middle east

Buying momentum has continued as hopes fade for a quick resolution of conflicts in Libya. Last week, crude-oil futures traded at $106 a barrel and prices have only climbed since then.

The weakening of the U.S. dollar and uncertainty over a possible U.S.

Light crude for May delivery approached the $112 a barrel level, while Brent crude futures rose $1.74 to $124 a barrel.

The Conference Board's confidence index fell to 63.4 from an upwardly revised 72 in February; lower than the reading of 65 that economists had expected.

Consumers' sentiment could remain suppressed, as fuel and food costs increase, and core inflation begins to creep up as well.

U.S. consumer confidence plummeted in March, as concerns about fuel costs, unrest in the Middle East, and the natural disaster in Japan weighed on sentiments.

Both crew members have been safely recovered, having suffered only minor injuries, and are no longer in Libya.

A USAF plane picked up the pilot, while the second crew member was recovered by Libyan rebels who "took care of him" until coalition forces "could come get him," a US military official said.

The crash was "not due to enemy actions," said Kenneth Fidler, a spokesman for U.S.

Two United States Air Force airmen were forced to eject from their F-15E fighter jet over Libya on Monday night after a mechanical failure, the US military said.

There were also new hopes overnight that Japan will be able to bring its nuclear crisis under control.

The dollar jumped 2.7% against the Japanese yen to trade at 81.31 yen after the G-7 announced coordinated intervention in currency markets.

U.S. stock futures rose Friday, as global investors generally welcomed the coordinated action launched by the Group of Seven finance ministers to halt the Japanese yen's quick rise in the wake of last week's devastating earthquake

Crude oil fell to a two-week low as concern that damage from Japan’s earthquake may limit crude demand outweighed speculation of supply disruptions in the Middle East, reports Bloomberg. Crude oil for April delivery fell $3.79,

ExxonMobil, currently the largest company in the world by market capitalization, said it will spend $34 billion this year and between $33 and $37 billion per year through 2015 to increase its production.

Many of the major oil companies have vowed to step up spending in an effort to increase their output as oil prices surge.

ExxonMobil (NYSE:XOM), the largest U.S. oil company, said it plans to spend $100 million per day over the next five years to increase its oil output.

Meanwhile, gold climbed to a record high above $1,440 an ounce this morning, as the threat of violence abroad burnished the metal's safe-haven appeal. Gold was last up $9 at $1,437 per ounce.

Crude oil is up after the U.S. government reiterated that it could tap into its strategic oil reserves in case of emergency. The possible policy move fueled market concerns that the political unrest in the Middle East and North Af

The price of oil is trading up over $106 in Asian markets today, after closing at $104.42 per barrel on Friday. Oil is up 26% since February 15th.

Fighting in Libya between pro-Gaddafi and anti-Gaddafi rebels escalated over the weekend.

U.S. gasoline prices are up nearly 33 cents over the last two weeks, according to the latest Lundberg survey. That is the second biggest price jump in the history of the gasoline market, with the biggest occurring between August a

Crude was last up 1.9% at $98.81 per barrel. Continuing turmoil in the Middle East sent petroleum prices up as investors focused on reports of increasing violence in Libya and other areas of the Middle East, with unrest in Iran ga

Latin American stocks are being pressured by global worries that high oil prices will squeeze economic growth around the world.