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Exxon Mobil Set to Sue Canada Over NAFTA Infraction

From Staff Reports Alleging that Canada has violated the North American Free Trade Agreement with unlawful restrictions, Exxon Mobil Corp. (XOM) has announced its intention to sue Canada in early November for more than $40 million. Arkansas-based Murphy Oil Corp. (MUR) has also warned Canada of its intent to sue for more than $10 million. […]

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Soaring Oil Prices, Debt Concerns Send Stocks Skidding Yesterday; Oil Spikes in Asia Today

By Jason Simpkins Staff Writer Stocks tumbled yesterday (Monday) as oil prices soared and three major U.S. banks announced a plan to revive the asset-backed commercial paper market. The Dow Jones Industrial Average fell 108.20 points, or 0.77%, to close at 13,984.80. The broader Standard & Poor's 500 Index closed at 1,548.71, down 13.09 points, […]

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PetroChina Surpasses GE as Worlds Second Most Valuable Company; Sets Sights on Exxon

By Mike Caggeso Staff Writer Record oil prices and strong sales and profits have vaulted PetroChina Co. Ltd. (PTR) past General Electric Co. (GE) as the world's second-biggest company by market value. PetroChina also said it had completed procedures for its $5 billion A-share initial public offering and expects to list its shares on China's […]

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A Lackluster Inventory and Political Strife Drive Oil to a Record High

By Jason Simpkins Staff Writer Oil prices touched another record high Friday, hitting $84.05 per barrel on the New York Mercantile Exchange. The price was spurred on by Thursday's lackluster inventory report, and the prospect of more violence in Northern Iraq. The U.S. Energy Department reported Thursday that U.S. crude oil inventories declined by 1.67 […]

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Oil Prices Slip, but a Rebound Could Be On the Way

By Jason Simpkins Staff Writer With worries mounting that the global credit crunch will squeeze the worldwide demand for petroleum-based products, oil prices dropped below the $81 a barrel level yesterday (Monday), according to The Associated Press. Light, sweet crude for November delivery fell 44 cents to $80.78 a barrel in Asian electronic trading on […]

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Gold Climbs to 27 Year High, Oil Eclipses the $83 Level

By William Patalon III And Jason Simpkins Money Morning Gold prices rallied to their highest level in 27 years Friday, fueled by the continued decline of the U.S. dollar. Meanwhile, crude oil surrendered early price gains, but still managed to stay above the $82 level. Friday marked the close of a quarter that saw pricing […]

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Chevron Prepares $15 Billion Buyback

From Staff Reports Chevron Corp. (CVX), the second largest U.S. oil company, yesterday (Wednesday) announced a three-year, $15 billion share buyback program, according to the Associated Press. The company has already spent $15 billion buying back shares over the past three years and is backing the market, doing it again. "We believe it is appropriate […]

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China Covets Crude

By Jason Simpkins Staff Writer China's top oil producer, PetroChina Co. Ltd. (PTR), has raised its production estimate for the Jidong Nanpu oil field. The field is located in the Bonhai Bay area and is one of China's biggest discoveries in recent history. "We estimate that, eventually, we could have proven reserves of as much […]

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Dutch Saudi Joint Project Soon to be the Largest U.S. Oil Refinery

From Staff Reports Royal Dutch Shell PLC (RDS.A RDS.B) and Saudi Arabia's Saudi Aramco have announced the $7 billion expansion of a refinery in Port Arthur, Tex., which will make it the largest facility in the United States, according to Forbes.com. The refinery's output will be beefed up from 275,000 barrels of crude per day […]

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Oil Surges Toward $85 A Barrel

By Jason Simpkins Staff Writer Crude oil spiked to a new all-time intra-day high of $82.51 a barrel – finally closing at a record $81.93 a barrel, up 42 cents – on the New York Mercantile Exchange yesterday (Wednesday), thanks to continued concerns over refinery outages and after a U.S. Energy Department report showed a […]

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Global Business Roundup: BoE Injects $20B, Steel Prices Surge, Arcelor on the Prowl, Mitsubishi Plugs Into Russia, H-P is Taken With Taiwan, Hyundai Eyes China, and More

In other top business and financial stories from around the world: The Bank of England said yesterday (Wednesday) that it would inject  $20 billion into the long-term money markets next week because of the ongoing worldwide credit crunch. The British central bank is addressing liquidity issues in the so-called “Interbank” market – where commercial banks […]

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EU Presses for More Energy Control

By Jason SimpkinsStaff Writer The European Commission yesterday (Wednesday) introduced a plan calling for a massive restructuring of power grids throughout the continent.  The plan was designed to reduce the region’s vulnerability to the massive energy companies that control the production and transmission of gas and electricity. Currently, large energy companies monopolize energy production and […]

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The New Cold War: How Russia Has Turned Its Energy Exports Into Weapons of Diplomacy

By Jason Simpkins Last week, (July 20) Chevron Corp. said it would challenge a $290 million back tax claim issued against the Caspian Pipeline Consortium by Russia’s Federal Tax Service.  This is yet another attempt by President Vladimir Putin to seize control over all aspects of energy production and transportation within Russia. The Caspian Pipeline […]

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Crude Oil Over $80 a Barrel

By Jason Simpkins Staff Writer  October crude oil closed at $80.09 a barrel yesterday (Thursday) – the first close above $80 for a New York Mercantile Exchange futures contract. Money Morning projected $80-a-barrel oil at the beginning of August [To read our investment-analysis article, “Is Crude Oil on a Flight to $80 Barrel?” click here]. […]

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U.S. Stocks Soar Tuesday, Gold and Oil Prices Jump, but Trading Abroad is a Mixed Bag

From Staff Reports Stock prices soared yesterday (Tuesday), aided by some strong earnings reports and a growing belief that U.S. Federal Reserve policymakers will cut short-term interest rates at their Sept. 18 meeting. Oil prices hit a fresh record yesterday. West Texas Intermediate crude (October) gained 76 cents a barrel to close at $78.25 a […]

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