Oil | featured news

Oil prices fell 3.2% Monday, to below $70 a barrel, as further signs of weak fuel demand raised expectations that prices may have raced ahead of the nascent economic recovery.

Britain agreed to include Lockerbie bomber Abdel Basset al-Megrahi in a prisoner transfer deal with Libya because of "overwhelming interests" before an oil deal was sealed, a newspaper reported.

Kuwait said on Tuesday it had foiled an al Qaeda-linked plan to bomb a U.S. Army camp and other "important facilities" in the OPEC oil exporting state.

The 0.7 percent pace in June was slightly faster than expected, but the core inflation measure remained relatively tame.

The national average price of gasoline fell about 10 cents a gallon during the past two weeks to $2.56.

Russian-built floating reactors could be used to power the operations needed to extract fossil fuels like oil and gas in the Arctic, according to nuclear experts.

Prices have dropped as traders and investors acknowledge that a global recovery will take longer than hoped.

OPEC lowered its five-year forecast for oil-field spending by about a third as the recession and increased energy efficiency led to a steep cut in demand estimates.

Reacting to recent swings in oil prices, federal regulators said on Tuesday that they were considering limits on “speculative” traders in markets for oil and other energy products.

After rising nearly every day for the past two months and climbing 67 percent so far this year, it looks like gasoline prices may be ready to take a break.