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"It didn't work," says the California financial adviser. "I tested it and then returned it for a full refund." He says local mechanics told him any swirling effect would dissipate by the time the air mixed with the fuel and entered the engine. But he says he did have some luck with a device called a throttle-body spacer, which swirled the air and fuel mixture closer to the engine. He says it boosted his fuel economy by about 10%. The maker of the Tornado product, now called CycloneFuelSaver, couldn't be reached to comment.( signal oil and gas co)
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signal oil and gas => "The meeting in Jeddah will be the head of states and they will discuss why we have high energy prices," Badri told AFP on the sidelines of an energy conference in London. Badri would not be drawn on which heads of state would attend the one-day gathering that was announced by Saudi Arabia on Tuesday.
signal oil and gas => In other Nymex trading, heating oil futures were down 3.3 cents to $3.941 a gallon, while gasoline prices slipped 5.92 cents to $3.4888 a gallon. Natural gas futures fell 5.1 cents to $12.642 per 1,000 cubic feet.
Maroone said that in addition to rising fuel prices, general economic worries such as higher unemployment and tighter credit are squeezing auto sales.
The cycloalkanes, also known as napthenes, are saturated hydrocarbons which have one or more carbon rings to which hydrogen atoms are attached according to the formula CnH2n. Cycloalkanes have similar properties to alkanes but have higher boiling points.
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China's rapid demand growth was one of the catalysts for oil's almost seven-fold surge from $20 six years ago to a record high of nearly $140 a barrel earlier this week.
"We are more certain than ever that the Lusi mud volcano is an unnatural disaster and was triggered by drilling the Banjar-Panji-1 well," Richard Davies, a geologist at Durham University in Britain, said Tuesday.
The 11 nations represented voiced "serious concerns" over the level of oil prices and said there was an "urgent need for increased and timely investment in the energy sector." "If we leave this situation as it is, it could lead to a recession of the world economy," Japan's energy minister Akira Amari said as he opened the meeting.( Info about signal oil gas)
Skyrocketing oil prices, which are trading at more than double their level last year, are largely to blame for the surge. Crude prices shot up more than 13 percent late last week in their biggest two-day price gain in history.( Info about signal oil gas)
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signal oil & gas co profile => Top oil exporter Saudi Arabia is the only OPEC member with capacity to boost output quickly and significantly. But Saudi Oil Minister Ali al-Naimi and his Pakistani counterpart met on Sunday and agreed that the price rise was unjustified and unrelated to market fundamentals, the official Saudi Press Agency reported.
signal oil & gas co profile => Pinched by surging costs for labor, land and materials — as well as energy — Chinese industries are finally beginning to cut back.
South Korean government debt tumbled as well on a newspaper report the Bank of Korea was planning to raise reserve requirements to curb hefty money supply growth, though the central bank denied this.
Summer promotions are nothing new to the Northern Ohio Blood Services Region of the American Red Cross. Blood donations can drop 20 percent in summer months as high school and college students scatter, so this year the group is offering summer donors the chance to win a gas card. The prizes are one $3,000 gas card and five $500 cards.
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Benchmark light, sweet crude for July delivery officially finished the week at $138.54 on the New York Mercantile Exchange, but at one point jumped as high as $139.12."This could be a real weight on the economy," James Cordier, president of Tampa, Fla.-based trading firm Liberty Trading Group, said of oil's jump Friday. "With every nickel that gas goes up, people are driving less and less."
Eight-cylinder luxury cars will rumble along Jeddah's highways guzzling cheap Saudi gasoline as energy powers hold emergency talks in the Red Sea port this weekend to brake the free-wheeling rise in oil prices. Top exporter Saudi Arabia appears unlikely to orchestrate a hike in supplies from the Organization of the Petroleum Exporting Countries (OPEC), but the kingdom may formalize plans to raise its output to the fastest rate in decades.
The kingdom increased oil production by 300,000 barrels a day in May, and a Saudi official confirmed Saturday that the country would add another 200,000 barrels a day in July. The official spoke on condition of anonymity because of the sensitivity of the information.( signal oil profile)
Last week, after months of congressional prodding, the CFTC announced that it was investigating whether large index traders such as pension funds and sovereign wealth funds that had entered the oil futures market in recent years had helped spur the price increases with their large trades.( signal oil profile)
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signal oil and gas co articles => "Bubble or not, one thing is for sure, while the market has not gained any ground since that historic $16.10 rally back on June 05th/06th, it has not yielded any ground either," wrote trader and analyst Stephen Schork, in his Schork Report. "Thus, it is clear that the market is certainly comfortable with crude oil up around these levels."
signal oil and gas co articles => Oil prices fell Monday, retreating from a record surge late last week, and traders said the market would remain choppy amid jitters about supplies, growing global demand and a weak U.S. dollar. But the average price of a gallon of gasoline in the United States hit $4 for the first time ever Sunday, according to AAA and the Oil Price Information Service. Record prices threaten to shake consumers who are spending and increasingly large share of paychecks on transportation.
