Crude News
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If the flow of oil from Iran is cut, this may cause a surge in crude prices of up to 30%, dealing a serious blow to the world economy, warns IMF chief, Christine Lagarde.
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Iraq is taking advantage of improving security conditions to press ahead with over a billion dollars worth of projects to become self-sufficient in oil by-products by the end of the year, and to become an exporter by 2014.
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Oil prices have been falling but today the trend reversed itself with oil jumping more than four bucks a barrel. A greater fall in supply than anticipated is blamed.
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Crude prices have went up by $11 in the last two days. Meanwhile, Morgan Stanley has predicted that oil prices can reach as high as $150 by July 4.
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The price of light, sweet crude has hit a fresh peak of $111 US. yesterday as the United States dollar continued to weaken. The price settled back later to $110.49 US a barrel.
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Love either one or hate them both, no one can say that these two characters aren't outspoken.
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Crude Headlines
Analysts say a rise in the number of countries hoarding crude is contributing to high fuel prices.
Crude oil prices have retreated after earlier gains, but Brent crude prices remain above $120 a barrel.
EU officials agree in principle to ban imports of Iranian crude oil to increase pressure on the country over its nuclear programme.
 TransCanada confirms it's considering a plan to ship crude oil from Western Canada to eastern refineries.
 The head of Iran's state oil company says the price of crude will reach $120 to $150 per barrel, as officials in Tehran prepare to discuss a ban on crude sales to European Union countries in retaliation for an EU embargo.
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