Oil prices dropped nearly 4 percent on July 2 as the United States lost more jobs in June than expected. Light, sweet crude for August delivery fell 2.58 U.S. dollars, or 3.7 percent, to settle at 66.73 dollars a barrel on the New York Mercantile Exchange, after earlier touching a month-low of 66.50 dollars. According to a Labor Department report, U.S. job losses surged to 467,000 in June, pushing the unemployment rate to a new 26-yearhigh of 9.5 percent. The losses far excee ......
Yet another attack yesterday, this time on an oil pipeline supplying crude oil to Agip's Brass Export Terminal in Nembe Creek, Bayelsa State, had the opposite effect on crude oil as prices slumped 2.5 per cent to $69.55 a barrel on the back of news t...
London (Platts) -- 22Jun2009 -- OPEC should raise its crude production in response to rising oil prices,the Centre for Global Energy Studies said Monday, arguing that the cartel'smembers have the capacity to moderate the rise in oil......
At the heels of the current upsurge in oil prices on the international market, the government is exploring the possibility of hedging crude oil prices, as part of measures to reduce the impact of the shock on the economy....
