The U.S. government reports a bigger-than-expected increase in crude oil supplies as analysts anticipate future price of oil.

European Union governments imposed sanctions on Tuesday against major Iranian state companies in the oil and gas industry, and strengthened restrictions on the central bank, cranking up financial pressure over Tehran's nuclear program.

President Hugo Chavez's re-election on Sunday means Venezuela's state oil company PDVSA will remain highly politicized and will continue its discount supply deals with his socialist allies.

BMW Technical Service issued an urgent technical service bulletin regarding all 2013 BMW M5, M6, and M6 Convertible models due to a critical problem with the oil pump.

Brazil's petroleum regulator ANP appealed an injunction on Monday banning Transocean Ltd (RIG.N) and Chevron Corp (CVX.N) from operating in Brazil on the grounds the ban would harm oil exploration in the country, ANP chief Magda Chambriard said.

Isaac, now a tropical depression, continued to threaten the lower Mississippi valley with heavy rain and flash floods as it moved north after forcing offshore energy producers and coastal refiners to shut operations.

Chevron (CVX.N), the No. 2 U.S. oil company, has appealed against an injunction banning it and its drilling contractor Transocean Ltd (RIG.N) from operating in Brazil while civil and criminal charges over an oil spill last November are judged.