Oil prices News

Four separate reports out this week suggest that the pain at the pump is starting to gradually ease for most Americans and possibly showing signs that the worst may be over.

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.

Riyad - Saudi Arabia has announced it will work both individually, and in coordination with other GCC countries, to bring the price of oil down to reasonable levels.

Iran has taken preemptive steps against a European Union ban on Iranian oil imports, due to come into effect on July 1, by cutting oil exports to six European countries.

Now that the new year is here, it's time to take a look at what we the people, followed most closely last year. Pew Research has compiled, not a top 10 best list, but rather those stories that gained our attention the most.

Oil prices hit a two-and-a-half year high on Thursday, but pulled back late in the session. Brent crude closed at $111.36, up 11 cents while West Texas crude, the US benchmark, closed at $97.28, down 82 cents.

New York - A decline in oil production in Libya as a result of the escalating violence has caused oil prices to reach their highest level since 2008 and experts say national and global economic recoveries could be in jeopardy if protests spread through the region.

The Loonie is being pulled down by falling world markets and declining oil prices and is trading below 80 cents U.S. today.

It was beautiful. It was wow. It was unbelievably exciting. It was indescribable. It was beyond superlatives and no we are not talking about the spectacular display at the Beijing National Stadium, it was the bull rally last week on Wall Street.

If the Republicans are really concerned about the rising gasoline prices they should help pass pass the bill to rise oil from the strategic reserves instead of jeopardizing the environment by blindly pitching for offshore oil drilling.