Futures Markets
WTI closes above $70 per barrel
Prices for crude oil, gasoline and heating oil were higher on Friday on supply concerns. Brent crude for July delivery added 66 cents to $71.18 per barrel to end at the same place it began the week. August contracts for West Texas Intermediate crude, meanwhile, ended the session at $1.11 to $70.68 per […]
WTI rises above $70 per barrel before falling back slightly
West Texas Intermediate crude oil rose above $70 per barrel for the first time since August 2006 on Thursday and narrowed the spread between the price of WTI and Brent crude to 96 cents after having been as high as $7.34 per barrel last month. August contracts for WTI added as much as $1.20 […]
Crude oil prices rise on decline in gasoline inventories
Crude oil prices were higher on Wednesday after the US Energy Information Administration released its weekly inventories report. Stockpiles of gasoline fell by 700,000 barrels in the week ending June 22 after predictions that inventories would be 1.1 million barrels higher during the week. Demand was high, up 1.4 percent from last year […]
Crude prices drop ahead of inventories data
Oil prices were lower on Tuesday ahead of new US inventories data, due Wednesday. Gasoline stockpiles are expected to rise by around 1.1 million barrels with a hoped-for gain in refinery utilization. Also helping prices decline was the end over the weekend of a strike in Nigeria. However, earlier reports that a […]
Crude oil prices mixed on mixed news
Oil prices were mixed on Monday. July contracts for Brent crude were 98 cents lower on the Intercontinental Exchange in London, to $70.20 per barrel. Meanwhile, the price for West Texas Intermediate Crude for August delivery was down by $1.24 per barrel at one point in the day but by mid-afternoon trade on […]
Crude prices up on day, mixed for week
Crude oil prices were higher on Friday even though reports were that a strike in Nigeria has not interrupted oil shipments, as traders worried that disruptions could still materialize. Also tending to send prices higher was a statement from OPEC member Saudi Arabia earlier in the week that it will not increase production in […]
New Nigerian developments keep crude prices mixed
Crude oil prices were mixed on Thursday after a promised strike of oil and shipping terminal workers began on Wednesday. In addition, Nigerian troops freed hostages and killed 12 militants at an oil facility in the Niger Delta Thursday. Meanwhile, Wednesday’s latest US inventories figures from the Energy Information Administration led the Organization […]
US crude stockpiles up by 6.9 million barrels last week
Crude oil prices were down significantly on Wednesday after the US Energy Information Agency released its latest weekly inventories data. July contracts for Brent crude on the Intercontinental Exchange dropped $2.00 to $69.84 per barrel and West Texas Intermediate crude for July delivery fell $1.75 to $67.35 per barrel on the New York Mercantile […]
Brent crude drops 22 cents on session, remains near $72 per barrel
Crude oil prices were mixed on Tuesday. Brent crude for July delivery dropped 22 cents to $71.96 per barrel on the Intercontinental exchange in London.
While West Texas Intermediate crude July contracts were lower most of the session, by mid-afternoon in New York it had added 1 cent to $69.10 per barrel on the […]
Crude oil prices up, but US at-the-pump prices continue to fall
Crude oil prices were higher on Monday after unions in Nigeria called for a strike by oil workers to begin on Wednesday. The strike will protest a price increase in gasoline imposed by the government. In addition, two more oil facilities in Nigeria were attacked by local residents, cutting more output.
West Texas Intermediate […]
Crude oil prices make significant gains on week
Crude oil prices were up slightly on Friday and more substantially over the week. Brent crude for July delivery added only 11 cents on the day to $71.47 per barrel, but was up 4.2 percent over the week on the Intercontinental Exchange in London. Similarly, West Texas Intermediate crude for July delivery was […]
Crude oil up more than $1 on refining concerns
Crude oil prices were up sharply on Thursday amid worries from several directions. Brent crude for July delivery added $1.27 to $71.21 per barrel on the Intercontinental Exchange in London, while July contracts for West Texas Intermediate crude gained $1.40 to $67.66 per barrel on the New York Mercantile Exchange.
While refineries are making 9.33 […]
US gasoline stockpiles steady on lower imports, refinery utilization
Crude oil prices were higher on Wednesday after new US inventories figures showed that gasoline stockpiles neither rose nor fell during the week ending June 8, when they had been expected to rise by 1.7 million barrels. The decline came on imports that were down by 99,000 barrels per day to 10.14 million barrels […]
Analysts predict second half spike in oil prices
Crude oil prices were lower on Tuesday even as analysts predicted that prices will spike again later in the year as supplies tighten. The International Energy Agency increased its prediction for global oil demand and called again on the Organization of Petroleum Exporting Countries to raise production quotas. The IEA said that demand […]
Crude oil, gasoline futures higher on session
Crude oil prices were up again on Monday after declining during Friday’s session. Several news items worked to send prices higher, helped by the sentiment that the losses last week were too large. The Iranian oil minister reiterated the position of the Organization of Petroleum Exporting Countries that crude oil supplies are plentiful […]
Crude oil drops over $2 per barrel on session
Crude oil prices were down significantly on Friday. Prices were helped lower by the weakening of Cyclone Gonu and the reopening of Oman’s oil shipping terminal after a three-day shutdown during the storm, delaying delivery of 650,000 barrels of crude oil per day. US gasoline stockpiles that were reported higher last week were […]
New tensions send crude oil prices higher
Crude oil prices were higher on Thursday. Brent crude for July delivery added 56 cents to $71.58 per barrel on the Intercontinental Exchange, while July contracts for West Texas Intermediate crude gained $1.10 to $67.06 per barrel. The gains came after North Korea conducted a missile test and after a report that Turkey […]
Crude oil prices up despite inventories gains
Crude oil prices were higher on Wednesday despite US inventories figures that showed oil, gasoline, and distillate stockpiles were all higher during the week ending June 1. July contracts for Brent crude were 68 cents higher to $71.13 per barrel on the Intercontinental Exchange. West Texas Intermediate crude for July delivery gained 50 […]
OPEC insists no production quota hikes before September
Despite increasing calls for it to raise production quotas, the Organization of Petroleum Exporting Countries has again said, though its secretary-general, that there is sufficient oil on the market. Abdalla El-Badri blamed refinery problems in the United States and a number of geopolitical conflicts for rising prices.
He also said that there would […]
Crude oil gains on political, climatological worries
Crude oil prices were higher on Monday after new strike threats over fuel taxes in Nigeria. The threats came even though militants had proposed a one-month cease-fire in the ongoing violence there. In addition, Iran’s highest religious authority made remarks reaffirming that his nation will not halt in its program to develop nuclear […]