The world's top oil producers are currently proving unable to generate more barrels on demanding world markets, despite surging prices — a shift that defies traditional market logic and looks set to continue.
in oil demand inside Saudi Arabia and across the Middle East, leaving less oil for export.
reasing energy usage, surging energy demand in the Middle East may pose the greater challenge.

Suddenly, like the arrival of a thunderous summer storm, Canadian bank stocks are red hot, and oil is not.
For investors, the rapid role reversal has been a stunner. Over the past 10 days, crude oil futures have plunged by nearly $21 US a barrel or 14.3 per cent on the New York Mercantile Exchange.
ews reports. That's the lowest level since January, 2007, and suggests that the process of "demand destruction" is now well underway. Demand is also falling across a broad swath of countries.

Crude falls $3.98 to $124.44 a barrel, the lowest since June 4. Upbeat earnings also boost major indexes.
By Tom Petruno, Los Angeles Times Staff Writer
last report" on June 11. And that last report wasn't exactly brimming with optimism.

By Christian Schmollinger July 24 (Bloomberg) - Crude oil traded near a seven-week low after reports showed demand in the U.S. and Japan, two of the three largest oil consuming countries, fell as high prices crimp fuel consumption.
U.S. fuel demand averaged 19.9 million barrels a day last week, the lowest since January 2007, the Energy Department said yesterday. Japan imported 0.7 percent less oil in June than a year ago, the first decline in nine months, the Ministry of Finance said today.
a barrel, the lowest close since June 4. Futures have lost 5 percent this week.

AP SINGAPORE: Oil prices steadied in Asian trading Thursday after shedding nearly US$4 a barrel in the previous session on concerns that high fuel prices

NEW YORK (AP) - Oil prices shed nearly $4 Wednesday, tumbling below $125 a barrel for the first time since early June on growing fears that high prices and the weak economy are destroying demand.
Light, sweet crude for September delivery dropped $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange, crude's lowest finish since June 4. The August contract expired Tuesday at $127.95.
reason to begin buying again.

HOUSTON, July 23 - Energy prices resumed their decline July 22 on the New York Mercantile Exchange, wiping out all gains from the previous session as it became clear that Hurricane Dolly posed no threat to oil and gas production in the Gulf of Mexico.
The hurricane was 40 miles east of Brownsville, Tex., at 8 a.m. central time July 23, moving northwest at 8 mph. Its wind speed was 95 mph, just short of Category 2 strength. It was expected to strengthen before making landfall at midday. Texas citrus crops are in more danger from the storm than offshore oil and gas production, with 5-10 in. of rain and locally higher amounts predicted for South Texas. Widespread flooding also