Business news for Thu, 29 Nov 2007 & with word oil. 55 news.

THE International Monetary Fund (IMF) is likely to revise lower its 2008 estimate of world economic growth due to financial market turmoil and surging oil prices.

CALGARY (Reuters) - Enbridge Inc on Thursday said it expects to quickly restart its huge pipeline system, the day after a deadly blast in Minnesota killed two workers and briefly choked off 10 percent of oil imports to the world's top consumer.

The Alaska subsidiary of British energy company BP PLC pleaded guilty to a federal environmental crime for failing to prevent a 2006 spill in America's largest oil field.

The Alaska subsidiary of oil company BP PLC pleaded guilty on Thursday to a federal environmental crime for failing to prevent a crude spill across a swath of delicate tundra in America's largest oil field.

CHINA has ordered its two largest oil companies to run their refineries at full capacity in a further move to address a fuel shortage. The National Development and Reform Commission and the Ministry of Finance have asked Sinopec Group and China National Petroleum Corp to fulfill their social responsibility to ensure market supply of refined oil products, the commission said in a statement posted on its Website yesterday. The two "must run their facilities at full swing," said the commission, China's top planning body. It also told the two state firms to fully utilize the refining capacity of private oil firms to boost supply. Sinopec and CNPC have been cooperating with local private refiners in Liaoning, Shandong and Sichuan provinces by providing crude oil to them and then buying back refined products under government coordination, the commission said earlier this week. The two companies have also been told to adjust production by making more diesel and less oil

Term of the Day for Friday, November 30, 2007

Oil prices edged back after jumping sharply because of an explosion and fire that killed two people and briefly shut down a pipeline that supplies 20 per cent of US crude imports

WORLD oil prices rebounded strongly after a fire struck a key pipeline linking Canada with the US, which is the biggest energy consumer in the world.

ANCHORAGE, Alaska - The Alaska subsidiary of British energy company BP PLC pleaded guilty...

NEW YORK (AP) - Oil futures eked out a small gain yesterday, rebounding from two days of...

Russia's rapidly developing market, where huge oil wealth has already helped spawn 53 billionaires, requires manufacturers to address cultural sensitivities.

FT.com - London stocks closed higher on Thursday after mining and oil stocks gained on rising commodity prices, buoying an otherwise jittery market.

Exploration company Lansdowne Oil & Gas has bought Milesian Oil & Gas in a deal worth around ?8m.

Oil prices jumped more than $4 Thursday after a deadly fire at a pipeline carrying crude oil from Canada to the U.S. Midwest ...

Oil is rising, and E*Trade is higher.

By Gary Dorsch. "Why are Ahmadinejad and Chavez laughing? Oil prices are up 56% this year, after nearly reaching $100 per barrel. At the same time, the US Dollar is mired at a 20-year low, with the US economy teetering on the verge of a recession."

By Deepcaster. " Deepcaster’s recent Forecasts for Gold, Equities, Crude Oil & the U.S. Dollar illustrate well the interplay among Interventionals, Technicals and Fundamentals."

Ask Alberto Guimaraes about his vision for Brazil's state-run oil company Petrobras in the United States, and he has a list ready: More oil and gas production in the Gulf of Mexico, more U.S. refining capacity, a bigger role in the domestic biofuels market and possibly even Petrobras-branded gas stations. It may be just a matter of time before Guimaraes, head of Petrobras' U.S. arm in Houston, realizes the vision.

Crude oil prices dipped to their lowest levels in more than a month Friday, falling below $89 a barrel as investors sold amid signs of weakening demand and expectations that OPEC will boost production next week. The slide in oil may mean consumers will see relief at the pump soon, analysts said. Gasoline and heating oil futures also dropped.