PVM Oil Futures Limited said on Friday Steve Perkins, a senior broker based at the firm's London office, was responsible for unauthorized trades earlier this week which landed the firm with a loss of nearly $10 million.

OPEC is satisfied with the current crude oil price, the president of the Organization of Petroleum Exporting Countries, Angolan Oil Minister Jose Botelho de Vasconcelos said on Friday.

Global stocks were mixed Friday as investors sought refuge after worse-than-expected U.S. jobs data. Trade was also thin due to the U.S. celebrating the long Independence Day weekend. Experts tell CNBC trade will be thin throughout the summer and now could be time to avoid volatility.

Global stocks were mixed on Friday after Wall Street's overnight selloff as the U.S. June jobs report came in worse than expected, reviving fears that the global economy is far from recovering. Experts tell CNBC how to invest under the threat of inflation.

Oil dropped a dollar to below $66 a barrel on Friday after unemployment data hardened views economic weakness would sap energy demand and that last month's rally was overdone.

After months of wondering whether the recovery is for real, investors may get the chance to find out when second-quarter earnings start rolling in.

An attorney for General Motors urged a bankruptcy judge Thursday to approve the automaker's sale plan, saying that the only other alternative would be a liquidation of the company's assets.

The oil market is over-supplied, said Joe Petrowski, the CEO of Gulf Oil on Thursday. As oil stocks approach a 29-year high, the fundamental supply-side of the market has never been more bearish, he said.

A rogue trader has left a London-based oil brokerage with losses of almost $10 million following a series of unauthorized trades two days ago believed to have caused a spike in global crude prices.

Global stocks were lower on Thursday ahead of the U.S. nonfarm payrolls report for June and the European Central Bank's rate and policy decisions. Experts tell CNBC to expect a small pullback in the short term.

Swelling gasoline stockpiles and a far bigger than expected rise in U.S. unemployment drove oil markets down more than $2 to settle below $67 a barrel Thursday.

Iraq's government approved a deal in which a BP-led group will develop its Rumaila oilfield, but rejected parallel bids from other companies for further fields because the firms wanted fees that were too high, a spokesman said on Wednesday.

OPEC oil supply rose in June as higher output from several members of the group offset cutbacks in Nigeria caused by militant attacks, a Reuters survey showed on Wednesday.

Global stocks began second half of 2009 in positive territory on Wednesday after a successful previous quarter. Wall Street logged its best quarter in a decade in the second quarter. Experts tell CNBC how to invest in the new quarter.

Oil fell slightly to close below $70 a barrel Wednesday after government data showed a build in U.S. gasoline inventories ahead of the Independence Day holiday, traditionally the peak of the summer driving season.