Futures Markets
Oil gains on Mideast unrest
Worries about supply disruptions in Europe and comments from the defense minister of Israel that dashed hopes of an imminent ceasefire in the conflict between Israel and Hizbollah forces in Lebanon sent crude oil prices higher on Monday.
By late in the afternoon in London, September contracts for Brent crude had added 95 cents to $74.36 […]
WTI down 1.8 percent this week
Crude oil prices slid on Friday when new data showed that US domestic product growth lagged behind the level predicted by analysts. So even though Israel and Hizbollah are still fighing with no hope of a diplomatic solution in sight, and Nigerian oil facilities are offline for the foreseeable future after more unrest there, oil […]
Heat wave sends US natural gas storage down, prices up
Continuing unrest in several areas of the world sent crude oil prices higher on Thursday. Brent crude for September delivery was up 84 cents to $74.84 per barrel, while West Texas Intermediate crude September contracts added 36 cents to $74.30 per barrel. One factor in the rise of Brent crude is that the troubles in […]
Gasoline up on lower stockpiles, output interruptions
Crude oil prices were up on Wednesday after gasoline inventories in the United States were reported to have dropped more than they were expected to last week, by 3.2 million barrels. The drop was much more than the 0.2 million barrel decline that had been forecast. Crude oil inventories were unchanged, against an expected drop […]
Oil prices down despite higher demand in China
Crude oil prices were down on Tuesday as pressure grew for a ceasefire in the conflict between Lebanon and Israel. Prices went up early when the US government said that it would be impossible to enforce an immediate cease-fire, but comments from Saudi Arabia that the conflict could spread throughout the region was seen as […]
Crude oil prices driven by Middle East unrest
Prices for crude oil decline slightly Monday morning as more nations called for a cease-fire between the parties fighting in Israel and Lebanon and US Secretary of State Condoleezza Rice visited Beirut to try to help create what she called a “sustainable” cease-fire. In addition, the deputy prime minister of Syria said that his country […]
Oil prices drop on week despite Friday gains
The price of crude oil was down during the week even though there has been no resolution to the latest political turmoil in the Middle East and despite gains on Friday. Brent crude September contracts had added 70 cents to $74.42 per barrel by mid-afternoon in London on Friday, but was still down over 3.7 […]
Brent rises 6 cents, WTI declines slightly
US crude oil prices were up early in the day but dropped later after investors seemed not to be bothered by comments from Iran’s chief negotiator which reiterated that nation’s intentions to make nuclear fuel. He said that Iran is interested in negotiations and blamed the US for trying to prevent such talks from going […]
OPEC not happy with crude oil prices
The US Energy Information Agency reported on Wednesday that crude oil and gasoline stockpiles in the United States were up in the week ending July 14 send crude oil prices lower on eased supply concerns. Crude oil inventories in the US were up by 0.2 million barrels, against an expected decline of half a million […]
Oil prices up, but still below records
Crude oil prices resumed their upward climb on Tuesday on concerns that the current conflict between Israel and Lebanon could widen to include other Middle Eastern nations, especially Iran.
Brent crude September contracts added 50 cents to $76.42 per barrel by late afternoon in London in trading on the International Petroleum Exchange. West Texas Intermediate crude […]
Brent, WTI each lose more than $1 per barrel
Crude oil prices hit new highs on Monday before seeing losses as investors engaged in profit-taking. Despite the day’s declines, most analysts believe that oil can only go up in the short term on issues as diverse as geopolitics, higher Chinese imports, and the weather.
Brent crude for September delivery was up to $78.18 per barrel, […]
Oil hits another recrod high
Crude oil prices are being driven higher as Israel continued its attack on Lebanon amid concerns that other nations in the region could be pulled into the conflict. The new worries come on top of concerns about Iran’s nuclear program, the war in Iraq, continuing conflicts in Nigeria, and the effect the Atlantic hurricane season […]
Iran troubles send oil higher again
Oil prices were up on Tuesday as Iran refused to provide a reply to a set of incentives offered by the European Union and the United States in return for suspension of its nuclear development program. In addition, the Organization of Petroleum Exporting Countries asked once again for a “demand road map” from consumers and […]
Brent crude down $1.01 per barrel
Crude oil prices were down Monday after representatives from Iran said that opening talks with the European Union over the Middle Eastern nation’s nuclear program were “fruitful”. One analyst said that oil prices could drop as much as $5 per barrel if Iran agrees to the EU incentive package. Elsewhere Kuwait, which holds […]
Demand, politics keep oil prices high
Brent crude oil August contracts added 69 cents to $74.77 per barrel on the International Petroleum Exchange in London on Friday, a gain of 1.6 percent during the week. West Texas Intermediate crude set a new record high prices early in the day, reaching $75.78 per barrel, but by late morning it had retreated to […]
US crude oil inventories down; more gasoline in stock
Crude oil prices dropped on Thursday after Wednesday’s gains, which were driven by worries over the situations in Iran and North Korea. Brent crude for August delivery was down 44 cents to $73.54 per barrel on the International Petroleum Exchange in London, while by mid-session West Texas Intermediate crude had dropped by 69 cents to […]
Postponed Iran talks take crude prices higher
August contracts for West Texas Intermediate crude oil reached a new record high on Wednesday afternoon on the New York Mercantile exchange when it reached $75.40 per barrel on the first day back for traders after the Independence Day holiday. The previous record of $75.35 per barrel was reached on April 24. The rise in […]
Brent crude adds 40 cents
Oil prices were higher Monday despite the highest inventory levels in twenty years in the developed nations of the world on the expectation that high pump prices for gasoline will not keep US holiday drivers off the road over the Independence Day holiday on Tuesday. While the inventory numbers show that there is no shortage […]