OilPrice

Obama Seeks to Confront Oil Market Manipulation

Under pressure to take action on rising gasoline prices, President Barack Obama wants Congress to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.

Oil Near $106 as US Denies Plan to Release Crude

Oil prices rose slightly to near $106 a barrel Friday in Asia after the U.S. denied reports it and Britain plan to release some their strategic crude reserves. Benchmark oil for April delivery was up 40 cents to $105.51 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 32 cents to settle at $105.11 per barrel in New York on Thursday. Brent crude for May delivery was up 55 cents at $123.15 per barrel in London.

Oil Prices Fall as Greece Debt Talks Continue

Oil prices fell Friday as Greece's debt negotiations sparked new concerns about Europe's financial problems. Greece officials said that they are confident a deal will be reached with private creditors who are being asked help ease the country's debt load. An agreement is necessary for Greece to receive a new round of bailout money to prevent a default on its debt.