Oil, Gold Near Records as Dollar Drop Lures Investors

(Bloomberg) - Crude oil and gold traded near records after a slump in the dollar against major currencies boosted the appeal of raw materials as an inflation hedge.

Oil reached a record $100 a barrel yesterday and gold soared to its highest ever. The dollar fell as traders increased the odds of a Federal Reserve cut in borrowing costs this month to 100 percent. Palm oil gained to a record today, soybeans were near a 34-year peak and corn was close to an 11-year high.

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Asian stocks hit by U.S. economic worries

(Reuters) - Oil prices slid briefly below $74.50 a barrel amid heightened concerns for economic growth, but flight to safety helped gold stay near one-week highs and kept the benchmark U.S. 10-year Treasury yield pinned near 2-½ month lows.




Data last Friday showing U.S. employers added jobs at the slowest rate in five months and weaker growth in the U.S. service sector all added to concerns about the world's biggest economy, Asia's top export destination.


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Crude Oil Falls a Second Day on Concern Over Weaker U.S. Equities, Growth

(Bloomberg) -- Crude oil fell a second day in New
York after declining equity markets and weak U.S. economic data
weighed on investor confidence.

Oil dropped 2 percent last week as U.S. stock prices fell
for a third week and a report showed the nation's unemployment
rate reached a six-month high in July. Oil slipped from the
record $78.77 a barrel reached on Aug. 1 after a U.S. government
report that day showed fuel stockpiles rose as refineries ran at
the highest rates since August, 2005.


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Oil near record highs; OPEC says no output rise

(Reuters) - Oil hovered near $77 a barrel on Friday, keeping in sight of this week's fresh record high after OPEC officials poured cold water on U.S. hopes for an output rise, reiterating that the world was not short of crude supplies.

U.S. oil dipped four cents at $76.82 a barrel by 0514 GMT after rising 33 cents on Thursday. Prices touched an all-time high of $78.77 on Wednesday, but sharply retreated on signs of improved U.S. refinery operations.


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Rubber Rises in Tokyo as Oil Price Gain May Increase Cost of Synthetics

(Bloomberg) -- Natural rubber futures in Tokyo rose
as crude oil traded near a one-year high, prompting speculation
that demand for the commodity will increase as the cost of making
the synthetic alternative climbs.

Crude Oil for September delivery reached $77.24 a barrel in
New York on July 26, the highest intraday price for a front-month
contract since August 9 and just below the record $77.45 a barrel.
The contract rose 2.8 percent on July 27, and traded at $76.64 a
barrel at 12:43 p.m. Singapore time, up 16 percent this year.


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Oil rises to $77 on increased US refinery demand

(Reuters) - Oil climbed to $77 and U.S. crude hit its highest in almost a year on Thursday on increasing demand from refiners in the world's top consumer.

At one point the rally lifted U.S. oil above London Brent for the first time since February, based on closing prices.


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UPDATE 2-National Oilwell 2nd-qtr profit soars, tops view

(Reuters) - HOUSTON, July 25 - National Oilwell Varco Inc.
said on Wednesday its second-quarter profit more than
doubled, well surpassing Wall Street estimates, as high energy
prices sparked strong demand for its oil and natural gas
drilling equipment.




Shares of the Houston-based company were up 5 percent, or
$5.66, to $117.99 in early trade on the New York Stock
Exchange.


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WRAPUP 1-Smith 2nd-qtr profit up, BJ Services profit off

(Reuters) - All oilfield service companies with operations in Canada
have seen results hit after a tumble in gas prices and
unfavorable weather sparked a sharp decline in drilling.
Oilfield service companies help energy firms drill for oil and
gas.




So far, market leaders like Halliburton Co. and
Schlumberger Ltd. topped Wall Street expectations due
to strength in international markets.


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Oil falls below $76, OPEC reassures on supply

(Reuters) - Oil fell more than $1 to below $76 a barrel on Tuesday after further assurance from OPEC it would pump more crude if needed and expectations of higher U.S. fuel stockpiles.

London Brent crude, now more representative of world prices than U.S. oil, declined for a third day -- slipping $1.11 to $75.75 a barrel by 1120 GMT.


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Dollar hits low, stocks retreat on subprime fears

(Reuters) - The weaker dollar hit Asian exporters such as Canon Inc., with overall market sentiment also soured by losses on Wall Street and caution after China raised interest rates on Friday in another attempt to prevent the buoyant economy from overheating.




Oil prices fell from near-record highs after oil producer group OPEC expressed concern about the impact of high oil prices on the global economy, which traders saw as a sign it might decide to pump more oil. Gold held on to Friday's gains, benefiting from the weak dollar and heightened market uncertainty.


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Mexican Peso Declines After China Raises Interest Rates to Cool Expansion

(Bloomberg) -- Mexico's peso fell after China raised
interest rates, sparking speculation that demand for commodities
including oil, Mexico's biggest export, will fall.

