Energy Industry News
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Oil dropped from the highest price in almost five weeks on speculation fuel demand may falter as crude supplies rise in the U.S., the world’s biggest consumer of the commodity, and Europe struggles to tame its debt crisis.
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CME Group Inc. halted Globex crude and products markets “due to technical issues,” according to a notice posted on the company’s website.
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Sanctions on Iran are tightening after Overseas Shipholding Group Inc., Frontline Ltd. and owners controlling more than 100 supertankers said they would stop loading cargoes from the Organization of Petroleum Exporting Countries’ second-largest producer.
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Armored anti-riot vehicles cluster outside the police station in Awwamiya in Saudi Arabia’s oil- producing eastern region, where unrest is turning violent.
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