Energy

Oil Rises to Record Above $126 as Dollar Drop Spurs Demand for Commodities Crude oil rose above $126 a barrel in New York to a record as the dollar weakened against the euro, prompting investors to buy commodities as a hedge against the currency's decline.

Electricite de France Submitted British Energy Takeover Offer, People Say Electricite de France SA, Europe's biggest power producer, made a takeover offer for British Energy Group Plc, said two people with knowledge of the proposal.

OPEC May Hold Meeting Before September to Curb Record Prices, Libya Says OPEC, the producer of more than 40 percent of the world's oil, may meet before September to consider increasing output in an attempt to rein in record crude prices, Libya's Shokri Ghanem said.

Petrobras Seeks Refinery Takeovers to Export Gasoline, Diesel, Not Crude Petroleo Brasileiro SA, Brazil's state-controlled oil producer, plans to acquire refineries that may make the company the world's third-largest seller of gasoline and diesel.

Teco Energy Has Biggest Gain Since 2002 After Upgrade by Citigroup Analyst Teco Energy Inc., owner of Tampa, Florida's electric utility, had its biggest gain since 2002 after a Citigroup analyst raised his rating of the stock to ``buy'' from ``hold'' on prospects for increasing coal earnings.

Saras Raises Refining Margin Outlook as Demand for Diesel Fuel Increases Saras SpA, owner of the Mediterranean region's biggest refinery, boosted first-quarter profit 54 percent, helped by a lower tax rate and declining financial costs. The company raised its refining-margin outlook after beating its own guidance.

Natural Gas Futures Rise in New York, Pulled Higher by Gains for Crude Oil Natural gas advanced as crude oil surged to a record and the euro climbed against the U.S. dollar.

Coal in U.S. East Climbs to Record for a Fifth Week Amid Increased Demand Coal in Eastern U.S. spot markets climbed to a record for a fifth consecutive week as European power producers sought additional supplies and domestic utilities began replenishing inventories.

North Sea Forties June Loading Program Contains 600,000 Barrels of Crude BP Plc is scheduled to pump 18 million barrels of North Sea Forties crude oil next month, less than the volume initially planned for this month.

Oil May Fall Next Week on Expectations of U.S. Supply Gain, Survey Shows Crude oil may fall next week on forecasts that U.S. inventories will increase as refiners prepare for summer gasoline demand and on the return of Nigerian output.