Iran tensions send oil prices higher
Oil prices were higher Monday after the US dollar weakened and tensions between the West and Iran ratcheted up again over the weekend. January contracts for West Texas Intermediate crude were up $1.59 in afternoon trade to $77.62 per barrel on the New York Mercantile Exchange, while January Brent crude added $1.61 to $78.79 per [...]
Lagging demand hurts WTI prices
The price of oil was down slightly just before the close of floor trade in New York on Monday after rising to nearly $80 per barrel earlier in the session on a significant increase in sales of existing homes in October. The National Association of Realtors reported that sales of previously owned homes was up [...]
Crude prices fall on dollar, equities
Crude oil prices fell Thursday as the US dollar strengthened and on declines in global equities markets. December contracts for West Texas Intermediate crude were down $2.12 to $77.46 per barrel on the New York Mercantile Exchange while, with December contracts expiring at the end of floor trade on Friday, January WTI contracts dropped $2.05 [...]
EIA: Crude, gasoline, distillates inventories all lower last week
Crude oil prices were lower in early afternoon trade in New York after the US Energy Information Administration reported that US inventories of crude oil, gasoline and distillates all dropped last week. At around 1:30 p.m. in New York, December contracts for West Texas Intermediate crude were down 38 cents to $78.76 per barrel on [...]
Crude in slight gains on dollar, data
Crude oil prices were up slightly Tuesday, held back by a stronger US dollar and questions about demand growth raised by new economic data from the United States. December contracts for West Texas Intermediate crude were up 24 cents to $79.14 per barrel on the New York Mercantile Exchange, while at last report December Brent [...]
Crude oil prices gain over $2 in New York, London
The price of crude oil was higher Monday as the US dollar weakened and equities markets saw gains, and after comments from officials of member nations of the Organization of Petroleum Exporting Countries said that production quotas will probably remain steady. December contracts for West Texas Intermediate crude added $2.55 to $78.90 per barrel on [...]
EIA: Oil, gasoline, distillates stockpiles all up last week
Crude oil prices were lower Thursday after the US Energy Information Administration released its latest report on US stockpiles, which showed that inventories of crude oil, gasoline and distillates all rose last week. The EIA said that crude oil stockpiles added 1.8 million barrels in the week ending 6 November, against an expected gain of [...]
Crude up slightly on Asia data, OPEC forecast
Crude oil prices were slightly higher Wednesday afternoon after the Organization of Petroleum Exporting Countries revised its prediction of global growth in oil demand up by 50,000 barrels per day, even though it said that if prices remain high, demand could be hurt. New data showing that manufacturing activity was up in China in October [...]
Weak dollar, storm worries push oil prices higher
Crude oil prices rose back over $80 per barrel Monday on a weaker dollar and on worries that Hurricane Ida, later reduced to tropical storm status, could cause supply interruptions as some oil companies cut production ahead of the storm. Several companies evacuated at least some workers from offshore platforms in the Gulf of Mexico, [...]
WTI drops over $2 on unemployment numbers
A new report from the US Labor Department that showed the US unemployment rate grew to 10.2 percent last month send crude oil prices lower on Friday. With unemployment at its highest in over 26 years, there are concerns that demand for gasoline and other oil products will remain weak. December contracts for West Texas [...]
Price for WTI, Brent lower on session
The price of crude oil was lower Thursday on continuing worries about demand. Adding to concerns because demand remains weak and the EIA reported that imports of crude into the US fell last week, a report from Cambridge Energy Research Associates, a private energy consultancy, forecast that demand will continue to weaken as more energy [...]
Crude prices gain on surprise drop in US stockpiles
A weaker dollar pushed the price of crude oil past $80 per barrel Wednesday, while prices were also boosted by a surprise decline in US crude oil and gasoline stockpiles last week. The US Energy Information Administration reported that crude oil inventories, which had been expected to rise by 1.3 million barrels in the week [...]
WTI, Brent gain more than $1 on session
Crude oil prices were up Tuesday after falling in early trade on the news that both Royal Bank of Scotland (LSE: RBS) and Lloyds Banking Group (LSE: LLOY) had received another bailout from the UK government, a sign that the recession might not be ending as quickly as had been hoped. The gains came in [...]
Crude oil prices gain on data
The price of crude oil rose Monday on new data indicating that the economy is getting better, raising hopes that fuel demand will rise. Reports from both the US and China showed that manufacturing is those two economies is expanding as the HSBC China Purchasing Managers’ Index rose to 55.4 in October, its highest in [...]
Data, new rig fire send crude prices higher.