The proposed Consumer-First Energy Act would create a 25 percent windfall profits tax on companies that don't invest in renewable fuels or electricity production. It also would zero out some $17 billion in tax breaks for the oil industry and use the revenue to help consumers by investing in an Energy Independence and Security Trust Fund. The bill aims to curb speculation by hiking up margin requirements for those investing in futures trades and banning traders from using offshore futures markets to evade regulation.
Of course, drivers in many parts of the country have already been paying well above that price for some time. California has seen some of the highest prices; a gallon there now averages $4.436 a gallon, the most in the country. Missourians are paying the least at the pump, with a gallon in the Show-Me State selling for a relatively cheap $3.802 a gallon.
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However, the new study, by surgeons at Duke University Medical Center in Durham, North Carolina, shows that hormones are not the whole story. The amount of weight patients shed in the first six months after surgery appears key to diabetes remission."Gastric bypass surgery appears to cause important metabolic effects that rapidly improve type 2 diabetes, but weight loss itself is also extremely important," Dr. Eric DeMaria said in an interview with Reuters Health.
The average cost of self-serve regular gasoline rose today to $4.052 a gallon nationwide and $4.496 in California, according to AAA’s daily price survey. The average cost of diesel increased to $4.792 a gallon nationwide, and to $5.128 a gallon in California.
By midday in Europe, light, sweet crude for July delivery was down $1.21 to $137.33 a barrel. The contract was volatile, trading between $135.27 and $138.25 so far in the session.Crude futures made their biggest single-day jump ever Friday, soaring nearly $11 for the day to $138.54 a barrel, a rise of more than 8 percent that battered stocks on Wall Street. That came after an increase Thursday of almost $5.50, taking oil futures more than 13 percent higher in just two days, easily a record on the New York Mercantile Exchange.( Info about signal oil and gas profile)
In Connecticut, the gross receipts tax on gasoline entering the state will rise to 7.5 percent from 7 percent on July 1. That tax on wholesalers is expected to be passed along to consumers. Florida, North Carolina and West Virginia, Kentucky and Maine are also seeing gas tax increases this year. Nebraska could see a gas tax hike as well, state officials there said.( Info about signal oil and gas profile)
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Articles about signal oil gas company => By midday in Europe, light, sweet crude for July delivery was down $1.21 to $137.33 a barrel. The contract was volatile, trading between $135.27 and $138.25 so far in the session.Crude futures made their biggest single-day jump ever Friday, soaring nearly $11 for the day to $138.54 a barrel, a rise of more than 8 percent that battered stocks on Wall Street. That came after an increase Thursday of almost $5.50, taking oil futures more than 13 percent higher in just two days, easily a record on the New York Mercantile Exchange.
Articles about signal oil gas company => The kingdom currently has spare output capacity of around 2 million barrels per day, he said.Saudi Arabia has a long-held policy of keeping a cushion to deal with any surprise global supply disruptions of between 1.5 million and 2 million bpd.
China's economy is booming, and people are buying cars and air conditioners as their incomes grow. There is huge pent up demand in a country of 1.3 billion, where per capita energy consumption remains far below western nations."It's still affordable," said a man who was filling up his car, who gave only his surname, Pan.
"We also need to take steps to increase oil output here in the United States as the President outlined last week," he added.
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The report reaffirms OPEC's view that consumers have enough oil and that factors beyond oil supply and demand are sending prices to all-time highs. Crude oil hit a record $139.12 a barrel a week ago.
The U.S. military said an American soldier was killed and five others were wounded in a series of bombings in Diyala province northeast of Baghdad. At least 11 Iraqi policemen were wounded when a roadside bomb exploded near their patrol in Mosul, 225 miles northwest of Baghdad, police reported.