Revenue from oil exports is Mexico's biggest source of
dollar inflows and funds almost 40 percent of government
spending. Oil for September delivery fell 0.1 percent to $76.01 a
barrel at 10:51 a.m. in New York.


Read more at Bloomberg Currencies News

European Bank Stocks Advance, Led By ABN Amro; Saipem, Technip Decline

(Bloomberg) -- European bank stocks rose, led by ABN
Amro Holding NV after Royal Bank of Scotland Group Plc sweetened
its 71.1 billion-euro ($98.1 billion) offer for the Dutch lender.

ABN Amro jumped the most in three months. Oil-services
companies paced declines in energy shares after UBS AG cut its
recommendations on Saipem SpA and Technip SA following their
``strong performance.'' BT Group Plc, the U.K.'s largest phone
company, and drugmaker GlaxoSmithKline Plc climbed after
brokerages lifted their recommendations on the shares.


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European Bank Stocks Advance, Paed by ABN Amro; Saipem, Technip Decline

(Bloomberg) -- European bank stocks rose, led by ABN
Amro Holding NV after Royal Bank of Scotland Group Plc sweetened
its 71.1 billion-euro ($98.1 billion) offer for the Dutch lender.

ABN Amro jumped the most in three months. Oil-services
companies paced declines in energy shares after UBS AG cut its
recommendations on Saipem SpA and Technip SA following their
``strong performance.'' BT Group Plc, the U.K.'s largest phone
company, and drugmaker GlaxoSmithKline Plc advanced after
brokerages lifted their recommendations on the shares.


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Delek U.S. to buy minority stake in Lion Oil

(Reuters) - The transactions are expected to close in the third quarter
and are subject to regulatory and other approvals.




Privately held Lion Oil owns and operates a 75,000 barrel
per day, high conversion crude oil refinery in Arkansas, as well
as three crude oil pipelines and two refined petroleum products
terminals in Tennessee that supply some of Delek's 188
convenience stores in Tennessee.


Read more at Reuters.com Mergers News

Australia Lifts Canola Crop Estimate on Good Conditions in Country's East

(Bloomberg) -- Australia, the world's third-largest
canola exporter, may produce 8.4 percent more of the oilseed
than forecast because of good growing conditions in the east of
the country.

The nation may reap 1.67 million metric tons of canola in
the 2007-08 harvest, the Sydney-based Australian Oilseeds
Federation said today in an e-mailed report. That compares with
its June forecast of 1.54 million tons and last year's crop of
512,000 tons.


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PetroChina's Production Climbs 3.7 Percent, Outpacing Exxon Mobil, Shell

(Bloomberg) -- PetroChina Co.'s first-half
production increased 3.7 percent as the nation's largest oil and
gas producer intensified efforts to meet rising energy demand.

Crude oil and gas output rose to the equivalent of 3.05
million barrels of oil a day, the Beijing-based company said
today. Oil production gained 0.1 percent from a year earlier,
while gas jumped 16.5 percent.


Read more at Bloomberg Emerging Markets News

Australia's S&P/ASX 200 Rises to Record, Led by Woodside: Rio Tinto Slips

(Bloomberg) -- Australia's S&P/ASX 200 Index rose,
set for a record high. Woodside Petroleum Ltd. and Roc Oil Co. led
gains after crude oil climbed to an 11-month high on speculation
maintenance closures in the North Sea may limit global supplies.

Rio Tinto Group fell for a second day after announcing it had
agreed to buy Alcan Inc. for $38.1 billion, increasing its debt.


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UPDATE 1-Valero Texas City refinery shut on power snag

(Reuters) - "We are still assessing the situation at the plant," Valero
spokesman Bill Day said, adding that the power failure was
weather-related.




Oil products traders in the U.S. Gulf Coast said they have
not heard of any similar outages at other area refineries such
as the giant 460,000-bpd BP Pls plant or the 72,000-bpd
Marathon Oil refinery.


Read more at Reuters.com Bonds News

Oil hovers near 10-month high ahead of stock data

(Reuters) - Oil held steady around $73 a barrel after briefly marking a new 10-month high on Thursday, as dealers waited for weekly U.S. oil inventory data expected to show little change in crude or fuel stocks.

London Brent crude currently seen as more representative of global oil prices, eased 6 cents to $72.99 a barrel at 0604 GMT, after having traded as high as $73.32, the highest front-month price since late August.


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Oil & Natural Gas Corp. Offers 35,000 Tons of Naphtha for August Loading

(Bloomberg) -- Oil & Natural Gas Corp., India's
largest oil and gas producer, offered 35,000 metric tons of
naphtha for loading in August, the company said in an offer
document e-mailed to Bloomberg News.

Details of the refiner's offer are as follows:


Read more at Bloomberg Energy News