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Crude oil
A mixture of hydrocarbons that exist in liquid phase in underground reservoirs and remain liquid at atmospheric pressure after passing through surface separating facilities. See petroleum. (source: EPA) Background from Wikipedia Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil is a black, dark brown or greenish liquid found in porous rock formations in the earth. The American Petroleum Institute, in its Manual of Petroleum Measurement Standards (MPMS), defines it as "a substance, generally liquid, occurring naturally in the earth and composed mainly of mixtures of chemical compounds of carbon and hydrogen with or without other nonmetallic elements such as sulfur, oxygen, and nitrogen." Petroleum is found in porous rock formations in the upper strata of some areas of the Earth's crust. It consists of a complex mixture of hydrocarbons, mostly alkanes, but may vary greatly in appearance and composition. Petroleum is used mostly, by volume, for producing fuel oil and petrol (gasoline), both important "primary energy" sources (IEA Key World Energy Statistics). Petroleum is also the raw material for many chemical products, including solvents, fertilizers, pesticides, and plastics. 84% (37 of 44 gallons in a typical barrel) of all petroleum extracted is processed as fuels, including gasoline, diesel, jet, heating, and other fuel oils, and liquefied petrolem gas [1]; the other 16% is converted into other materials such as plastic. Known reserves of petroleum are estimated at around 1000 gigabarrels, and consumption is currently around 84 million barrels per day, or 31 gigabarrels per year. Since petroleum is a non-renewable resource, many people are worried about peak oil and eventual depletion in the near future. Due to its continual demand and consequent value, oil has been dubbed black gold. The combining form of the word petroleum is petro-, as in petrodiesel (petroleum diesel). Wall Street JournalBy ELIZABETH LANDAU Crude-oil futures were lower on Monday as a decline in the stock market led to concerns about an economic slowdown. Oil corrects lower on profit taking but Turkish conflict, supply ... - 22 Oct 2007 Forbes,...minister Mohammad al-Olaim said OPEC's agreed production output increase of 500000 barrels per day from Nov 1 could bring down the price of crude oil. Why Beijing Maintains Its Hearty Thirst for Crude - 22 Oct 2007 Wall Street JournalBy NATALIE OBIKO PEARSON and DAVID WINNING LONDON -- Most of the world winced as crude-oil prices tiptoed above $90 a barrel, yet China -- the world's AAA: Record crude oil prices dash hopes of stable gas prices - 22 Oct 2007 Bizjournals.com,With record-setting crude oil prices reaching more than $90 per barrel on Oct. 19, gasoline prices are expected to be on the rise this week, AAA said. Nigeria: Delta Without Oil - Listen to the Prophet - 22 Oct 2007 AllAfrica.com,Brief history of oil prices: Today, the world is again experiencing a rising surge in crude oil prices. Today, Tuesday, October 16, 2007, US crude oil futures end lower - 22 Oct 2007 Sydney Morning Herald,US crude oil futures ended sharply lower on Friday as traders booked profits after prices surged to an all-time high above $US90. On the New York Mercantile Mich. gas costs hold steady as oil prices rise - 22 Oct 2007 Detroit Free Press,Meanwhile, the price of crude oil — the feedstock for motor gasoline — is hovering around the $90-a-barrel mark. Concerns over military incursions by Turkey Calumet Specialty Products Partners, LP Reaches Definitive ... - 22 Oct 2007 CNNMoney.comAdjusted EBITDA for the quarter ended September 30, 2007 was adversely affected by a sharp increase in crude oil feedstock costs during the quarter. My forecast: $200 a barrel for crude - 22 Oct 2007 EETimes.comOnly a few months ago, some analyst said crude oil prices could rise to $100 per barrel. That's unlikely, I thought. Oil was trading under $60 per barrel at DJ China Soybean Futures Settle Down On Falling Crude Oil Prices - 22 Oct 2007 Indiana Prairie Farmer,BEIJING (Dow Jones)--Soybean futures traded on the Dalian Commodity Exchange settled lower Monday on softer crude oil prices. The benchmark May 2008 soybean UBS calls gold overbought - 22 Oct 2007 Globe and Mail,Bullion began to sink before the US stock markets opened on Monday, following crude oil down. Then the euro started to slip, and that weakness spilled over Brent, US crude oil both fall $2 - 22 Oct 2007 