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.

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.

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.

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.

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.

The Commodity Futures Trading Commission is looking closely for signs of excessive speculation in commodity markets, with specific attention on oil prices, which have surged in recent months, an agency commissioner said Tuesday.

In the current economic climate, with C-level executives in every type of business wanting to wring every penny from their corporate processes, sustainability means finding ways to reduce, reuse, and repurpose anything along their supply chain, leading hopefully to a leaner, cleaner—and greener—operation.

The glass is half full again in Toledo. The Ohio city once known as the glass-making capital of America is trying to forge a new identity as a solar-energy, green jobs metropolis of the future.

Hyundai Motor America said Tuesday it will launch an incentive program that guarantees the price of gas at $1.49 a gallon for a year for U.S. consumers who buy or lease its vehicles by Aug. 31, as the automaker looks to win over customers uncertain about the direction of fuel prices.

Iraq auctioned off eight giant oil and gas fields on Tuesday in its first major tender since the 2003 invasion, but there appeared to be a big gulf between what Iraq was willing to pay and firms willing to accept.

Oil fell more than 2 percent to settle below $70 a barrel Tuesday after a steep drop in U.S. consumer confidence data in May added to concerns over a potential economic rebound.

China unexpectedly increased gasoline and diesel prices on Monday, raising them for the third time since late March to their highest level ever.