U.S. Vice President Dick Cheney is expected to talk with Saudi King Abdullah about ways to stabilize the world's oil market.

Saudi Oil Minister Ali Al-Naimi says the world oil market is well supplied and fundamentals do not support high prices.

To achieve strong U.S. economy and tight supplies of heating oil this winter, crude oil futures went back above $95 a barrel Friday.

Oil prices rose above US$93 a barrel to a new trading high in Asia Monday on a weak U.S. dollar, growing political tensions in the Middle East and worries about the supply outlook ahead of the Northern Hemisphere winter.

Oil has zoomed to an all-time high above $85, propelled by robust demand from booming commodity markets and fresh geopolitical worries.

Oil prices continued falling Tuesday amid worries that crude prices have risen too high in recent weeks and speculations over OPEC comments that may signal a less bullish position on production and supplies.

Oil prices edged higher in Asian trading Thursday following a U.S. government report that showed an unexpected fall in gasoline stocks amid peak summer driving season demand.

A new book entitled Poisoned Wells: The Dirty Politics Of African Oil claims Africa's oil has contributed to poverty, corruption and conflict on the continent. Victoria Cavaliere attended the book launch in New York City, and filed this report for VOA's New York Bureau.

A little-known Russian company has bought the last remaining assets of the bankrupt Yukos oil company, including its multi-story headquarters in Moscow. The firm Prana bought the assets for $3.9 billion at an auction today.

Georgia has sold its first crude on the world markets.

Plans to create a common market for oil and gas within the Eurasian Economic Community, Eurasec, will be held back by disagreements between member states and fears that Russia would dominate such a market, say NBCentralAsia observers.

Oil prices fell Monday amid relief over last week's release of British sailors detained by Iran, but concerns over the tight demand-supply balance and other geopolitical issues supported prices.