Organization of the Petroleum Exporting Countries News

Investors who remember the stock market's steep and prolonged decline earlier this decade may be wondering if the recovery from Wall Street's current morass will also take several years to accomplish.

Asian stocks tumbled Friday, with Shanghai plunging more than five percent and Tokyo striking a two-month low as investors dumped shares on worries about high oil prices and the weak US economy.

Oil prices rose to a record near $143 a barrel on Friday as a drop in global equities markets sent fresh investors into commodities.

An activists throws plastic bags with red paint as they pelt the main office of Petron oil company at the financial district of Makati, south of Manila, Philippines on Friday June 27, 2008.

Graeme Sweeney, Shell's Executive Vice President for Future Fuels and CO2, fills a General Motors Chevrolet Equinox fuel cell-electric SUV with hydrogen Thursday, June 26, 2008, at California's first hydrogen ...

Asian stock markets tumbled Friday after Wall Street plunged overnight and crude oil spiked above $140 a barrel for the first time, reigniting fears of a global economic slowdown.

Key stock indices in Japan, Taiwan and South Korea all shed more than 2 percent. Shanghai's benchmark plunged nearly 4.5 percent and India's was down 4.3 percent in early trade.

The losses came after U.S. stocks sank Thursday, with the Dow Jones industrial average declining more than 3 percent to its lowest level in almost two years.

U.S. stocks were sharply lower Thursday with all major indices finishing substantially in the red.

President Bush gave a leader from an oil-rich Persian Gulf ally a plum reward on Thursday: a stay at the Camp David presidential retreat.

Stocks plunged Thursday as Wall Street contended with a barrage of bad news: another surge in oil prices and warnings of trouble in the key financial, automotive and high-tech industries. The major indexes showed losses of about 2 percent, including the Dow Jones industrial average, which at times shed about 350 points and dropped to its lowest level in nearly two years.

The passel of worries that investors juggled Thursday added up to an increasingly troubled economy. Analysts' negative comments on General Motors Corp. sent shares of the largest U.S. automaker to their lowest level in more than 30 years, while Citigroup Inc. fell sharply after an analyst placed a "sell" rating on the stock and warned investors to expect less from the brokerage sector in an uneasy economic climate. Disappointing outlooks from technology bellwethers Oracle Corp. and BlackBerry maker Research In Motion Ltd. further soured investors' moods and made the tech sector one of the steepest decliners.

Oil futures rose sharply Thursday after OPEC's president said oil prices could rise well above US$150 a barrel this year and Libya said it may cut oil production.

World oil demand will soar over the next two decades but more slowly than experts expected a year ago because high crude prices will take a toll, the U.S. government's top energy forecasting agency said on ...

With Americans growing angrier by the day about high gasoline prices, nobody can accuse Congress of turning a deaf ear.

Republican presidential candidate John McCain said on Wednesday if elected he would set the United States on a path to wean itself from foreign oil by 2025, vowing to "break the power of OPEC" over Americans.

The ECB must ensure stable prices in a region of 320 million people and Trichet has said repeatedly that long-term growth is best served by making sure expectations of further price rises are kept in check.

OPEC kingpin Saudi Arabia has arrested 701 Islamists in the past six months on suspicion of plotting attacks on oil industry installations, the interior ministry announced on Wednesday.

Oil rose for a third straight session to above $137 a barrel on Tuesday, supported by fears of Nigerian supply disruptions and tensions between Israel and Iran.

Mark Twain once said that "history doesn't repeat itself, but it does rhyme." That's worth thinking about when comparing the current economy to the woes of the 1970s.

Analysis by Ali Al-Naimi, Saudi Oil Minister; Saudi Arabia plans to increase capacity by 16% by next year; Analysis by Chakib Khelil, OPEC President; Oil rises as Saudi pledge fails to ease Nigeria supply ...

The dollar rose against the euro and other currencies Monday as a new report suggested German business confidence fell in June, dragged down by concerns over record high oil prices.

Saudi Arabia's King Abdullah has slammed so-called oil speculators for forcing the price of a barrel of oil up to almost 140 dollars.