You can tell the oil market's in rough shape when companies are drilling more to pull in smaller profits. This is the situation in which Halliburton (NYSE: HAL) finds itself, with lower energy prices pushing down the cash that comes through the door.

So, its revenue was up for the most recent quarter, but earnings were down. The $262 million that came to the bottom line is 61% lower than the profit for the same quarter the year before.

Oil prices dropped a bit today, as investors weigh news that consumer confidence took a hit in September.

Today's move was not a sizable one, but further evidence that investors are concerned over just how strong the current economic recovery really is. News came out today that consumer confidence is down in September as more Americans are concerned over the weak job market.

The oil industry has been working hard to find new oil reserves, and so far this year the efforts have been paying off.

It has been a year with some major discoveries that have put the oil industry in a good position to make it the year with the highest level of new discoveries since 2000.

A big reason for the increase in discoveries is improvements in technology that has allowed oil hunters to drill deeper and break through tougher rocks than they were previously able to do.

Traders are selling oil off today after a government report that showed inventories rose last week.

Going into this week's inventory report from the Energy Information Administration, analysts had been expecting to see oil inventory drop by around 2.25 million barrels. What today's report actually showed though was an increase last week by 2.8 million barrels.

Higher fuel prices and slipping demand for air travel have prompted a change. The International Air Transport Association revised its forecast of global airline losses for the year from $9 billion to $11 billion. Revenues for the air travel industry are expected to fall 15% to $455 billion worldwide. Passenger traffic is anticipated to fall by 4%, with cargo dropping 14% for the year.

Financially, IATA CEO Giovanni Bisignani says the impact of the financial crisis has been more severe than the terror attacks of eight years ago.

Sovereign wealth funds (SWFs) are investment funds for government money. Essentially, these are for countries that get huge amounts of capital surpluses, such as China.

Interestingly enough, SWFs are running into some problems as asset values have fallen across the globe. A report from the Monitor Company Group indicates that these funds suffered losses of roughly $67 billion in the past year.

At the same time, there has been a reduction in capital infusions, primarily because of the drop in oil prices.

Oil traders have been flocking into the precious crude today as the U.S. dollar fell to a new yearly low against the euro.

Oil prices have passed through the psychological $70 barrier, and continued to move higher, currently trading up $3.12 on the day to $71.14. Oil is not the only commodity that has been moving higher, as gold prices moved through the $1,000 mark for the first time since this past February.

Oil traders have been selling off the precious crude Monday, as a steep sell-off of China's benchmark index raised concerns over the current state of both the Chinese and U.S. economies.

The Chinese Shanghai Composite Index took a beating to start off the week, trading down 6.74%, and raised fresh concerns over a global economic rebound. Today's sell off in the Chinese market was its biggest decline since June of 2008. The sell-off comes on the heels of a near 3% drop in the index last Friday.

Oil prices dropped a bit today, after a government report showed that inventories unexpectedly rose last week.

According to today's report from the Commerce Department, oil inventories rose by 200,000 barrels last week. Going into today's report analysts had forecast a 1.1 million barrel drop in supplies.

Over the years, Yahoo! (NASDAQ: YHOO) has aggressively expanded into global markets, such as China (through Alibaba) and Japan (through Softbank). Now, the company is seeing opportunity in another large area: the Middle East.

Today, Yahoo! announced a deal to purchase Maktoob.com. The terms were not disclosed, but the rumors are that the price tag was between $75 to $80 million. Maktoob.com, which gets about 16.5 million unique users, has enormous amounts of local content -- in Arabic (the locations include Egypt, Jordan, Kuwait, Saudi Arabia, and the United Arab Emirates). In fact, the site reaches one-third of online users in the Middle East.

Oil prices are moving strongly higher today following a government report that showed inventories dropped dramatically last week.

Today's report from the Energy Department indicated that oil inventories fell by 8.4 million barrels last week, in stark contrast to the increase of 1.2 million barrels that analysts had been expecting to see for the precious crude.

Oil took a beating tyesterday, as investors sold off the precious crude in the wake of a weak consumer confidence report that renewed pessimism towards economic recovery.

The University of Michigan reported that its consumer confidence index dipped to 63.2, down from 66 in July. This is the second straight month that the index has moved lower, after a four month streak of gains. In June the index was up at 70.8, which was the highest since back in February 2008.

When we looked at oil prices yesterday, we noted that the market was going to pay close attention to today's inventory report from the Depart of Energy.

Oil was already weak after yesterday's report on consumer confidence, and today's oil inventory report showed a much larger than expected increase in oil inventories, pushing prices sharply lower.

Oil prices headed lower today following a bearish inventory report from the Energy Information Administration.

Over the past week oil prices have been moving higher, spurred by strong corporate earnings. Better than expected earnings by several big name companies has led investors to anticipate the economy has been improving.

In an unusual move, U.S. Treasury Secretary, Timothy Geithner, is making a special trip to Saudi Arabia. Why? Authorities in Saudi Arabia have recently withdrawn $50 billion of U.S. investments to reinvest at home. The Saudis are planning a $400 billion stimulus plan at home over the next five years.

With last year's record oil prices, the Saudis racked up a huge budget surplus. Much of that surplus of $500 billion is invested in US Treasury bills.