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The mighty Texas crude-oil benchmark -- the per-barrel price watched obsessively by the markets and quoted by the media -- has diverged so drastically from prices of other grades of crude in recent weeks that some market participants are calling it a "broken benchmark." Several factors have combined to push the price of West Texas Intermediate crude oil -- used as the basis for the world's most widely traded energy contract -- dollars below other desirable, so-called light sweet crudes. On Friday, for example, the bellwether oil contract on the New York Mercantile Exchange closed at $63.38 a barrel, nearly...

SINGAPORE (AP) - Oil prices fell in Asian trading Tuesday after losing nearly US$2 a barrel in the previous session amid easing concerns about the possibility of more production cuts by OPEC members. The contract dropped 3 per cent overnight in New York as traders discounted threats of output cuts and focused on high U.S. oil product inventories. Despite reduced refinery runs, traders were expecting to see a build in U.S. gasoline and distillate stocks in weekly petroleum supply data released Wednesday by the U.S. Department of Energy. Light, sweet crude for November delivery dropped 11 cents to US$60.92 a...

LONDON (Reuters) - Oil surged to a record high near $76 on Thursday on renewed worries over supply from major exporter Nigeria and as conflict between Israel and Hizbollah in Lebanon heightened international tensions. Prices also rose as the Iran nuclear row appeared to be heading to the U.N. Security Council, North Korea walked out of talks with South Korea and crude inventories in top oil consumer the United States fell more than expected. "Geopolitical risk is out of control," said Tony Nunan, a risk manager at Mitsubishi Corp. "There's a pipeline attack in Nigeria, Israel is taking a strong...

SINGAPORE - Crude oil prices retreated Monday as traders took profits following recent gains and amid easing worries about Iran's nuclear dispute after the country's top nuclear negotiator expressed optimism that the standoff can be resolved peacefully. Light, sweet crude for August delivery fell 37 cents to $73.72 a barrel in Asian electronic trading on the New York Mercantile Exchange. The drop came after oil prices had climbed for most of the last two weeks, reaching an intraday record of $75.78 a barrel on Friday before settling back at $74.09. The Brent crude contract for August fell 27 cents to...

SINGAPORE (Reuters) - Oil fell almost 1 percent to below $70 a barrel on Tuesday, pausing to watch the season's first Atlantic storm as it weakened along a route that will take it well clear of U.S. energy installations. Iran's reluctance to give up its atomic program, unrelenting violence in Iraq and strong demand signals from China all lent the market support, keeping prices up 15 percent this year and within sight of their record high of $75.35. U.S. light sweet crude for July fell 69 cents to $69.67 a barrel by 0746 GMT, extending Monday's $1.27 slump. London Brent...

SINGAPORE -- Oil prices jumped Monday in reaction to a threat by Iran's supreme leader that his nation could jeopardize the world's oil supply if the West punished Tehran over its nuclear program. Light, sweet crude for July delivery rose $1.02 to $73.35 a barrel in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore. The contract rose Friday to $72.33 following the kidnapping of eight foreigners working on a drilling rig off the coast of Nigeria. The workers were released Sunday. July Brent crude futures on London's ICE Futures rose $1.03 to $72.06 per barrel. Iran's...

LONDON (Reuters) - Oil prices fell $1 on Monday to a six-week low as concern that inflation may slow economic growth encouraged selling across commodities markets. U.S. crude was trading 98 cents lower at $67.55 a barrel at 0819 GMT after falling more than $1 to its lowest level since April 10. Brent crude was down 84 cents at $67.85. The drop added to a slide of nearly 5 percent last week after signs that the record cost of many raw materials was pushing up the cost of living and hitting consumers' pockets. Rising inflation may force central banks to...

Singapore - Oil rallied above $72 a barrel on Monday, extending a rebound towards record highs as Iran maintained a defiant stance in the face of possible UN sanctions and militants detonated a car bomb in Nigeria. US light, sweet crude zoomed 54 cents higher to $72.42 a barrel by 06:40 GMT, adding to a 91c gain on Friday that helped limit last week's losses to 4.4%. Trading was thin due to holidays in much of Asia and Europe. IPE Brent crude was up 43c at $72.45. "Most people appear to be very nervous and are looking for something to...

SINGAPORE - Oil prices eased Thursday after U.S. government data showed motor fuel demand weakening, apparently in response to higher pump prices. The data also showed that domestic inventories of gasoline shrank for the eighth consecutive week, and that may have moderated the selling, analysts said. Light, sweet crude for June delivery fell 23 cents to $71.70 a barrel in Asian electronic trading on the New York Mercantile Exchange. The contract settled Wednesday at $71.93, down 95 cents. Brent crude for June delivery on London's ICE Futures changed hands at $72 a barrel, down 9 cents. Gasoline futures dropped 2.10...

SINGAPORE - Oil prices rose Monday on persistent supply fears tied to Iran's tense diplomatic standoff with the West over its nuclear ambitions and militant attacks in oil-rich Nigeria. Light, sweet crude for March delivery rose 53 cents to $68.29 a barrel on the New York Mercantile Exchange in Asian electronic trading. The contract on Friday rose $1.50 to settle at $67.76 a barrel. Heating oil rose 1.16 cents to $1.8185 a gallon while gasoline gained 2 cents to $1.7564 a gallon. March Brent crude on London's ICE Futures exchange rose 49 cents to $66.73 a barrel. Prices also rose...

