Futures Markets
Oil prices decline on easing tensions
With the United States government announcing that it is willing to conduct talks with Iran if it will suspend its uranium enrichment program, and with the UN Security Council’s five permanent members scheduled to meet today to decide on incentives to offer Iran in return for that nation’s cooperation on nuclear issues, the price of […]
Oil demand up in China
Prices for crude oil were up on Tuesday on demand, supply, and political issues.
New data showed that oil demand in China grew at its quickest rate in two years in April as estimated consumption was up 10.8 percent year-on-year following an increase in fuel prices that had been meant to encourage Chinese refiners to send […]
Crude oil prices mixed on day, up during week
Oil prices were mixed during the day on Friday, but prices were up for the week as the 2006 hurricane season in the Gulf of Mexico and the Caribbean neared and the Memorial Day holiday this weekend marked the start of the summer driving season in the United States.
Brent crude July contracts on the International […]
Oil, gasoline prices rise ahead of Memorial Day holiday
Crude oil prices were up on Thursday. Brent crude July contracts were up 54 cents to $69.76 per barrel by late afternoon in London on the International Petroleum Exchange. July delivery West Texas Intermediate crude on the New York Mercantile Exchange gained 64 cents to $70.50 per barrel in early afternoon trade.
The upcoming […]
Gasoline inventories up last week
The US Energy Information Administration reported Wednesday that crude oil inventories were down by 3 million barrels in the week ending May 19. The decline was much higher than the 800,000 barrel drop that had been expected. However, stockpiles of crude remain plentiful and inventories of gasoline were up by 2.1 million barrels during the […]
Crude oil prices higher on reports
The price of crude oil was up Tuesday after the US National Oceanic and Atmospheric Administration said that another active hurricane season is expected this year and the Organization for Economic Co-operation and Development said that high oil prices are expected to last for a substantial period of time. July contract Brent crude on the […]
Crude oil prices down slightly
Brent crude July contracts on the International Petroleum Exchange were down 37 cents on Monday to $68.31 per barrel after dropping as low as $67.63 during the day. Meanwhile, West Texas Intermediate crude on the New York Mercantile Exchange declined by 8 cents to $68.45 per barrel. Analysts were of the opinion that if prices […]
Crude oil prices lower on day, week
Crude oil prices were down Friday. Brent crude July contracts on the International Petroleum Exchange saw a decline of 95 cents to $68.72 per barrel late in the day after having seen gains earlier. It was down 5 per cent on the week, and it was the first time in five weeks that it has […]
Crude oil slightly higher
Crude oil prices were up slightly on Thursday as the big driving weekend of Memorial Day approaches at the end of the month. Prices at the pump are 75 cents per gallon higher than they were for last year’s holiday that marks the beginning of the summer driving season in the United States. The American […]
Crude gains slightly ahead of inventories reports
Crude oil prices were up on Tuesday after substantial declines on Monday. Brent crude June contracts dropped $2.65 on Monday but were back up 56 cents from Monday’s close in late trade on the International Petroleum Exchange to $70.23 per barrel. June contracts expire at the end of the trading day on Tuesday, so more […]
Crude oil, gasoline up on supply, price concerns
Supply concerns sent crude oil prices higher on Thursday. While Congress considered lifting import tariffs on ethanol in order to ease the pump price of gasoline, the Energy Information Administration said that such a move would only increase supplies by a little bit. June contract West Texas Intermediate crude on the New York Mercantile Exchange […]
Iran solution hopes send crude oil lower
The price of crude oil fell significantly on Monday after the president of Iran sent a letter to US President George W. Bush asking that a solution be found to “the current situation in the world”, referring to the dispute over Iran‘s nuclear program. This unusual step led hedge funds to close out some of […]
Crude oil prices dip significantly
Crude oil and gasoline prices were down sharply for a second day in a row on Thursday after Wednesday’s US inventory figures showed unexpected increases over the previous week. West Texas Intermediate crude for June delivery on the New York Mercantile Exchange was down $2.38 to $69.90 per barrel, while Brent crude June contracts on […]
Higher inventories send crude oil, gasoline prices lower
Crude oil and gasoline futures dropped significantly on Wednesday after the US Energy Information Administration released weekly figures showing that gasoline stockpiles were up by 2.1 million barrels in the week ending April 28. The numbers were surprising, as analysts had expected gasoline inventories to decline by 700,000 barrels during the week. Crude oil inventories […]
Crude oil up after Boliva seizes foreign gas fields
Crude oil prices were higher on Tuesday after Bolivia announced that it was taking control of foreign owned gas fields within its borders. This news, on top of a warning from Saudi Arabia’s oil minister that there would likely be more terrorist attacks on oil facilities in his country, increased worries that supplies would be […]
Crude oil up on political concerns, refinery fire
West Texas Intermediate crude on the New York Mercantile Exchange added 47 cents to $72.35 per barrel on the day Monday, while Brent crude on the International Petroleum Exchange was up 79 cents to $72.81 per barrel. Prices were up not only on continuing concerns about the ongoing situations in Iran and Nigeria, but also […]