Oil Tops $130

Qatar is first reported buyer

(NEWSER) - Now that they’ve taken control of some critical oil fields and terminals, eastern Libya’s rebels are getting into the oil business. Qatar is rumored to be the first buyer, with a deal in place to buy the oil and ship it in leased tankers, the New York Times reports. Though there are sanctions on Libya, the US says it won’t block rebel oil sales, provided none of the money goes to the Libyan government. More»

Vessel nabbed en route from Bahrain to race in Dubai

(AP) - Iran is holding five British sailors after stopping their racing yacht in the Persian Gulf, the British government said today. The yacht, owned by Sail Bahrain, was stopped on its way from the tiny island country to Dubai on Wednesday when it "may have strayed inadvertently into Iranian waters," according to the Foreign Office. The seizure may be related to recent international pressure on Iran to drop its nuclear program, the AP reports. More»

Gulf Arabs in talks to replace greenback with mix of currencies

(NEWSER) - The American dollar is dropping against the yen and euro amid reports that the Gulf states are planning to replace use of the greenback in oil trading in favor of a basket of mixed currencies. The Arab states are in advanced discussions with China, Russia, Japan and France to end the pricing of oil in dollars, according to the Independent, which cites banking sources. More»

Doc tells of disastrous effects of oil extraction

(NEWSER) - Crude is a hard-hitting documentary about the ravages of the oil industry—Chevron is the villain here—on indigenous people in Ecuador. Critics are wowed:

• “Here’s a powerhouse of a documentary that makes you feel mad as hell and unwilling to take it anymore,” writes Peter Travers in Rolling Stone.

Crude hits highest level in a year on unauthorized trades

(NEWSER) - On Tuesday, the price of oil spiked unexpectedly to its highest level in 2009—a barrel of crude jumped from $71 to $73.50 in just one hour, for no apparent reason. Yesterday the reason became clear: a rogue broker in London with PVM, the world's largest petroleum brokerage, had conducted unauthorized trades that cost the company $10 million, reports the Financial Times. Since then, the cost of oil has eased to $66.5 a barrel, down 10% from Tuesday's peak. More»