StrategicPetroleumReserve

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.

Western Refining Has Slick Profit Potential

During most of June, Western Refining followed the rest of the market down, dipping as much as 16.5%. However, its shares have since perked up -- and they have much farther to rise. The refiner is in a prime position to take advantage of a wide spread between the price of crude oil and gasoline.

The Financial Landscape: Gas Is Falling; Euro is Failing

Even before the International Energy Agency and the White House announced they were releasing billions of gallons or oil from fuel reserves, gas prices were falling. In the past two weeks, a gallon is down more than 11 cents. Also falling -- hopes for the euro, and the outlook for U.S. Treasury bonds.

White House to Tap Strategic Petroleum Reserve

Describing the president as "deeply concerned" about the impact on global economic growth of oil supply disruptions in the Middle East and North Africa, the Obama administration announced it would release 30 million barrels of oil from the Strategic Petroleum Reserve over the next 30 days.