"Don't expect much demand destruction...certainly not enough to outweigh the increase in output from improved economics," said Trevor Houser, analyst at Rhodium Group in New York. NIGERIA ATTACKS - Supply concerns in Nigeria provided some support, after militants in speedboats attacked Royal Dutch Shell's main 220,000-barrel-per-day Bongas offshore facility in Nigeria and cut oil output at the world's eighth-largest oil producer by a tenth.( signal oil gas profile)
U.S. crude settled down $3.45, or 2.7 percent, to $124.74 a barrel after earlier hitting a low of $123.87. London Brent crude fell $3.44 to $124.58 a barrel.( signal oil gas profile)
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signal oil gas news => International scientists said Tuesday they are almost certain a mud volcano that has displaced tens of thousands of villagers in central Indonesia was caused by faulty drilling of a gas exploration well — not an earthquake as claimed by the company. Debate over the eruption has flared since a seemingly endless torrent of hot, black sludge started oozing from a gaping hole near the country's second-largest city of Surabaya on May 29, 2006.
signal oil gas news => The prices had receded by Friday, with the benchmark light, sweet crude for July delivery falling $1.88 to settle at $134.86 on the New York Mercantile Exchange. In London, July Brent crude lost $1.84 to settle at $134.25 on the ICE Futures exchange.
National oil companies hold more than 70% of the world’s easily recovered oil and natural gas. But you can’t buy shares in 100% state-owned giants like Saudi Aramco, Petróleos Mexicanos (Pemex), or Petróleos de Venezuela. StatoilHydro is one of a handful of hybrid state-controlled oil companies ( see table) in which you can.
The rise, effective from July 1, is its first broad increase in years and will help avert brownouts by bolstering power companies struggling with the soaring cost of coal, which generates some three quarters of China's electricity. Beijing also said it will freeze thermal coal prices, which are normally allowed to trade freely, a move traders said could prompt more exports into an Asian market now at record highs.
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Top-exporter Saudi Arabia has said it will increase output this summer to help meet peak demand, but oil prices have carried on rising as investors rush into commodities as a hedge against the dollar's fall and inflation.
Tetsu Emori, fund manager at Astmax asset management in Tokyo, said concerns over falling global oil demand would continue to weigh on the market.
In his opening speech to conference delegates, King Abdullah appealed for the World Bank to help poor nations that are battling runaway energy costs."I call for launching the initiative of energy for the poor ... to help poor nations face the rising cost of energy," the king said.( about jim van blaricum)
Russia's tax system takes 90 percent of a company's earnings when oil prices rise above $30 a barrel, BP's Hayward said. The nation's crude production will fall this year, according to his estimates. Russia is the world's second-biggest oil supplier.( about jim van blaricum)
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signal oil & gas articles => Al-Shahristani told Al-Sharqiya television that the reduction in attacks has enabled Iraq to export more oil from the northern oil fields around Kirkuk to the Turkish Mediterranean port of Ceyhan. The northern pipeline had been frequently shut down for extended periods during the past four years because of sabotage.
signal oil & gas articles => Saudi Arabia called the unusual meeting in Jiddah between oil producing and consuming nations as a way to show that it was not deaf to international cries that high oil prices have caused social and economic turmoil.
The rise, effective from July 1, is its first broad increase in years and will help avert brownouts by bolstering power companies struggling with the soaring cost of coal, which generates some three quarters of China's electricity. Beijing also said it will freeze thermal coal prices, which are normally allowed to trade freely, a move traders said could prompt more exports into an Asian market now at record highs.
Washington released intelligence in April which it said showed Syria secretly built an atomic reactor with North Korean help. Damascus, a U.S. foe and ally of Iran, denies any covert nuclear activity and has said it would cooperate with a U.N. investigation into the allegations.
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Surprised analysts and lawmakers have called the oil market run-up a speculative bubble that was not supported by supply and demand conditions.Whatever the cause, consumers took the hit as surging oil prices pushed average gasoline prices nationwide to a new high of $3.978 a gallon Tuesday, stopping just shy of $4 a gallon for self-serve regular, according to AAA's daily survey of pump prices.
On Tuesday, Bush threatened to veto the bill: An increase in taxes on energy will likely reduce supply and increase energy costs, he said. It's "exactly the opposite of what the Congress should be doing at a time when consumers are already burdened with record high energy prices," he said in a statement issued by the Office of Management and Budget.
