"Crude Oil Falls After U.S. Retail Sales Unexpectedly Drop"
Crude oil fell after a report showed that retail sales in the U.S., the world’s biggest energy consuming country, unexpectedly declined in March. The oil market retreated after the Commerce Department reported that sales dropped 1.1 percent. Prices paid to U.S. producers decreased in March after two months of gains, a Labor Department report showed....Complete Story
"World Awash in Oil: Demand Lacking Says IEA"
On Friday the International Energy Agency (IEA) cut its forecast for global oil demand by one million barrels per day (b/d) to 83.4 million b/d. That means the world will be using approximately 2.4 million b/d less than in 2008, or roughly a 3% decline from a year ago. This matches the first year decline experienced during the 1979-1983 period, but the IEA does not....Complete Story
"OPEC Cuts Thwarted as Brazil, Russia Grab U.S. Market"
As OPEC nations make their biggest oil production cuts on record, Brazil, Russia and the U.S. are pumping more, threatening to send crude back below $50 a barrel as demand slows. U.S. imports from the Organization of Petroleum Exporting Countries fell 818,000 barrels a day, or 14 percent, to 5.02 million in January from a year earlier....Complete Story
"Qatar Energy Minister Says Oil Between $40-50/Barrel Realistic"
Qatar's Deputy Prime Minister and Minister of Energy and Industry Abdullah al-Attiya said on Monday that oil prices between $40 and $50 per barrel are realistic under the current global financial crisis. Speaking to reporters on the sidelines of the International Energy Forum....Complete Story
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