Geopark, a Latin American energy company, just completed drilling a new well in Chile. Called Alakuf 4, it is already producing 380 barrels of oil a day.

Crude oil prices rise less than a percent as the dollar continues to drop against the Euro.

Cairn India Ltd. to agree on levy with India at around $9.00 a barrel. By 2011, Cairn hopes to have the field producing 175,000 barrels a day.

Crude oil closed nine cents lower at $67.96 amid high supply by OPEC and low demand by Americans.

The Chinese are purchasing oil fields across the world in an attempt to rival the major oil companies, such as, ExxonMobil, Royal Dutch Shell and Chevron.

Under the newly formalized ACES bill, Congress would establish uniform position limits, reporting requirements, and oversight in the oil, natural gas, coal, and electricity markets.

Crude oil futures traded at levels that haven't been reached since November, after a government report showed that crude inventories gained significantly less than expected.

Crude oil rose above $51 a barrel and closed at a three-month high in response to the U.S. Federal Reserve announcement that they plan to spend $1 trillion buying back debt.

"While OPEC's actions are just one factor among many that go into the market price of oil, I'm pleased that there won't be further production cuts," U.S. Energy Secretary Steven Chu announced in a statement.

The revision is the agency’s seventh consecutive reduction of its 2009 crude demand estimate, driven by the global economic recession.