Crude Oil Sets Record $128 A Barrel

News that Saudi Arabia had boosted its oil output by 300,000 barrels a day was greeted as a non-event on oil markets _ the move wasn't anywhere near the kind of production increase needed to bring prices down on Friday.

Saudi Arabia Remembers The Boom/Bust Oil Cycle

"They remember that and they're not going have that happen again," says Robert Ebel, an international energy expert at the Center for Strategic and International Studies. "They understand the market just as well as we do."

United States Halting Strategic Oil Reserve Injections

The United States is halting shipments to its strategic oil reserve for the second half of the year after Congress passed a bill calling for the suspension, the Energy Department said Friday.