ConocoPhillips sees progress in Venezuela talks

ConocoPhillips Chief Executive James Mulva said on Tuesday the oil company was making progress in talks with Venezuela's state-run oil company PDVSA over compensation for its oil operations that were seized there last year. Mulva also told reporters the company had already submitted information to the Iraqi government to preregister for potential oil contracts there. He also said the U.S. economy was showing signs of weakness and beginning to affect the oil industry. 'We're starting to see that demand is not as strong as it was. The economy has softened,' he said.