Energy

Crude Oil Futures Fall to $66 a Barrel in New York, 10% Below Year's High Crude oil futures in New York fell below $66 a barrel, a 10 percent decline from this year’s high, marking a market “correction.”

Saudi Arabia May Cut Heavy Crude-Oil Price as Processing Profits Decline Saudi Arabia may lower the official price of its heavy oil grade sold to Asia from a six-year high as processing profit for fuel used by ships and power plants declined in the previous month, refinery officials said.

Oil May Drop After Breaking 34-Day Average, PVM Says: Technical Analysis Crude oil may extend this week’s decline after falling below its 34-day average, according to technical analysis from PVM Oil Associates Ltd.

U.S. Energy Day Ahead: Oil Posts Third Weekly Decline, May Fall Further Crude oil fell, set for a third weekly decline, on concern an increase in unemployment in the U.S. to the highest in almost 26 years will reduce fuel demand in the world’s largest energy user.

China's CNPC, Cnooc Group Said to Seek to Buy Stake in Repsol's YPF Unit Repsol YPF SA is in talks with China National Petroleum Corp. and China National Offshore Oil Corp. about a sale of a stake in its Argentinean unit, three people familiar with the discussions said.

OPEC `Satisfied' With Current Crude Oil Price, President Vasconcelos Says OPEC is “satisfied” with the current oil price, OPEC President Jose Maria Botelho de Vasconcelos said today in Beijing.

Iraq Oil Minister May Visit Japan Next Week, Discuss Petroleum Investments Iraq’s oil minister may visit Tokyo next week and discuss the prospect of Japanese investment as the Middle Eastern nation plans to increase petroleum production.

Qatar to Raise Crude Exports in August to Full Volumes, Asia Refiners Say Qatar Petroleum will supply full contracted volumes of crude oil to term customers in Asia in August, rolling back a 15 percent cut imposed in July on one of its grades, refinery officials said.

Sinopec Is Operating Oil Refineries at Higher Rate Than During First Half China Petroleum & Chemical Corp.’s refineries have started to operate at a higher rate in the second half compared with the first six months of this year, President Wang Tianpu told reporters in Beijing.

Crude Oil May Decline as Recession Curbs U.S. Demand for Fuel, Survey Says Crude oil may fall on speculation that U.S. fuel inventories will climb as the recession curbs demand in the world’s biggest energy-consuming country.