PROFIT BOOST Refiners Sinopec and No. 2 PetroChina (PTR.N), which is less reliant on costly imported crude, will get an immediate boost from the price increase as they bear most of the burden of buying expensive crude and selling their refined gasoline and diesel products at below-cost domestic rates.( Articles about signal oil gas company)
India was also expected to raise fuel prices. The head of the International Energy Agency (IEA) told Reuters on Monday that world oil demand was shrinking more quickly than first thought and the IEA might cut its demand growth forecasts further.( Articles about signal oil gas company)
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Information about James Van Blaricum => Brent crude oil for July settlement rose $4, or 3.1 percent, to $135.02 a barrel on London's ICE Futures Europe exchange. Prices climbed to a record $138.12 on June 6.
Information about James Van Blaricum => In other Nymex trading Wednesday, July gasoline futures rose 14.65 cents to settle at $3.4658 a gallon, and July heating oil futures rose 16.24 cents to settle at $3.9748 a gallon. July natural gas futures rose 22.5 cents to settle at $12.66 per 1,000 cubic feet. In London, July Brent crude rose $4 to settle at $135.02 a barrel on the ICE Futures exchange.
Sales of Products Grow, Sales of fuel-saving products, which also include fuel and oil additives, have continued to grow even as the overall auto and auto-parts markets have sagged. Peter MacGillivray, a spokesman for the Specialty Equipment Market Association, a trade group that includes some manufacturers of fuel-saving devices, says 2008 so far has been the biggest sales year ever for add-on fuel-saving products. While the group doesn't release sales figures for the segment, it says fuel-saving products contributed to 4% growth last year in the auto aftermarket.
Oil fell more than $3 a barrel on Tuesday after the U.S. Federal Reserve issued a rare warning on the inflationary risk posed by a weak dollar, suggesting the central bank is not likely to cut interest rates further this year. The move added to a steep sell-off since last month's peak over $135 a barrel amid mounting worries that high prices may dent global energy demand and that increased regulatory scrutiny could cool speculation.
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Analysts said a sluggish U.S. dollar and supply flow disruptions in OPEC-member Nigeria, continues to keep oil firmly supported. "The weakness of the U.S. dollar is a very important factor, and hedge funds are using this as an indicator to keep money in energy and commodities," said Takeda Makoto, an analyst at Bansei Securities.
Saudi Arabia, the world's largest oil producer, told U.N. chief Ban Ki-moon over the weekend that it would boost output by 200,000 barrels a day, or by 2 percent, from June to July. In May, the kingdom raised production by 300,000 barrels a day.
World oil demand will rise by 1.10 million barrels per day (bpd) this year, 60,000 bpd less than the previous forecast, OPEC said in its Monthly Oil Market Report for June. The previous reductions were in May and February.( Info about signal oil and gas profile)
"I think these are issues that need to be addressed and, quite frankly, should be addressed quickly," said James Newsome, president of the New York Mercantile Exchange, one of the two largest commodities markets for oil. "In lieu of action by the commission, some action could be taken by Congress that could be damaging to the markets."( Info about signal oil and gas profile)
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signaloilandgas news => British Prime Minister Gordon Brown echoed U.S. officials' calls for commitments of specific production increases. Such actions would help ensure that "instead of uncertainty and unpredictability, there is greater certainty, and instead of instability, there is greater stability," he said.
signaloilandgas news => Facing strong U.S. pressure and global dismay over oil prices, Saudi Arabia said Sunday it will produce more crude this year if the market needs it. But the vague pledge fell far short of U.S. hopes for a specific increase and may do little to lower prices immediately.
"It's not just producers and consumers anymore, it's everyone," he said. The CEOs and other delegates to Sunday's meeting took part in a similar session two months ago in Rome, where producers and consumers failed to agree publicly that oil prices were too high.
Unrest in the Niger Delta has reduced Nigeria's total oil production by a quarter in the past two years, and the losses have contributed significantly to the recent surge in world oil prices."Chevron Nigeria Limited (CNL), operator of the NNPC/CNL Joint Venture, can confirm that one of its pipelines was breached at about 10.40 pm on Thursday, June 19, 2008 in the swamp area of Delta State," the firm said in an e-mail statement to AFP.
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However, the new study, by surgeons at Duke University Medical Center in Durham, North Carolina, shows that hormones are not the whole story. The amount of weight patients shed in the first six months after surgery appears key to diabetes remission."Gastric bypass surgery appears to cause important metabolic effects that rapidly improve type 2 diabetes, but weight loss itself is also extremely important," Dr. Eric DeMaria said in an interview with Reuters Health.
