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President Obama urged Congress to bolster federal supervision of oil markets, including bigger penalties for market manipulation and more power for regulators, Bloomberg reported.

Trans Canada said it plans to build the portion of the Keystone XL Pipeline that would run from Cushing, Okla., to Texas refineries as a stand-alone project that could be completed next year.

PARK CITY, Utah — Shell Lubricants is introducing a fuel-efficient and long-life transmission and gearbox oil that meets the requirements of automatic transmissions used by Volvo Trucks and Mack Trucks, company officials said.

The proposed controversial Keystone XL pipeline from Canada to Oklahoma would supply a stable and secure source of energy for the United States and its trucking industry, and its construction should be approved, an American Trucking Associations official told the State Department this month.

The U.S. State Department said in a report that the planned Keystone XL pipeline, which would transport crude oil from tar sands in Alberta, Canada, to oil refineries in Texas, is unlikely to have a significant impact on the environment, Associated Press reported.

Oil rose to nearly $87 a barrel in early trading Monday, following a report that consumer spending increased more than forecast, Bloomberg reported.

The world’s two largest oil companies reported multi-billion-dollar second-quarter profits, up from a year ago, on higher crude oil prices.

A coalition of oil users that includes American Trucking Associations recently urged congressional leaders to “fully fund and defend” rules in the new financial reform law designed to curb excessive speculation in oil futures.

The world’s two largest oil companies Thursday reported multi-billion-dollar first-quarter profits, up from a year ago, on higher crude oil prices.