Oilgame

Speculations are high that the Organization of Petroleum Exporting Countries may urge its members to comply with production limits when it meets today in Vienna to maintain crude prices around $60 a barrel. However, the organization's ministerial...

Oil prices shot up once again on Tuesday as the United States and its allies maintained pressure for tougher sanctions to curb Iran's nuclear program. Oil prices reached as much as $62.16 per barrel in London and $62.65 in New York. At the same...

Oil prices shot up to almost touch $61 a barrel on after U.S. government data revealed a sharp fall in fuel supplies last week. Inventories of distillate fuels, that include heating oil, fell around 5 million barrels last week after frigid weather..

OPEC countries are rallying again to discuss further cut in oil production which would mark the second time in the past three months. However, speculations are high that the probable cut in oil production will not come into effect immediately....

In a time when the world is panic-stricken due to spiking oil prices, Venezuelan President Hugo Chavez is likely to go for a cut in oil production. In the run up to the OPEC meeting, this can sent shock waves to many countries fearing a drop in the oil...