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Oil in the spotlight Headlines

Russia Sept oil output hits record 10 million bpd

Russia's monthly oil production exceeded 10 million barrels per day in September for the first time, nearly 25 percent more than the total pumped by nearest rival Saudi Arabia as OPEC persists with output cuts.

Oil pulled lower by dismal U.S. GDP data

Oil prices fell 1 percent on Friday, pulled lower by U.S. data showing the economy of the world's largest energy consumer shrank more than expected in the final three months of 2008.

Sunoco refinery workers to strike if no deal: union

Workers at Sunoco Inc's two refineries in Pennsylvania will go on strike at noon EST on Sunday if an agreement cannot be reached in line with a new national contract for refinery workers, the United Steelworkers union said on Friday.

Oil jumps 6 percent on OPEC, U.S. demand

U.S. oil prices jumped more than 6 percent to above $45 a barrel on Thursday on expectations OPEC will cut output again and on signs of a rebound in gasoline demand in top consumer the United States.

Venezuela says wants new OPEC cut due to oversupply

Venezuela wants OPEC to agree to a new oil output cut next month because there is a significant oversupply in the market that is weighing on crude prices, the South American nation's oil minister said on Thursday.

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