Crude oil rose for the first time in three days as the dollar fell against the euro, bolstering the appeal of energy and metals as an alternative investment. Oil advanced more than 3 percent as rising stock prices reduced the need for holding the U.S. currency as a refuge. The U.S. Energy Department will probably report tomorrow that refiners boosted operating rates to meet summer gasoline demand, according to a Bloomberg News survey.....Complete Story
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"Economy, Higher Oil Prices May Restart Shelved Projects"
A rebound in oil prices and signs of economic recovery are renewing interest in exploration and production, but producers are still wary of volatility and determined to cut construction and service costs, which surged last year after oil prices spiked to record levels. Crude oil prices have risen back above $60 a barrel, from a low of around $42 earlier this year, and are expected to rise further in the next few years as supply.....Complete Story
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"U.S. Senate Panel Approves More Offshore Drilling"
A U.S. Senate panel approved expansion of offshore oil and natural gas drilling, opening more of the eastern Gulf of Mexico to energy development. The Senate Energy and Natural Resources Committee voted 13-10 today in favor of an amendment to expand drilling, as part of its debate over pending energy legislation. Former President George W. Bush removed a presidential moratorium on offshore drilling last year, and Congress let a ban expire after oil prices reached a record $147.27 a barrel. The amendment.....Complete Story
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