Economy, Oil | featured news

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.

A lower dollar appears to be boosting the U.S. economy only gradually, with higher prices on imported oil helping outweigh the benefit of cheaper American exports....

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.

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

Oil prices rise to their highest in six months, buoyed by hopes that the worst may be over for the world economy.

Oilfield services provider Baker Hughes has begun laying off 1,500 workers, or about 4% of its workforce, as part of a second round of cuts resulting from the economic downturn.

Hit by falling oil prices, Exxon Mobil reported a 33% drop in quarterly profit Friday, but its annual profit of $45.22 billion set a record for any U.S. company.