Futures Markets
WTI reaches new record for crude
The price of West Texas Intermediate crude oil for September delivery gained $1.63 to $63.94 per barrel on the New York Mercantile Exchange, while September contracts for Brent crude on the International Petroleum Exchange were also up $1.63 to $62.70 per barrel on Monday. WTI closed 1 cent short of a new record high [...]
West Texas Intermediate crude closes back on record
In afternoon trade on Friday on the New York Mercantile Exchange, West Texas Intermediate crude oil for September delivery was up 93 cents to $62.31 per barrel.
It had hit a new high of $62.50 per barrel on Wednesday.
Contracts for February and March of next year were trading above $65 per barrel, [...]
$60 until December 2009
West Texas Intermediate crude oil for September delivery gained 52 cents on Thursday to $61.38 per barrel on the New York Mercantile Exchange.
Contracts up to December 2009 were all trading at above $60 per barrel.
In London, Brent crude September contracts were up 47 cents to $60.12 per barrel on the International [...]
US inventories see rise in crude stockpiles
The weekly US crude oil inventory data showed crude oil stockpiles were up by 200,000 barrels in the week ending July 29 but that gasoline stockpiles were down.
The rise in crude oil inventories came mostly on an increase of 11 million barrels per day in imports. Gasoline inventories were down substantially more [...]
Pemex warns on production fall
Pemex, the Mexican state oil monopoly said on Wednesday that output from its largest oil field will begin to fall next year, but that the decline should be made up for by production from new fields.
The company’s head of Exploration and Production, Carlos Morales, said that overall output would grow by 80,000 barrels [...]
CNOOC withdraws Unocal bid
CNOOC has withdrawn its bid for Unocal, citing “unprecedented political opposition” as its reason for not upping its bid to challenge Chevron’s bid to take over the California-based oil company. The withdrawal of its bid on Tuesday came a day after Institutional Shareholder Services, a shareholder advisory firm, backed Chevron’s bid, saying that the [...]
Crude futures near record highs on supply worries
Crude oil prices were up on Monday. By mid-day in New York, West Texas Intermediate crude was up $1.08 to $61.65 per gallon for September contracts, but by the close of trade prices had fallen back a little for an even $1 gain on the day to $61.57 per barrel.
In London September [...]
Futures spike on death of Saudi king
Crude oil prices rose above $61 per barrel on Monday after Saudi Arabia reported the death of King Fahd.
Prices for West Texas Intermediate crude were up to $61.23 at one point during the day, but remained below the all-time high of $62.10, which was reached on July 7.
The death of the Saudi Arabian [...]