"Oil Rises to Highest Since November as U.S. Job Losses Slow"
Crude oil rose to the highest level since November after a report showed that the U.S. cut fewer jobs than forecast in April, a signal that the worst of the recession has passed and fuel demand may rebound. Oil prices gained 10 percent this week as reports on U.S. home sales and manufacturing in China boosted optimism about the economy and after U.S. crude oil supplies climbed less than forecast. Payrolls fell by 539,000, after a 699,000 loss in March.....Complete Story
"Crude Settles at Fresh Six Month High"
Crude oil futures prices jumped Friday to a fresh six-month high after the latest U.S. employment data showed the economic crisis may be bottoming out. Nymex light sweet crude oil for June delivery settled up $1.92 a barrel, or 3.4%, at $58.63, the highest level since Nov. 11. Crude futures gained in seven of the past eight sessions, rising 17.4%, or $8.71, since April 28. ICE June North Sea Brent crude settled up 2.96%, or $1.67, at $58.14 a barrel.....Complete Story
"Venezuela Seizes 60 Oilfield Service Company Assets"
Venezuelan President Hugo Chavez seized assets from 60 oilfield services companies including Oklahoma-based Williams Cos., using a law the national assembly passed yesterday. Employees at state oil company Petroleos de Venezuela SA worked through the night to take over operations from companies that provided services such as water and gas compression and maritime support, Chavez said. Venezuela’s benchmark government bonds fell the most in 2 1/2 months. “Today, the private services companies disappear.....Complete Story
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