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Powerball offers two jackpot payment options: the $110 million jackpot prize paid over 29 years in 30 graduated payments; or the cash option, which is approximately $69 million.

The previous record for scratch sales was $202.3 million back in the 2013 fiscal year.

West Texas Intermediate for September delivery fell 95 cents US, or 2 per cent, to US$47.57 a barrel at 12:41 p.m. on the New York Mercantile Exchange.

According to the survey, OPEC pumped more than 32 million barrels per day this month, up 140,000 bpd from June, reaching the highest monthly level in recent history. Russia, which is not part of OPEC but is the world’s top crude producer and depends heavily on energy...

For many years, shales were known to contain hydrocarbons, but production was not economical. The effect will be multiplied if the world economy starts to slow from fallout from the Greek crisis or other world events, and oil consumption stays lower.

Oil prices remained weak in Asian trade Thursday after sharp losses in the previous session that drove Nymex oil futures below the $50 a barrel mark-the first time it has settled below that level since April 2.

Iran reportedly hoards 30 million barrels of oil in its reserves ready for export and many believe that as soon as the sanctions are lifted, crude prices could witness a huge plunge on the back of the underlying over-supply situation. The market continued to react to the...

— REIMPOSING U.N. SANCTIONS: If one of the parties to the nuclear deal, like the United States, determines that Iran is not fulfilling its commitments, it can ask for a Security Council vote on a new resolution to continue the lifting of all U.N sanctions resolutions on Iran.

The August contract expires on Tuesday.

Iran has always denied charges that it was seeking to build a nuclear bomb, insisting its nuclear programme was for peaceful purposes only. Moving forward and with the rapidly fading of the failed slogan of the Great Satan into oblivious bin of history, it is also inevitably...

This would outpace the growth of oil supply from non-Opec sources and ultra-light oils such as condensate, increasing demand for Opec crude oil, it said.

Consumption in China and the developing world will recover while supplies of North American shale oil will grow more slowly, the cartel said in its monthly report.

“Our priority is to develop our oil and gas fields using domestic and foreign potential”, Iranian Oil Minister Bijan Zanganeh said.

Demand growth globally for oil should outpace any oil supply increase from sources that are non-OPEC and the ultra light oils like condensate, increasing the consumption of OPEC crude.

The benchmark blend recovered on Tuesday after falling as much as 2.5 per cent after Iran reached an agreement with six world powers to curb its nuclear program in exchange for ending 12 years of sanctions that have crippled its economy and capped oil exports.