SINGAPORE (Reuters) - Oil climbed further on Tuesday as a militant threat to Nigerian oil exports and Iran's standoff with the West over its nuclear ambitions kept the market worried about supply disruptions. London Brent crude for March was up 27 cents to $63.45 a barrel by 0329 GMT, after rising 58 cents on Monday. U.S. light crude for February jumped 86 cents to $64.78 in catch-up gains after being closed for a national holiday on Monday. U.S. crude earlier touched $64.95 a barrel, its highest since October 4. Crude flows from Nigeria, the world's eighth-largest oil exporter, are being...

SINGAPORE (AP) -- Crude oil futures fell Tuesday as unseasonably mild weather along the U.S. East Coast spurred hopes that this year's Northern Hemisphere winter could be warmer than expected, weakening demand for heating fuel. Light, sweet crude for January delivery on the New York Mercantile Exchange lost 34 cents to US$57.02 a barrel in Asian electronic trading. The contract fell US$1.36 to settle at US$57.35 a barrel Monday. In London, January Brent fell 53 cents to US$54.35 per barrel on the ICE Futures exchange. In recent weeks, the market has been fixated on weather patterns in the northeastern U.S.,...

SINGAPORE - Oil futures fell nearly a dollar, dropping below $58 a barrel, as forecasters predicted warmer weather early this week in the U.S. Northeast, the world's largest heating oil market, easing fears of a spike in fuel demand. Light, sweet crude for January delivery slipped 86 cents to $57.85 a barrel on the New York Mercantile Exchange in electronic trading late afternoon in Singapore. In London, January Brent crude rose 29 cents to $55.30 a barrel on the ICE Futures exchange. "The market's reacting to forecasts that heating oil demand will be 20 percent below normal this week, giving...

SYDNEY (Reuters) - Oil dipped to a four-month low under $57 a barrel on Wednesday as dealers braced for a fresh increase in U.S. oil inventories amid unseasonally warm weather. U.S. crude fell as low as $56.82 a barrel in electronic trading, its weakest since July 21. It was trading down 2 cents at $56.96 a barrel by 0746 GMT, extending an 11-week slump that has wiped 20 percent or nearly $14 off prices. London Brent crude was down 3 cents at $55.15. Although some analysts continue to predict a turnaround once temperatures fall and if OPEC opts to cut...

SINGAPORE (AP) -- Crude oil futures drifted lower Tuesday as an International Energy Agency official said high pump prices have hurt fuel demand. Light, sweet crude for December delivery fell 6 cents to US$57.63 a barrel in Asian electronic trading on the New York Mercantile Exchange. The contract Monday rose 16 cents to settle at US$57.69. In London, December Brent crude fell 8 cents to US$54.65 a barrel on the ICE Futures exchange. High oil prices have started dampening global demand and the slowdown in consumption growth could in turn push prices lower, Noe Van Hulst, the International Energy Agency's...

SINGAPORE - Crude oil futures opened the week slightly higher, briefly rising above $58 a barrel, on predictions a cold snap was headed for the northeastern United States, the world's biggest winter heating fuel market. Light, sweet crude for December delivery rose as much as 57 cents to $58.10 a barrel in electronic trading on the New York Mercantile Exchange, before slipping to $57.78. The contract fell to $56.93 a barrel last week before closing at $57.53 Friday. December Brent crude on London's International Petroleum Exchange was 20 cents higher at $55.19 a barrel. Friday's close was the benchmark contract's...

SINGAPORE - Crude oil futures slipped further below $58 a barrel Friday amid reports of rising supply and falling demand. Light, sweet crude for December delivery fell 9 cents to $57.71 a barrel on the New York Mercantile Exchange in electronic trading in Singapore. On Thursday, the contract fell to $57.80, the lowest level for the front-month contract since July 21. The U.S. Energy Information Administration released data that showed natural gas in storage grew more than expected last week, surpassing a level that many analysts believe is necessary to meet winter demand. The Paris-based International Energy Agency said in...

SINGAPORE (AP) -- Crude oil prices held steady just below US$60 a barrel on Wednesday after predictions of warmer weather in the United States sparked a big drop two days earlier. Market experts said prospects for rising demand could keep prices at current levels. Light, sweet crude for December delivery gained 5 cent to US$59.90 a barrel in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract rose 9 cents to settle at $59.85 a barrel on the New York Mercantile Exchange, where a day earlier they had fallen nearly US$1.50 to a level about 15 percent...

LONDON (Reuters) - Oil shed nearly a dollar on Monday, sinking below $60 after Hurricane Wilma bypassed storm-battered U.S. oil and gas facilities in the Gulf of Mexico. U.S. light crude fell as low as $59.56 a barrel, the lowest since July 28. It was down 93 cents by 0922 GMT to $59.70, reversing a gain of 61 cents on Friday on fears Wilma could hinder the recovery of oil operations in the Gulf. Prices were 16 percent below the record-high of $70.85 a barrel struck in late August in the wake of Hurricane Katrina. London Brent crude lost 96...

LONDON (Reuters) - Oil fell $1 a barrel on Tuesday as a threatened hurricane was expected to miss rigs and refineries in the U.S. Gulf and the world's top banker said record prices were eroding demand. U.S. crude lost 98 cents to $63.38 a barrel by 1125 GMT, after a gain of 2.8 percent on Monday. London Brent crude was $1.06 down at $59.51 a barrel. Tropical Storm Wilma gained strength in the Caribbean Sea and was expected to become a full-blown hurricane, but its path was set to shift east toward Florida and away from the heart of U.S....