"Oil, Gasoline Rise as Dollar Drop Boosts Appeal of Commodities"
Crude oil rose more than $1 a barrel and gasoline climbed for the first time in five days as a weaker dollar bolstered the appeal of commodity futures as an alternative investment. Oil climbed as the U.S. currency slipped the most in a month against the euro on speculation that the Federal Reserve will temper expectations for an interest rate increase this year. An Energy Department report tomorrow is forecast to show that U.S. crude oil supplies fell.....Complete Story
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"OPEC Would Like Oil at $80 a Barrel for Investments"
The Organization of Petroleum Exporting Countries would like oil to reach a price level of $80 a barrel so that most investments in the industry can go ahead, OPEC President Jose Maria Botelho de Vasconcelos said Tuesday. "We would like to reach the $80 per barrel, so that investment could be met," he said during a press conference after meeting with European Union officials. He said the current level of between $60 a barrel.....Complete Story
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"Japan May End $1.5 Billion Venezuela Loan on Seizures"
Japan may cancel a planned $1.5 billion loan for Venezuela’s El Palito and Puerto La Cruz oil refineries after the South American nation seized Japanese company assets, said a person familiar with the situation. The Japan Bank for International Cooperation, or JBIC, is reviewing loans for the upgrades after Venezuela took over Japanese iron and chemicals assets and fell behind on payments to oil service contractors, according to the person, who declined to be identified because the review isn’t public.....Complete Story
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