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NEW YORK _ Oil prices fluctuated sharply Thursday as stifling storm Gustav spun toward the Gulf of Mexico, with some traders fearing a disruption in stores and others gaming that the government would tap the Strategic Petroleum Reserve if desirable. Either way, regulars were probable to see a scramble in gas prices for Labour Day weekend.Gustav, approaching Jamaica with winds near 113 kilometres per hour, could regain gale muscle later Thursday and possibly write the Gulf as a perilous.

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China has proceed recoil over West for Iraq oil DUBAI (Reuters) - China crossed the line first in the tribe for big oil contracts in stake-Saddam Iraq and has gained a head lead over Western oil majors in the competition for potential energy deals. China's chief oil company, testify-run CNPC, agreed a $3 billion advantage commit with Iraq on Wednesday. The treaty could set a precedent for provisos that tumble far sharp of the lucrative contracts the oil majors had hoped for as they jostled for access .. complete clause.

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