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Oil prices climb despite record stockpiles

Oil prices rallied in New York Thursday despite US stockpiles hitting a fresh all-time high, while Brent slipped. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for July, closed at $93.61 a barrel, up 48 cents from Wednesday. Brent North Sea crude for delivery in July dropped…

Oil market tension ‘may be easing’

Tension on the oil market may be easing, the IEA said on Thursday in a report offering some hope for the global economy, but sanctions could cause production by Iran to “plummet”. Oil prices have been on a rising trend since late 2009, when the world economy began to recover from the financial crisis, to…

Oil prices rise on Greek deal

NEW YORK — Oil prices rose on Thursday, with Brent hitting six-month highs in part due to hopes of a Greek debt deal — helping to offset a slight cut in OPEC’s demand growth forecast. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March,…

BP swings into huge profit before U.S. criminal trial

BP returned to profit with a bang last year, posting net earnings of $23.9 billion on Tuesday as the British energy giant prepares for a criminal trial linked to the US Gulf of Mexico oil spill disaster. BP announced adjusted profit after tax equivalent to 18.2 billion euros for 2011, as higher oil…

Oil may hit $160 amid tension: Kuwait official

Oil prices could soar to as high as $160 a barrel if tension over an Iranian oil embargo persists or in the event of conflict, a top Kuwaiti oil executive said in remarks published on Monday. “If the embargo on Iranian oil persists, or in case of a military move…

Oil prices weaken as OPEC meets on output

World oil prices fell on Wednesday, dampened by eurozone worries and falling shares, as OPEC ministers began a production meeting which was widely expected to maintain output, traders said. Later in the day, traders will also digest the latest snapshot of energy inventories in the United States — the world’s top crude consuming…

This could be the end of blogging as we know it

We’ve hit “peak coffee”. Look: I ride a bike and walk and take the bus. I sold my truck as part of my efforts to reduce my carbon footprint and not add to the oil depletion problem. But I need my coffee. I suspect I’m not the only blogger whose…

Passing the denial stage

While higher gas prices are no fun for any of us, the good news is that the crisis is starting to drift into no-longer-a-crisis-just-a-problem-to-be-solved mode. People are beginning to accept that high gas prices are here to stay. The nation is getting over the denial stage, which is the first…

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