ReportonBusiness.com,LONDON (Reuters) - Brent and US crude oil futures both fell $2 a barrel on Monday in a retreat from record highs set last week. The December Brent futures Assumed oil price of $60 barrel still safe: govt - 22 Oct 2007 Antara,That, plus worries over tensions between Turkey and Kurdish rebels in northern Iraq, had pushed crude oil prices to a new record for five straight days. Oil prices extend losses as fears over global growth spur ... - 22 Oct 2007 Hemscott,...'According to the latest CFTC data, net speculative length in crude oil has now reached 87000 lots, twice the level it stood three weeks ago. Global oil and gas industry has generally favourable ratings ... - 22 Oct 2007 CNNMoney.comIn Canadian crude oil prices, Bow River differentials to WTI narrowed to 30 pct in 2006 from 3 pct a year before, on improved access to new markets in the Sunoco (SUN): A riskier oil play - 22 Oct 2007 BloggingStocksAmong oil companies Sunoco Inc. (NYSE: SUN) represents a riskier play because SUN meets its crude oil requirement via purchases from third parties, China absorbs oil Venezuela ceases to sell to the US - 22 Oct 2007 El Universal,Between 2004 and the first half to 2007, Venezuelan sales of crude oil and byproducts fell 194000 bpd, according to the US Department of Energy. SPDC’s N1bn crude oil recovered from bunkerers - 22 Oct 2007 Nigerian Tribune,Crude oil worth about N1 billion allegedly stolen by some bunkerers at a Shell Petroleum Development Company (SPDC) facility at an undisclosed location in SD Sits At Crossroads Of Oil Projects - 22 Oct 2007 Yankton Daily Press (subscription),Robert Jones, a TransCanada vice president and director of the Keystone project, said transporting crude oil by rail or trucks is less environmentally $100 m investment in Assam-Nagaland oilfields - 22 Oct 2007 Sify,Guwahati: An Indian and a Canadian exploration consortium will be investing $100 million in exploring two new reservoirs of crude oil and natural gas Oil prices drop ahead of contract expiry - 22 Oct 2007 Commodity Online,MCX crude oil November contract dropped Rs 12 or 0.35% to Rs 3417 per barrel. In London, December Brent crude dropped 65 cents to $83.14 a barrel on the ICE FG, states agree to withdraw N64.63bn excess crude oil fund - To ... - 22 Oct 2007 Nigerian Tribune,Based on the agreement between the states and the Federal Government, he said they agreed to finance the deficit from the excess crude oil fund to ensure 'India too important a country not to be involved with' - 22 Oct 2007 Economic Times,Rather, we will invest substantially in crude oil business, which is a better option, considering that there is a big future in the oil business with better Beijing fuel oil prices may rise 3% next year - 22 Oct 2007 China Knowledge Online,It will help the company to counter rising crude oil costs in oil processing, as crude oil futures hit a record high of RMB 669 per barrel recently. CPO Futures: Mart to track oil price movement - 22 Oct 2007 Business Times - Malaysia,OBSERVATIONS: Fired up by red-hot crude oil markets, the Kuala Lumpur CPO futures market soared to a new high - just a whisker away from the psychological Super-SIV Could Be Super Flop For Market It Is Meant to Help - 22 Oct 2007 Wall Street JournalCrude-oil prices crossed the $90-a-barrel threshold on Friday. That's up from just above $50 in January. The price may plausibly be blamed on speculation, Japan's Itochu posts record net profit in H1 on oil surge - report - 22 Oct 2007 Trading Markets (press release),At the beginning of the fiscal year, Itochu assumed an average price for crude oil of 55 dollars per barrel, but the actual average price seems to have METALS STOCKS Gold tumbles 2%, as dollar rebounds, oil falls - 22 Oct 2007 MarketWatchElsewhere on the commodity markets, crude oil for November delivery fell $1.42 at $87.18 in electronic trading on Nymex. Gold warehouse inventories were Crude falls sharply as traders lock in gains - 22 Oct 2007 MarketWatchBy Polya Lesova, MarketWatch NEW YORK (MarketWatch) -- Crude-oil futures fell sharply on Monday as traders locked in profits following the steep rise in Beleaguered markets brace for pricier oil - 22 Oct 2007 Globe and Mail,The silver lining: gasoline and other product prices haven't kept pace with the crude oil increases this fall, and remain well below record levels set last Indonesia government says impact of reco - 22 Oct 2007 Life Style Extra,JAKARTA (Thomson Financial) - The impact of