oil inventories

As crude prices keep inching upward, the threat to both the U.S. and global economy is clear. While OPEC says don't blame us, the Interational Energy Agencys says: "This is a wake-up call to the oil-consuming countries and to the oil producers."

Oil prices touched a two-year high Monday on tighter inventory and expectations that a U.S. economic growth spurt will boost demand this year. Some analysts predict prices could soon gush to $100 per barrel.

Lower U.S. petroleum inventory and higher demand pushed oil prices past the $90-a-barrel mark Wednesday. Gasoline prices remain near $3 per gallon as a result.

Oil prices advanced to nearly $75 a barrel in Asia after a report showed that U.S. crude oil inventories dropped more than forecast, suggesting improved demand. Benchmark oil for delivery in October rose 32 cents to $74.99 a barrel late Thursday afternoon Singapore time in electronic trading on...

The price per gallon for gasoline is at the second-lowest level in five years, and some economists predict it could drop much further soon. The reason: More-than-ample inventories of crude oil and refined petroleum products.

Does BP's selling of several legacy assets mean the beginning of the end for the oil giant? No, says one observer. It frees up cash for oil-spill cleanup and gives Apache assets not connected to the politically toxic world of offshore drilling.

In its first detailed assessment of 2011, the International Energy Agency says that it expects world oil demand to rise 1.6% next year. The agency left its 2010 forecast largely unchanged.

Exxon Mobil (XOM) is the beast of the global energy industry. It ranks No.1 in market cap among all companies traded on U.S. exchanges with a market value of $355 billion That is $125 billion ahead of Chinese oil giant PetroChina (PTR) and more than double the market cap of the next-largest...

U.S. consumers in the last year or so have been whipsawed by the price of oil. Having seen crude oil prices surge to more than $147 a barrel in July 2008, prices tumbled steadily right into the new year, only to resume a steady climb on investor speculation that the world economy was heading out of...

It's a disconnect that has some oil traders shaking their heads, even while other oil industry pros say the condition is warranted. Oil is sloshing around in global markets, but its price remains relatively high at around $50 per barrel. Case in point: Rotterdam, Europe's largest port, is running...