Futures Markets
New York crude briefly drops below $50 per barrel
Crude oil prices in New York trade fell below $50 per barrel for a time Thursday to trade as low as $49.75, their lowest in three and a half years and neared a level $100 lower than July’s record high prices.
January contracts for West Texas Intermediate crude were down $2.99 to $50.63 per barrel at [...]
EIA: US crude stockpiles gain 1.6 million barrels last week
Crude oil prices fluctuated between gains and declines Wednesday after the US Energy Information Administration released its weekly inventories report for the week ending 14 November.
At 1:37 p.m. in New York December contracts , which expire at the close of trade on Thursday, were down 15 cents to $54.24 per barrel on the New York [...]
WTI down slightly in afternoon trade
Crude oil prices were lower in late trade in New York Tuesday after early gains on concerns surrounding a Saudi Arabian oil tanker that was hijacked and that remained anchored near Somalia.
December contracts for West Texas Intermediate crude were down 20 cents to $54.75 per gallon a few minutes before the close of floor trade [...]
WTI, Brent down on recession concerns
Crude oil prices saw more declines Monday, with New York prices seeing their lowest close in nearly two years.
December contracts for West Texas Intermediate crude dropped $2.09 to trade at $54.95 per barrel at the close of floor trade on the New York Mercantile Exchange, while Brent crude for January delivery fell $1.76 to $52.48 [...]
Crude lower despite prospect of more OPEC production cuts
Crude oil prices closed lower Friday, with prices for West Texas Intermediate crude now 61 percent lower than at their peak of nearly $150 per barrel, reached in July.
December contracts for WTI were down $1.10 to $57.14 per barrel at the close of trade on the New York Mercantile Exchange, while Nymex gasoline futures for [...]
Crude prices lower on EIA forecast
Crude oil prices fell Wednesday after the US Energy Information Administration cut its demand growth predictions and said that demand will average 85.93 million barrels per day in the United States next year.
The EIA said that oil demand in the US will drop by 5.4 percent this year and by another 1.3 percent in 2009, [...]
WTI below $60 per barrel in afternoon trade
With demand fears worsening after some analysts aid that global demand for oil could contract in 2009, crude oil prices fell below $60 per barrel in New York in early afternoon trade Tuesday.
December contracts for West Texas Intermediate crude had dropped $3.33 to $59.07 per barrel by 12:50 p.m. on the New York Mercantile Exchange, [...]
Crude prices gain on China plans
Crude oil prices were higher Monday after China announced that it will spend 4 trillion yuan ($568 billion) to stimulate its economy over the next two years as investors bet the Asian nation’s program to improve its infrastructure, build low-rent housing and develop rural areas would push oil demand higher.
However some gains were pared after [...]
Oil prices rise slightly
The price of crude oil held relatively steady Friday, rising only slightly during the session.
The lack of significant movement in oil prices came even though the International Energy Agency released a report during the day saying that it seems oil prices topping $200 per barrel by 2030 after an early projection that put prices at [...]
IEA demand estimate cut pushes oil lower
Oil prices fell again Thursday after the International Energy Agency cut its long-range estimate for oil demand, saying that by 2030, global oil demand will be at 106 million barrels per day, 10 million barrels lower than their earlier forecast, but also raised questions about supply in the future and predicted that oil prices will [...]
Gasoline inventories data pushes oil prices down
Crude oil prices fell Wednesday after a big election-day rally on Tuesday as the US Energy Information Administration said that gasoline inventories were up more than had been expected in the week ending 31 October.
Inventories of gasoline in the US added 1.1 million barrels against an anticipated decline of 650,000 barrels in the week, while [...]
Crude prices down on US factory output data
Crude oil prices dropped Monday on new data showing that manufacturing activity was down in the US in October, raising more fears that demand will decline further.
The Institute for Supply Management said its factory index was at 38.9 last month, more of a decline than had been anticipated.
December contracts for West Texas Intermediate crude dropped [...]