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Oil prices edged closer to $US82 a barrel on Tuesday, extending a four-week rally amid falling energy supplies and cold northern hemisphere weather.
Success in the onshore Gulf area of the United States, the Cooper Basin or the Offshore Carnarvon basin could transform oil and gas explorer Strike Oil (ASX:STX)
NYMEX - Oil prices fell amid modest profit taking as the US dollar rebounded against key currencies.
Two potential suppliers have pulled out of discussions
Oil tops $80 a barrel
The price of oil struck a one-year peak above $US79 on Monday. Gold and silver were also up.
A struggling US dollar tends to boost crude prices particularly because the US dollar-denominated commodity becomes cheaper for foreign buyers holding stronger currencies.
Crude oil rose on speculation world demand will grow amid economic recovery and as a weaker US dollar increased demand for commodities.
Oil prices rise on Iran nuclear tensions
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The bigger picture: Enterprise risk management in financial services organisations
This Economist Intelligent Unit report explores the evolution of enterprise risk management (ERM) and risk practices among financial services companies. Read survey results and interviews with industry experts now.