Data, new rig fire send crude prices higher.
Crude oil prices were up Thursday, driven first by hopeful economic news from the United States and then later by the news of another explosion and fire at an oil platform in the Gulf of Mexico. The explosion and fire damaged a rig belonging to Mariner Energy, Inc (NYSE: ME) off the coast of Louisiana, [...]
Manufacturing data sends crude prices higher
Crude oil prices were higher Wednesday after the Institute for Supply Management said its manufacturing index was up to 56.3 in August, from 55.5 in July and better than the decline to 52.8 which had been expected by analysts, indicating that manufacturing activity in the US expanded last month. A separate report from China’s Federation [...]
Crude prices fall ahead of inventories data
Crude oil prices dropped Tuesday even though consumer confidence was reported higher in the US in August as the Conference Board’s Consumer Confidence Index was at 53.5, up from 51 in July, which is still far below the reading of 90 which is considered to indicate a healthy economy. A home price index also was [...]
US jobless claims help crude prices
Crude oil prices were a bit higher Thursday as the US dollar weakened and as new jobless claims in the United States were reported lower last week. The US Labor Department reported that there were 31,000 fewer new filings for unemployment benefits last week, to 473,000 new claims, the first decline in a month. In [...]
Crude prices rise slightly despite stockpile gains
Crude oil price were slightly higher in afternoon trade Wednesday despite unexpected stockpile gains and new data that did not inspire confidence that the economy is improving. October contracts for West Texas Intermediate crude was up 58 cents to $72.21 per barrel in afternoon on the New York Mercantile Exchange after going as low as [...]
Crude prices drop on decline in US home re-sales
Crude oil prices were lower again Tuesday, finding an 11-week low, with declines coming on a new US home sales data from the National Association of Realtors. The industry group reported that re-sales of homes in the US fell 27.2 percent in July, with single family homes hitting their lowest level in fifteen years, raising [...]
Jobs, manufacturing data hurt crude prices
Crude oil prices fell again Thursday as more disappointing data raised fears that demand for gasoline and other oil-based products will decline. October contracts for West Texas Intermediate crude were $1.29 lower to $74.13 per barrel in afternoon trade on the New York Mercantile Exchange, while Brent crude was lately reported down $1.31 to $75.16 [...]
EIA: US crude inventories fell less than expected last week
Crude oil prices were lower in afternoon trade Wednesday, but had come off of session lows by 1:30 p.m. in New York, after the US Energy Information Administration’s weekly report on US stockpiles of crude oil, gasoline and distillates. The EIA said that crude oil inventories dropped by 800,000 barrels last week, much less of [...]
Crude prices down on US jobless data
Crude oil prices fell again Thursday on continuing concerns that a weak economy will erode demand for oil and products made with it. Added to recent bad news on economic growth in several regions of the world, the US Labor Department reported during the day that new unemployment claims filed in the United States rose [...]
US jobless data hurts crude oil prices
The price of crude oil dropped in early afternoon trade Thursday, hurt by an unexpected gain in first-time jobless claims in the United States. The Labor Department reported that there were 19,000 more new claims for unemployment benefits filed in the United States last week than the week before, against an expected decline, contributing to [...]
Crude prices drop after US inventories data
Crude oil prices were lower in afternoon trade Wednesday after the US Energy Information Administration reported that crude stockpiles were down last week, but that gasoline and distillates inventories were up. The EIA said that crude oil in storage dropped by 2.8 million barrels to 358 million barrels, still 8.5 million barrels above last year’s [...]
Crude prices top $82 per barrel
Crude oil prices were up again on Tuesday, hitting a 12-week high above $82 per barrel after the US dollar weakened, making oil purchases less expensive for those using other currencies. The gains came even though equities markets were lower in Europe and the US, and although the US Commerce Department reported that consumer spending [...]
WTI, Brent crude prices see gains
Crude oil prices were higher Thursday as the US dollar weakened and new jobless claims dropped by 11,000 last week in the United States. September contracts for West Texas Intermediate crude were up $1.25 to $78.24 per barrel at just after 1 p.m. on the New York Mercantile Exchange, while Brent crude was most recently [...]
EIA: Crude stockpiles up 7.3 million barrels last week
Prices for crude oil were down again Wednesday after the US Energy Information Administration reported in its weekly inventories survey that stockpiles of crude were up unexpectedly last week. The EIA said that crude oil inventories added 7.3 million barrels last week, against an expected decline of 2.3 million barrels, to a total of 360.8 [...]
Disappointing data drags oil prices lower
The price of crude oil fell Tuesday on disappointing data about consumer sentiment and home prices in the United States. September contracts for West Texas Intermediate crude were down $1.97 to $77.01 per barrel in afternoon trade on the New York Mercantile Exchange, while Brent crude was last down $1.74 to $75.76 per barrel on [...]
Storm prediction sends crude prices higher
The price of crude oil was significantly higher in afternoon trade Thursday on a forecast of bad weather in the Gulf of Mexico. The National Hurricane Center reported that a tropical depression had formed near the Bahamas and that it was likely to become a tropical story that could move into the Gulf of Mexico [...]
EIA: Crude stockpiles rose unexpectedly last week
The price of crude oil was a bit lower in midday trade in New York on Wednesday as the US Energy Information Administration reported that stockpiles were unexpectedly higher last week. The EIA said that US inventories of crude oil were up by 400,000 barrels in the week ending 16 July, to 353.5 million barrels, [...]
Crude prices rise on storm threat
Crude oil prices were higher as the National Hurricane Center said a new storm beginning to brew near Puerto Rico could strengthen and pose a threat to oil production in the Gulf of Mexico. At about half an hour before the close of floor trade, August contracts for West Texas Intermediate crude were up 99 [...]
Crude prices drop on manufacturing data
Crude oil prices were lower in afternoon trade in New York after the Philadelphia Federal Reserve Bank said its manufacturing index was at 5.1 in July from 8.1 in June, against an expected rise to 10 in the region. August contracts for West Texas Intermediate crude was 88 cents lower to $76.16 per barrel on [...]
EIA: US crude stockpiles fell by 5.1 million barrels last week
Crude oil prices were higher Wednesday after the US Energy Information Administration reported that crude oil stockpiles fell more than expected last week but that gasoline and distillates inventories were up more than had been anticipated. The EIA said that crude oil stockpiles were down by 5.1 million barrels last week, nearly twice the predicted [...]
Data, new rig fire send crude prices higher.