He said commodities markets have experienced a huge influx of money from financial investors in recent years, but they have been following the market upward rather than driving the increase in the price of oil.
Oil prices have now lost about seven dollars since striking record peaks of 135.14 dollars in London and 135.09 dollars in New York on May 22.Kuwait's Oil Minister Mohammad al-Olaim said Tuesday that the Organisation of Petroleum Exporting Countries was prepared to pump more crude if necessary.( signal oil and gas co articles)
Fuel consumption averaged 20.4 million barrels a day in the four weeks ended June 6, down 1.3 percent from a year earlier, the department said.( signal oil and gas co articles)
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signal oil articles => The MSCI index of Asian equities (.MIAS00000PUS) rose 1.7 percent, after last week posting its largest decline since the week of August 19. Stocks in the Asia-Pacific region outside of Japan were up 1.2 percent on the day (.MIWD00000PUS), the biggest gain in a month.
signal oil articles => U.S. July crude, which expires on Friday, rose $3.48 to $135.40 a barrel by 9:36 a.m. EDT, off highs of $136.08. London Brent was $3.27 up at $135.27, off highs of $136.10. Initial forecasts suggested the Chinese move would hurt demand, but some analysts now say consumption will rise as the price increase will encourage healthier supply at the pumps.
But he may acknowledge, at the encouragement of European governments, that the ECB needs to take account of the sharp slowdown predicted in eurozone growth. The OECD will also address the growing world food crisis. In a report last week presented with the UN's Food and Agriculture Organisation, the OECD forecast that world food prices would remain high for the next decade.
"This clearly demonstrates that the market is amply supplied and that claims that the recent surge in prices is due to a supply shortage are unjustified," OPEC said.
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"There were no concrete measures that would change the structural tightness in global oil markets," Shum said of the summit in Jeddah. Neither were there measures to address geopolitical factors that have also helped boost prices, Shum said.
"I think where the market may be a little more comforted, which could see prices drift lower in the medium term, is more clarity and scope on OPEC capacity," Pervan said. Total worldwide crude production is about 85 million barrels per day, but analysts say supplies remain tight amid disruptions to production from Nigeria, Africa's largest producer.
Oil fell almost $1 on Thursday, reversing some gains from the previous session when prices jumped closer to last week's record high, as a steep drop in inventories in the United States heightened supply concerns. U.S. crude prices fell 97 cents at $135.41 a barrel by 0329 GMT, after surging $5.07 to $136.38 a barrel in the previous session to get within reach of last week's record above $139. London Brent crude dropped 95 cents to $134.07 a barrel.( about signal oil & gas co)
"The market took the opportunity to take profits earlier on Saudi Arabia's promise to pump more oil, but realistically that alone is not enough to calm the market," said Mark Pervan, senior commodities analyst at Australia and New Zealand Bank in Melbourne.( about signal oil & gas co)
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Info about signal oil gas company => COMMUNITY TENSION - A security source told Reuters the pipeline was located in Abiteye, where community members have attacked oil facilities in the past. In June 2007, armed youths attacked a Chevron-operated flow station in the area, forcing the company to shut down around 42,000 bpd of output.
Info about signal oil gas company => "There's no evidence we can find that speculators are driving futures prices," he said on Saturday. Consumers in Asia, including the world's number two oil burner China, have begun to reduce subsidies, raising domestic fuel prices, which over the longer term could curb demand.
But you don’t buy a vehicle to leave it in your garage. You buy it to drive it. So it makes sense to consider the full costs of ownership, which include insurance, interest, repairs, taxes and, of course, gasoline. If gas remains near $4 a gallon, as many analysts expect, a big vehicle like the F-250 will cost $100,000 for an owner who keeps it for a typical amount of time (five years) and drives it a typical amount (15,000 miles a year). The gas alone would cost about $30,000, up from about $10,000 in the 1990s.
To put this in perspective, the difference between a Focus and an F-250 over five years is $60,000. The annual pretax income of a typical family in this country is also about $60,000. So choosing a F-250 over a Focus is like volunteering for a 20 percent pay cut. The relative resale values might cushion the blow a little, but not much.That’s why more people are deciding that towing capacity and the other benefits of pickup trucks and S.U.V.’s are not worth the costs. The F-250 may still make sense for some business owners. But, as Mr. Fisher says, on those few occasions when the rest of us need to move some horses, we can rent a truck. “The new economics of car buying is, ‘Don’t overbuy,’ ” he told me. “Buy something you’re going to need most of the time.”
