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Iran can boost output by 500,000 barrels a day within one week after sanctions are lifted, Oil Minister Bijan Namdar Zanganeh said earlier this month. In a June survey, the average year-end forecast of participants was that West Texas Intermediate crude would be at .80 per barrel.

Oil prices dived Wednesday as a government report showed that U.S. crude stockpiles of last week increased unexpectedly. The figure was 2.62 million barrels higher than it was the previous week, and disappointing to economists who had been expecting a decline of 820,000 barrels....

Traders are girding for further weakness with the end of summer driving season. Prices consolidated after a six-week rout driven by global oversupply and concerns about falling demand in Asian economies and the United States.US government data on crude stockpiles is due at 10:30...

Light, sweet crude for September delivery dropped $1.27, or 3%, to $41.35 a barrel on the New York Mercantile Exchange.

U.S. September crude was down $1.85 at $40.77 a barrel at 11:41 a.m. EDT (1541 GMT), having fallen to $40.60, the lowest front-month price since March 2009. It said markets will be tracking the eurozone, U.S., and Chinese flash PMI data on Friday very closely.

The EIA now forecasts the Brent crude price to average $59.42 a barrel in 2016, down $7.62 a barrel from the June estimate.

Another supply challenge to watch is shale drilling in the U.S. Despite the plunge in oil prices, drillers have been stubborn about cutting production.

Federal data published Wednesday show total U.S. crude oil production increased by 52,000 barrels to 9.5 million barrels per day.

Alabama became the third state in a week to pull state funding for Planned Parenthood on Thursday.

Oil fell to a six-month low in London as Iran vowed to boost production immediately after sanctions are lifted and manufacturing in China slowed.

Crude slid into a bear market last month, joining a broader slide in raw materials amid expanding supplies and signs of slower growth in China. In fact, the prospect of new oil from Iran and increasing output from Iraq and Saudi Arabia has also helped push prices lower.

Oil prices plummeted Monday as market expected crude production from the Organization of Petroleum Exporting Countries (OPEC) hit record high in July.

If you missed it, the Lotto numbers for Wednesday July 29 were: 45, 31, 42, 47, 18, 21.

Brent crude, the global benchmark, fell about 50 per cent last year and dropped 2.1 per cent on Friday to $52.21 a barrel on the London-based ICE Futures Europe exchange. Oil companies in the U.S. have made an unprecedented cutback in drilling after prices slumped to a six-year...

US Senate Committee on Energy and Natural Resources has passed a bill supporting removal of the 40 year old ban for crude oil exports. The bill is replete with unsexy stuff, like legislative housekeeping, to repeal out-of-date energy laws.