WTI gains 20 percent in first half of year

Crude oil prices were up on Friday.  Brent crude August contracts had added 20 cents to $73.09 per barrel by late in the day on the International Petroleum Exchange in London.  This took Brent 4.5 percent higher this week and almost 26 percent higher since the beginning of the year.  Meanwhile, West Texas Intermediate crude [...]

Crude oil prices were up on Thursday for the seventh straight session amid data showing that US gasoline consumption is at 9.45 million barrels per day, an indication that high pump prices are not cutting into demand.  Brent crude for August delivery gained $1.50 to $72.91 per barrel on the International Petroleum Exchange in London.  [...]

Crude oil prices up again as inventories decline

With crude oil and gasoline inventories in the United States down ahead of the July 4 holiday, crude oil prices were back above $72 per gallon on Wednesday.  Crude oil stockpiles were down by 3.4 million barrels in the week ending June 23, much more of a decline than the 0.8 million barrels retreat than [...]

US gasoline prices up again

The price of crude oil rose again on Tuesday after Iran’s Ayatollah Ali Khamenei reiterated his nation’s position that it has a right to develop and use nuclear technology and said that there was no point in negotiating with the United States concerning the issue.  Also sending prices higher were continuing supply concerns after the [...]

Crude oil prices increase slightly after Iran threats

Crude oil prices were somewhat higher, with Brent crude August contracts up 1 cent to $69.94 per barrel on the International Petroleum Exchange in London, while West Texas Intermediate crude for August delivery had gained 18 cents to $71.05 per barrel by mid-morning on the New York Mercantile Exchange.
Part of the gains had to do [...]

Weather, supply worries send oil higher

Crude oil prices rose Friday on concerns about supply during the summer driving season, on a possible strike by oilfield service workers in Norway, and on news that a new tropical storm could be building in the Atlantic Ocean.  The weather concerns came although there was little chance that the storm would strengthen into a [...]

Crude oil lower despite EIA report, Saudi comments

Crude oil prices were lower on Tuesday even though the US Energy Information Administration said that long term oil demand will rise to 118 million barrels per day by the year 2030, from current demand levels of around 86 million barrels per day even though higher prices would cut some usage.  It sees most of [...]

Crude oil down nearly $1

Crude oil prices dropped on Monday as Iran continued to take a conciliatory path over negotiations dealing with its nuclear ambitions.  While tensions remain, several Iranian officials have called a western incentive package a “step forward” in the ongoing dispute.
Meanwhile, the Organization of Petroleum Exporting Countries said that it expects oil demand to rise in [...]

Crude oil prices drop 3.5 percent over week

The price of crude oil was down on Friday, with Brent crude August contracts dropping by 54 cents to $67.90 by late afternoon on the International Petroleum Exchange in London.  Despite the fact that Brent was up $1.80 from Wednesday’s price, it still lost 3.5 percent over the week.
West Texas Intermediate crude July contracts were [...]

US gasoline inventories rise

New figures released by the Energy Information Administration in the United States show that crude oil stockpiles were down by 900,000 barrels in the week ending June 9, a larger decline than had been expected and a sign that imports were lower and that refineries were processing more crude into petroleum products.  Despite the decline, [...]

Inventories news sends oil prices lower

Oil inventories are at their highest level in over 20 years in the developed world, according to the International Energy Agency in a report on Tuesday.  The reason for the increase in stockpiles, according to the agency, was high prices that are slowing down consumption.  In consequence, the IEA has revised its prediction for demand [...]

Crude gains on disruption fears in Iraq, weather worries

Crude oil prices rebounded Friday after their fall on Thursday after the death of a key al-Qaeda leader was reported in Iraq. Concerns that attacks on Iraq’s infrastructure would continue, as well as weather worries, sent July contract Brent crude up $1.33 to $70.38 per barrel on the International Petroleum Exchange. West Texas [...]

Oil prices down as Zarqawi killed

The death of an al-Qaeda leader in Iraq led to a substantial decline in crude oil prices on Thursday.  Abu Musab al-Zarqawi, who has led attacks on the oil infrastructure in Iraq since the downfall of the regime of Saddam Hussein that have seen oil production there drop to about 1.8 million barrels of oil [...]

Gasoline inventories up despite lower refinery production

New inventories data that showed both crude oil and gasoline stockpiles up in the US in the week ending June 2 sent crude oil prices down on Wednesday as investors’ supply concerns eased somewhat.  Crude oil inventories were up by 1.1 million barrels to a total of 346.6 million barrels as more crude oil was [...]

Oil prices down on progress on Iran

Crude oil prices were lower on Tuesday after Iran reacted in a largely positive manner to an incentives package presented by several western nations in an effort to resolve the conflict over Iran’s controversial nuclear program.  While there are still some “ambiguities” in the package from the point of view of the secretary of Iran’s [...]

Troubles cut production, add to prices

Continuing unrest in Nigeria and weather problems sent the price of crude oil substantially higher on Friday.  In Nigeria, militants kidnapped eight oil workers from an offshore platform.  Meanwhile, in a separate development in the African nation, Shell cut production by another 50,000 barrels per day due to a pipeline leak.  That brought Shell’s total [...]

US gasoline demand up despite high pump prices

Crude oil prices rebounded slightly on Thursday after new reports showed that demand for gasoline in the US is still high despite high pump prices.
Demand for gasoline in the US was up 0.9 percent to 9.32 million barrels per day, while demand for all oil products gained 4.8 percent to 21.1 million barrels per day.  [...]