record crude oil prices on the Indonesian state budget is still manageable, Coordinating Minister for Economic Gold drops 1 percent on weaker oil - 22 Oct 2007 Reuters Canada,..."The fragile US economy and persistent rises in crude oil will add enough technical momentum for gold to clock higher," said Pradeep Unni, an analyst at Stock Investors Hope It Won't Get Much Worse - 22 Oct 2007 Wall Street JournalRekindling inflation fears among some investors, crude-oil prices soared 5.9% last week, to $88.60 a barrel, up 45% this year at the New York Mercantile DTN Early Word Opening Grains 10/22 06:05 - 10/22/2007 - 22 Oct 2007 Farms.com,With crude oil prices dropping hard in overnight trade, soybean prices dropped first then corn and wheat followed. Forecasts call for a drier week in the Crude oil prices too low: Iran - Oct 20, 2007 AFPTEHRAN (AFP) — Iran, OPEC's number-two exporter, hit out Saturday at the recent hike in oil prices, saying real prices were far lower than the Oil price too high and is temporary, says Russia - Oct 21, 2007 Sydney Morning Herald,RUSSIA, the world's second-biggest oil exporter after Saudi Arabia, has forecast crude oil prices may drop to $US60 a barrel within 10 years. Crude Price to Rise Until Early 2008, Algeria Oil Minister Says - Oct 20, 2007 BloombergBy Ahmed Rouaba Oct. 20 (Bloomberg) -- Crude oil prices, which reached $90 a barrel in New York for the first time yesterday, are likely to rise until early White House says crude oil price too high - Oct 19, 2007 ReutersBy Chris Baltimore WASHINGTON (Reuters) - The Bush administration on Friday voiced its dismay at record-high crude oil prices over $90 a barrel, Crude Oil Boils Over, But Services Walloped - Oct 19, 2007 CNNMoney.comOil gave the market a one-two punch Friday: Even as the price of crude topped $90 a barrel to add weight onto the back of the economy, IMF MEETING OPEC says oil inventory levels 'comfortable' - Oct 20, 2007 Forbes,...'Despite lower than expected non-OPEC supply, crude oil inventories remain at comfortable levels overall,' said Mohammad Alipour-Jeddi, head of OPEC's Crude Oil Breaches $90 a Barrel on Dollar Drop Against Euro - Oct 19, 2007 BloombergBy Bill Murray Oct. 19 (Bloomberg) -- Crude oil breached $90 a barrel in New York for the first time as the dollar traded near a record low against the euro Malaysia's crude palm oil futures hit record on surge in crude oil ... - Oct 19, 2007 Forbes,...'The recent rise in crude oil prices would imply that the production of biodiesel would become a more attractive option, which would in turn result in a Crude Oil Futures Surpass $90 a Barrel - Oct 19, 2007 The Associated PressThat, plus worries over tensions between Turkey and Kurdish rebels in northern Iraq, has lifted crude oil prices to new records for five straight days. Crude Oil Reaches Record $90 After Dollar Drops Against Euro - Oct 19, 2007 BloombergBy Nesa Subrahmaniyan and Gavin Evans Oct. 19 (Bloomberg) -- Crude oil surpassed $90 a barrel for the first time and is set for the biggest weekly gain S-Oil, Asian Refiners Face Soaring Crude Costs, Falling Profits - Oct 18, 2007 BloombergBy Nesa Subrahmaniyan Oct. 19 (Bloomberg) -- S-Oil Corp. said third-quarter profit slumped 54 percent as returns from processing crude oil into gasoline Crude Oil price reaches record $90/bl - Oct 19, 2007 Business Standard,Crude oil price surpassed $90 per barrel for the first time after the dollar traded near a record low against the euro enhancing the appeal of commodities Crude oil futures surpass $90 a barrel for the first time on ... - Oct 18, 2007 International Herald Tribune,AP NEW YORK: Oil prices surpassed $90 a barrel for the first time as the falling dollar drew new foreign investors and speculators to dollar-denominated Consequences of high oil price - Oct 19, 2007 Malaysia Star,From crude oil, which is the stuff that is extracted from oil wells on land or sea, comes various products such as petroleum (primarily for transportation), Crude oil reaches record $90 - Oct 18, 2007 Times Online,Crude oil rose to a record $90 a barrel in New York after the US dollar fell against the euro, enhancing the appeal of commodities as an investment, FUTURES MOVERS Crude oil ends at record high of $89.47/bbl - Oct 18, 2007 MarketWatchCrude oil climbed to a fresh intraday front-month record level of $89 on Wednesday, but then quickly pared gains to close 21 cents lower for that session. 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