Crude prices fall on recession fears
Crude oil prices declined Friday after recent gains as bad economic news for the US hinted that the recession is getting worse and so demand’s slight recovery recently might not continue for long as consumers continue to cut back on spending New data showed that consumer spending in the US last quarter fell by 4.3 [...]
Crude gains over $2 per barrel in New York, London
Crude oil prices jumped again Thursday on indications that production cuts from the Organization of Petroleum Exporting Countries are beginning to affect the US market, and on the possibility that OPEC could further cut production when it meets in March. There has been talk that OPEC could cut production by another million barrels per day [...]
Crude prices rise on EIA report
The price of crude oil was higher Wednesday after the US Energy Information Administration reported in it’s weekly inventories report that US stockpiles of crude were up less than had been expected after the previous week’s declines. April contracts for West Texas Intermediate crude added $2.54 to $42.50 per barrel on the New York Mercantile [...]
Crude prices gain with US equities
Crude oil prices were higher Tuesday as US equities markets saw gains on comments from Federal Reserve Chairman Ben Bernanke even though new data showed that house prices were significantly lower in the fourth quarter of 2008 and consumer confidence dropped this month to a record low. West Texas Intermediate crude for April delivery added [...]
Prospect of OPEC cuts don’t halt crude price declines
The price of crude oil fell in New York and London as the Organization for Petroleum Exporting Countries is expected to cut production further than it already has when it meets next month. A prediction that OPEC will cut quotas again at its 15 March meeting from the former president of the cartel added to [...]
Demand worries send crude prices lower
The price of crude oil fell a bit more Friday as investors worried about continuing demand erosion after a week of largely disappointing economic news, which included another jump in unemployment in the US and bad quarterly reports accompanied by forecasts of more of the same to come. March contracts for West Texas Intermediate crude, [...]
Crude prices gain on inventory decline
Crude oil prices rose significantly Thursday after the US Energy Information Administration reported that US crude inventories dropped last week instead of rising, as had been expected. Stockpiles only dropped by 200,000 barrels in the week ending 13 February, however, and supplies are said to still be plentiful. Meanwhile, gasoline stockpiles added 1.1 million barrels [...]
Drop in US industrial production hurts oil prices
Crude oil prices were lower again on Wednesday after the US Federal Reserve reported that industrial production, including output at factories, mines and utilities, dropped by 1.8 percent in January. Other bad news that tended to push oil prices down included a Commerce Department report showing that new home and apartment construction was down 16.8 [...]
WTI, Brent see declines on demand worries
Crude oil prices dropped below $35 per barrel in New York and lost more than $2 per barrel in London trade as investors worried that the recession will not only continue but deepen before it gets better. Sentiment is that demand will continue to decline, while bad news on manufacturing in the New York region [...]
WTI trades below $35 per barrel
The price of crude oil in New York was lower in early afternoon trade Thursday as demand concerns continued after yesterday’s announcement form the International Energy Agency that it expects demand to decline to 84.7 million barrels per day this year, over half a million barrels per day lower than its January demand estimate. March [...]
EIA shows US crude inventories up again
The price of crude oil was down in New York on Wednesday but up in London as US inventories were reported to have gained again last week. The US Energy Information Administration reported that US crude oil inventories shot up 4.7 million more barrels to 350.8 million barrels in the week ending 6 February, but [...]
Oil prices lower on rescue plan announcement
Crude oil prices fell Tuesday after US Treasury Secretary Timothy Geithner unveiled a new government plan to bail US banks out of their current troubles. Prices also fell on expectations that the US Energy Information Administration will report Wednesday that US crude oil stockpiles have risen again and that demand for oil and oil products [...]
WTI ends session below $40 per barrel
After trading up earlier in the session, crude oil prices were lower at the close of floor trade in New York on Monday. Prices were up on the news that the Organization of Petroleum Exporting Countries said it will delay 35 of 150 new oil and gas projects, that it will probably not meet its [...]
US job losses send oil lower
Crude oil prices were lower at the close of floor trade in New York after the US Labor Department reported that the US lost 598,000 more jobs in January, a sign that the recession is deepening and that demand for oil and oil products will likely continue to decline. The news for jobs continued to [...]
Crude rises despite more US unemployment
Crude oil prices were higher Thursday as equities markets saw gains, and hopes rose for US President Barack Obama’s plans to help the US economy after Senator Harry Reid said he believes the votes exist to pass the President’s stimulus package. The gains came even though the US Labor Department said that new jobless claims [...]
EIA: US crude in storage adds 7.2 million barrels last week
Crude oil prices were down slightly in New York Wednesday after the US Energy Information Administration released its inventories report for the week ending 30 January. West Texas Intermediate crude for March delivery was down 40 cents to $40.32 per barrel on the New York Mercantile Exchange, but March contracts for Brent crude added 17 [...]
Crude oil prices gain on data
Crude oil prices rose a bit Tuesday as the National Association of Realtors reported that pending sales of existing homes were up by 6. 3 percent in December and as the Organization of Petroleum Exporting Countries looks to be implementing most of its promised production cuts. A survey by news agency Reuters showed that compliance [...]
Oil prices lower on reduced consumer spending
The price of crude oil was lower Monday on an averted strike that would have affected refiners and on reports that US consumer spending dropped again in December. March contracts for West Texas Intermediate crude was down $1.60 to $40.08 per barrel on the New York Mercantile Exchange while Brent crude for March delivery dropped [...]
Data, new rig fire send crude prices higher.