Futures Markets
Brent crude trades above $68 per barrel
Oil prices were up on Friday as the standoff between Iran and the UK over the capture of 15 British sailors by Iran, which claims that the sailors were in Iranian waters, continues. The UK holds that the sailors were in Iraqi waters. Comments by British Prime Minister Tony Blair that warned Iran […]
WTI trades above $65 per barrel
Crude oil was trading above $65 per barrel at midday in New York on Thursday, driven higher by continuing tensions between Iran and the west as well as by higher demand in the face of falling supply. Gasoline demand was at 9.2 million barrels last week, 1.6 percent higher than it was a the […]
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Crude oil price spikes on rumor
Crude oil prices rose by over $1.50 per barrel on Wednesday and was up by over $5 per barrel for a time shortly after the markets opened this morning after reports that an Iranian missile had hit a US naval vessel. Prices declined from that spike, though, after a US government spokesman denied that […]
Crude, gasoline prices drop slightly
Crude oil prices were lower on Tuesday after a series of advances that had taken prices 25 percent higher than the year’s low in late January. Much of the recent gains have been due to political tensions between Iran and the West that have only been increased by last week’s capture of 15 British […]
Crude oil gains on geopolitical worries
Crude oil prices were as high Monday as they have been all year as tensions continue between Iran and the West over the capture last week of 15 British sailors. However, some analysts feel that the price would be going up even without the current political situation based on recent OPEC production cuts, higher […]
Crude oil prices rise on British/Iran incident
Crude oil prices were higher on Friday after Iran seized 15 British sailors in Iraqi waters in the Persian Gulf. The incident spurred fears that oil supplies could be disrupted. Still, at least one analyst said that although it points out the fragility of the oil market, the event in itself likely […]
WTI, Brent prices substantially higher
Crude oil prices were up substantially on Thursday as concerns persist that supplies will be tight for the summer driving season in the United States. Wednesday’s new figures on US inventories showed that stockpiles declined last week at twice the rate that had been expected. Gasoline in storage dropped 3.4 million barrels in […]
Gasoline, distillates inventories down again
Crude oil prices were higher on Wednesday after the US Energy Information Administration released its latest figures on inventories in the United States. West Texas Intermediate crude May contracts were 27 cents higher to $59.52 per barrel by early afternoon on the New York Mercantile Exchange. Despite gasoline inventories that were lower again, […]
WTI up slightly as Brent declines in London
Trade was light in crude oil futures at midday in New York on Tuesday. Prices were mixed, with April contracts West Texas Intermediate crude up just 1 cent to $56.60 per barrel on the New York Mercantile Exchange. In the absence of any substantial news, and with April contracts expiring at the end […]
Gasoline prices rise ahead of summer driving season
Just a day before spring begins in the Northern Hemisphere, crude oil prices rose on Monday in anticipation of the coming summer driving season in the United States. May contracts for Brent crude added 64 cents on the International Exchange at late afternoon in London, trading at $60.94 per barrel. West Texas Intermediate […]
WTI up on day, down for week
Oil prices were up on Friday after OPEC agreed to keep oil production at current levels. Supplies are expected to continue to tighten as refinery utilization dropped to 85.6 last week, and the International Energy Agency said that OPEC supplies will need to go up later in the year to deal with increased demand.
Brent […]
Crude oil prices slightly lower on OPEC announcement
Oil prices were slightly lower at mid-afternoon in New York on Thursday after the Organization of Petroleum Exporting Countries announced in Vienna that it will leave production levels as they are for the time being. The cartel did say, however, that it plans to make sure that 700,000 barrels per day of production cuts […]
Oil prices slightly lower after inventories data
Oil prices were slightly lower at early afternoon in New York on Wednesday after the US Energy Information Administration reported that inventories of crude oil had increased in the week ending March 9, while gasoline and distillates inventories were lower on the week. West Texas Intermediate April contracts were 29 cents lower to $57.64 […]
Crude oil prices up on IEA report on supplies
Crude oil prices were higher on a report from the International Energy Agency that said more crude oil supplies will be needed from member nations of the Organization of Petroleum Exporting Countries in the months to come. OPEC is scheduled to meet beginning Thursday in Vienna and while the cartel is not expected to […]
Crude oil down on weather predictions, OPEC news
Crude oil prices were down Monday ahead of Thursday’s scheduled meeting of the Organization of Oil Exporting Countries in Vienna. Most analysts expect that OPEC will not announce any new production cuts. Also helping prices lower were weather predictions that say temperatures will be above normal for the next week or two in […]
Crude prices fall ahead of OPEC meeting
Crude oil prices were lower on Friday, helped by speculation that when the Organization of Petroleum Exporting Countries meets next week in Vienna, no new production cuts will be announced. West Texas Intermediate crude for April delivery was 85 cents lower to $60.78 per barrel by late morning on the New York Mercantile Exchange, […]
Oil prices drop slightly
While most other commodity prices rose on Thursday, the price of crude oil dropped even as one analyst said that prices were being driven by demand growth in China. The senior analyst at Lehman Brothers (NYSE: LEH) said that demand for oil in China will grow 7.2 percent, or 500,000 barrels per day in […]
New inventories numbers send crude prices higher
Crude oil prices were higher on Wednesday after stockpiles in the United States dropped much more than had been anticipated. The Energy Information Administration released new data that showed inventories of crude oil were down by 4.8 million barrels in the week ending March 2. Stockpiles of crude had been expected to rise […]
Oil prices up on new predictions from EIA
Oil prices were slightly higher on Tuesday after significant declines on Monday. The gains came after the Energy Information Administration, part of the US Department of Energy, raised its estimates of how much West Texas Intermediate crude will cost this year. Last month, the EIA said that a barrel of WTI would cost […]