Wall Street closed a quiet session with a moderate advance today, with energy and other commodities companies leading the market as oil prices extended their record-breaking run.

President Hugo Chavez’s government took over Venezuela’s last remaining privately run oil fields today, intensifying a decisive struggle with Big Oil over one of the world’s most lucrative deposits.

SHARES in Dublin-based energy explorer Providence Resources jumped as much as 15% on Tuesday after the company said a new well at a British oilfield in which it has a 20% stake had come on stream.

CONCERNS about potential escalation of violence in Iraq and the fallout from resurgent crude oil prices may send investors scurrying this week, leaving US stocks vulnerable to a pullback, analysts believe.

US PRESIDENT George W Bush said yesterday the vision of a Palestinian state cannot be realised if a Hamas-led government refuses to renounce its desire to destroy Israel.

Stocks gained today, narrowing the week’s losses as the energy and basic materials sectors improved and Dow components Exxon Mobil Corp and Intel Corp climbed on upgrades.

US companies, which have been reluctant to part with their mountain of cash, may start spending more of it - and spur the economy in the process.

Royal Dutch/Shell Group, Norsk Hydro ASA and other oil firms said they won’t accelerate drilling until they are convinced higher prices are here to stay and that governments will protect the industry when prices fall.

Norwegian oil workers went on strike yesterday, cutting output from the world’s third-largest oil exporter, after two unions failed to reach a pension accord with employers.

RUSSIAN stocks tumbled in their biggest decline in over four years amid concern the arrest on Saturday of Mikhail Khodorkovsky, chief executive of AO Yukos Oil Co and the country’s richest man, may scare off investors.

ONE man was killed and two people were missing after a barge carrying gasoline exploded off New York's Staten Island yesterday, sending flames and huge clouds of black smoke high into the air.