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Union Bank of California is the latest Bay Area bank to cite deteriorating credit quality for a weaker bottom line. (MTU) (UB)

The price for crude oil produced by OPEC continued to rise Monday, as the cartel is expected to cut production at its meeting on Friday.

Heritage Oil has announced a significant new discovery with Warthog-1, the first exploration well that the Company has drilled in Block 1, Uganda.

Major oilfield service companies are reaffirming their ability to increase profits over the long term, a rebuttal to a sharp sell-off in their shares.

Iranian president Mahmoud Ahmadinejad launched phase six of the giant South Pars gas field Tuesday after a two-year delay, state television reported.

Mexico's new energy reform aims to make service contracts more attractive by allowing Pemex to offer incentives. These include bonuses when contractors finish projects ahead of schedule and reduce costs by applying new technologies.

MMS reported that 72 production platforms in the Gulf of Mexico are currently evacuated, and 38.6% of oil production is still shut-in.

Carolinas HealthCare System has joined the Premier Inc. health-care alliance.

Crude oil futures retreated from the previous day's gains as the market's attention shifted back to the weak economy.

The Village Co. has bought the Mr. Bubble brand, the company announced today.