Crude Oil | featured news

Brent crude rose towards $120 a barrel and U.S. crude hit a 2-1/2-year high above $108 on Monday as unrest in the Middle East and North Africa kept the focus on oil supplies as economic growth bolstered demand for fuel.

The oil giant’s second-quarter income nearly doubled as oil prices and margins to process crude into fuel rebounded.

Chinese officials say crude from the July 16 pipeline explosion near the port city of Dalian has successfully been cleaned up. Environmentalists say that, despite the removal of oil, damage is extensive.

Oil prices rose above $85 a barrel Monday, extending gains from last week as investors bet an improving U.S. job market will herald growing crude demand.

Chevron posts a big fall in profits due to petrol and diesel prices failing to keep up with a big rise in the cost of crude oil.

Shares rose ahead of the start of earnings season, and the value of the dollar skidded as investors fretted over a report that crude oil could one day be priced in other currencies.

Crude oil rose to a seven-month high and gasoline surged after Goldman Sachs Group Inc. said prices may reach $85 by the end of the year as demand recovers and supplies shrink.

An Alaska volcano continued to rumble Tuesday amid new concerns that eruptions and mud flows will damage a nearby oil terminal where about 6 million gallons of crude are stored.