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Oil jumped more than $3 to near $135 a barrel on Wednesday after BP (BP.L) said the world's proven oil reserves were mostly unchanged last year, a further indication of tightening global oil supplies.
Shell said it was too soon to say how long output at the deepwater installation would be shut down.OPEC member Nigeria is already producing about 20 percent below its potential due to sabotage by militants in the southern Niger Delta oil hub.
Consuming governments have put pressure on OPEC, supplier of more than a third of the world's oil, to boost output to ease the effect of high oil prices on their economies. Germany's government voiced its concern on Sunday about the impact of oil's rally.( signal oil gas articles)
Bodman disputed that assertion Saturday, saying oil production has not kept pace with growing demand, especially from developing countries like China and India.( signal oil gas articles)
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Info about signal oil & gas co => "Today, Republicans will have a simple choice: Will they continue to stand with [President] Bush, [Vice President] Cheney, and the modern-day oil barons? Or will they join us on the side of struggling American families who deserve better?" Senate majority leader Harry Reid said before the Tuesday morning vote.
Info about signal oil & gas co => Chinese motorists, long accustomed to cheap gas, seemed to take in stride a government decision to boost fuel prices Friday by as much as 18 percent. "Maybe I might drive a bit less. But if it's for business, then if I have to drive, I will," said He Ping, a trading company employee who was refilling his VW Jetta at a Beijing gas station.
Some warn that cutting the tax revenue — even temporarily — can deepen the woes."There's a need here and if we don't take care of it will only get worse," said Patrick Natale, executive director the American Society of Civil Engineers.
Oil prices fell Monday, retreating from a record surge late last week, and traders said the market would remain choppy amid jitters about supplies, growing global demand and a weak U.S. dollar. But the average price of a gallon of gasoline in the United States hit $4 for the first time ever Sunday, according to AAA and the Oil Price Information Service. Record prices threaten to shake consumers who are spending and increasingly large share of paychecks on transportation.
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South Korean government debt tumbled as well on a newspaper report the Bank of Korea was planning to raise reserve requirements to curb hefty money supply growth, though the central bank denied this.
OPEC has consistently argued there is a large speculative element in the oil market, while many consumer countries have blamed record prices on concerns supply will struggle to keep pace with demand.
The conference will be addressed by European Central Bank President Jean-Claude Trichet, one day after the ECB celebrates its 10th anniversary. Mr Trichet is expected to emphasise the need for the ECB to stay vigilant against the growing inflationary pressures in Europe fed by high oil prices.( about signal oil & gas)
"A pre-lunch selloff yesterday on the NYMEX segued into a post-lunch shortcovering rally," said trader and analyst Stephen Schork in his daily Schork Report, noting that in the case of gasoline, "a 9.66 cent loss in the morning morphed into a 6.02 cent gain by the close."( about signal oil & gas)
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About signaloilandgas => Weakness in the greenback had been one factor driving investment in energy, agriculture and metals by encouraging the buying of dollar-denominated commodities as a hedge against inflation.
About signaloilandgas => The US oil giant was forced to shut down operations after the attack in the volatile Niger Delta, halting output by 120,000 barrels per day, an industry source said.
Laura Campbell of Memphis Light, Gas & Water quizzed the brokerages as to why their clients were so interested in commodities futures.
In other Nymex trading Wednesday, July gasoline futures rose 14.65 cents to settle at $3.4658 a gallon, and July heating oil futures rose 16.24 cents to settle at $3.9748 a gallon. July natural gas futures rose 22.5 cents to settle at $12.66 per 1,000 cubic feet. In London, July Brent crude rose $4 to settle at $135.02 a barrel on the ICE Futures exchange.
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Oil prices fell by more than $2 a barrel on Wednesday as latest figures showed US petrol reserves had risen more than expected. Analysts said the increase suggested demand for oil from developing economies was slowing. In London, Brent crude fell $2.82 to $121.76, while in New York, light, sweet crude dipped as low as $121.84. The price of oil has been falling in the last two weeks since it hit a record of $135 a barrel on 22 May.
Light, sweet crude for July delivery rose $2.69 to settle at $134.62 a barrel on the New York Mercantile Exchange, recovering some of the $4.75 that the contract lost Thursday after China announced it was raising fuel prices. Crude prices ended the week largely unchanged, falling only 24 cents from last Friday's close despite reaching a new trading record of $139.89 on Monday.
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