone pipeline writes, Let's be clear -- I am an engineer; I am not telling you we shouldn't build pipelines. We just should not build this one.

European governments have agreed in principle to ban imports of Iranian oil, EU diplomats said Wednesday, dealing a new blow to the Islamic Republic.

Turkey is itself the sixth-largest buyer of Iranian oil, according to Reuters, although the two countries have had a rocky relationship.

Royal Dutch Shell officials announced they are working to patch a second oil leak in Nigeria, which they attribute to sabotage.

Gold prices opened higher Wednesday after opening the new year with a 2 percent rally on expectations of increasing Asian demand and support from the price of crude oil.

Gold rose by nearly 2 percent on Tuesday, fueled by a recovery in the euro against the dollar, after the bullion price neared six-month lows last week in a flurry of year-end selling.

In allowing the demise of a formerly sacrosanct ethanol subsidy, Congress underscored both its drive to cut costs and the ethanol industry's diminished need for economic support.

French oil giant Total has acquired a $2.32 billion stake in Chesapeake Energy Corporation's Utica shale region in Ohio, a move that signifies an increasing shift toward new energy sources as crude oil prices continue to rise.

France wants tougher sanctions against Iran like the ones imposed by the United States.

Republican presidential hopeful Rick Santorum believes bombing Iranian nuclear facilities will teach Iran some lessons it badly needs.

Gold rose 1 percent on Friday, rebounding from losses earlier this week that sent the market briefly into bear territory, and the metal sealed its 11th consecutive year of gains.