Oil Rises On Positive Unemployment Numbers, Venezuela Seizes 60 Oilfield Service Company Assets

"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


Today’s Stock Market Club Trading Triangles

Conoco-Phillips Reports 80 Percent Decline In Profits

ConocoPhillips said Thursday its first quarter profit tumbled 80 percent from a year ago as sharply lower crude and natural gas prices walloped results at the nation's third largest oil company.

But the results easily beat Wall Street expectations and Conoco shares rose 3.6 percent, or $1.36, to $39.75. The Houston based company said net income for the January-March period amounted to $840 million, or 56 cents per share, versus $4.14 billion, or $2.62 per share, a year earlier.

Analysts surveyed by Thomson Reuters had expected earnings of 42 cents a share, on average. Revenue fell 44 percent to $30.7 billion from $54.9 billion a year ago.

ConocoPhillips was the first of the major oil companies to report first-quarter results, which as a whole are expected to be the worst in years as the global economic downturn saps demand for energy. After peaking around $150 in July, the price of crude tumbled....Complete Story


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Crude Oil Industry Headline News

"Exxon Allowed to Drill on Contentious Alaska Oil Field"
Alaska officials gave ExxonMobil permission to proceed with drilling on a dormant North Slope oil and gas field that had been the subject of a legal battle....Complete Story

"Obama's Interior Secretary Voices Openness for Offshore Drilling"
Interior Secretary Ken Salazar indicated Tuesday that the Obama Administration could be open to expanded offshore drilling and is considering doing away with the controversial "royalty-in-kind" program....Complete Story

"ConocoPhillips Has Big Loss But Shares Up"
ConocoPhillips reported a massive fourth-quarter loss on Wednesday compared with a year-earlier profit, but the company's shares rose about 1% in premarket trading....Complete Story