Futures Markets
Consumer spending data sends oil prices lower
Crude oil prices fell Friday after the US Commerce Department reported that consumer spending dropped by 0.3 percent in September, the biggest monthly decline in over four years and more of a drop than had been anticipated.
December contracts for West Texas Intermediate crude were down $1.67 to $64.29 per barrel in early afternoon trade on [...]
US GDP report sends crude oil prices lower
Crude oil prices were lower Thursday after the Commerce Department released a report showing that the gross domestic product contracted by an 0.3 percent annualized rate in the third quarter, its worst performance since the third quarter of 2001.
The contraction in the economy threatened to cut gasoline demand even further than it has already declined.
December [...]
Oil prices fall as demand continues to decline
Crude oil prices fell Tuesday on another report that demand for gasoline is down and despite a statement from the secretary general of the Organization of Petroleum Exporting Countries that the cartel is willing to meet again to cut production quotas further if necessary.
December contracts for West Texas Intermediate crude were reported down 26 cents [...]
OPEC production cuts don’t halt oil price declines
An announcement of a production cut of 1.5 million barrels of crude oil per day, starting on 1 November, by the Organization of Petroleum Exporting Countries did not halt price declines Friday.
West Texas Intermediate crude for December delivery dropped $3.69 to $64.15 per barrel at the close of floor trade on the New York Mercantile [...]
Gains in crude prices ahead of OPEC meeting
Crude oil prices advanced Thursday on anticipation that the Organization of Petroleum Exporting Countries will cut production quotas when it meets tomorrow in Vienna.
The oil ministers of Iran, Libya and Argentina have all called for big quick cuts in output, by about 2 million barrels per day, but the Saudi Arabian oil minister would not [...]
EIA inventories report drives lower crude oil prices
Crude oil prices fell again on Wednesday as the US Energy Information Administration reported that inventories of crude oil, gasoline, and distillates all rose last week in the United States.
Crude oil stockpiles were up by 3.2 million barrels while gasoline inventories added 2.7 million barrels and distillates in stock climbed by 2.2 million barrels during [...]
Crude prices down on demand worries
Crude oil prices fell Tuesday on demand concerns ahead of Wednesday’s Energy Information Administration US inventories report, which is expected to show that crude oil and gasoline stockpiles grew last week.
The price declines came despite speculation that the Organization of Petroleum Exporting Countries will announce a 1 million barrel per day production cut Friday during [...]
Crude oil gains on anticipation of OPEC move
Crude oil prices were higher Monday on the virtual certainty that the Organization of Petroleum Exporting Countries will cut output later this week, but at-the-pump prices for unleaded gasoline in the United States fell below $3 per gallon on average as demand concerns continued.
November contracts for West Texas Intermediate crude dropped $2.40 to $74.25 per [...]
Crude oil prices gain ahead of OPEC meeting
Crude oil prices were higher Friday on the likelihood that the Organization of Petroleum Exporting Countries will cut output by around 1 million barrels per day when it meets next Friday in Vienna, a meeting that was originally not scheduled to occur until next month.
While OPEC hopes to stop the free-fall in oil prices with [...]
US inventories data sends WTI below $70 per barrel
Bigger gains in US crude oil and gasoline stockpiles last week sent crude oil prices lower Thursday.
The weekly US inventories report from the US Energy Information Administration, one day later than usual because of the Columbus Day holiday Monday, showed that crude oil stockpiles added 5.6 million barrels to 308.2 million barrels, while gasoline inventories [...]
WTI falls below $75 per barrel
Crude oil prices followed equities markets lower Wednesday, with declines coming even though Hurricane Omar briefly closed refineries in Venezuela and the US Virgin Islands.
Also tending to push prices lower was an Organization of Petroleum Exporting Countries cut in its demand forecast for 2009, down to 87.21 million barrels per day, a decline of 450,000 [...]
WTI falls back below $80 per barrel
November contracts for West Texas Intermediate crude dropped $2.32 to $78.87 per barrel at the close of trade on the New York Mercantile Exchange Tuesday, while Brent crude for November delivery was down $2.80 to $74.66 per barrel on the ICE Futures Europe exchange in London.
WTI was as high as $84.38 per barrel earlier in [...]
Gains in equities markets push oil prices higher
Crude oil prices gained Monday after last week’s declines after officials in the US and Europe announced more details about plans to help banks in hopes of easing the credit crisis.
The gains came even though Goldman Sachs (NYSE: GS) cut its projection for the price of West Texas Intermediate crude from $110 per barrel to [...]
WTI drops below $78 per barrel
Crude oil prices fell sharply again Friday on fears that the global economy will fall into a recession, sending demand for oil and oil products down further.
In addition, the International Energy Agency again cut its demand forecast for oil globally for this year for 2009.
The decline in demand was illustrated by the overnight drop in [...]
Brent, WTI see more declines
Crude oil prices were lower again Thursday as concerns about demand trumped calls by Organization of Petroleum Exporting Countries members Nigeria, Qatar and Libya to cut output in order to stem price declines.
Demand concerns were exacerbated by reports that China will halt imports of gasoline in October for the second consecutive month, while OPEC said [...]
US inventories gains send oil prices lower
Crude oil prices were lower Wednesday after weekly US inventories reports showed that stockpiles of oil and gasoline were up much more than had been anticipated last week.
The US Energy Information Administration said that inventories of crude oil were up 8.1 million barrels in the week to 302.6 million barrels while gasoline stockpiles added 7.2 [...]
Crude oil gains on possible OPEC production cuts
Crude oil prices rose Tuesday after four straight sessions of declines on the possibility that the Organization of Petroleum Exporting Countries will cut production after Qatar’s oil minister said his country will cut output and Libya called for a reduction.
West Texas Intermediate crude for November delivery added $2.46 to $990.27 per barrel on the New [...]
WTI closes below $90 per barrel
The price of crude oil plummeted below $90 per barrel in New York Monday as the dollar strengthened against the euro, equities markets dropped around the world, and investors worried that the increasingly precarious global economy will cut demand for oil and oil products even further than it has already declined.
November contracts for West Texas [...]
US bank bailout doesn’t help oil prices
Crude oil prices slid slightly Friday as many investors doubted that the US bank bailout plan will keep the US economy from recession.
Labor Department data showing that the US economy lost 159,000 jobs in September and Commerce Department numbers revealing that US factory orders were down 4 percent in August, much more of a decline [...]
Crude oil prices drop on gains in US stockpiles
Crude oil prices were lower Wednesday after US inventories were reported to have grown more than expected last week.
The US Energy Information Administration said, in its weekly report, that crude oil inventories added 4.3 million barrels last week while gasoline stockpiles, which were expected to drop by as much as 3 million barrels in the [...]