Futures Markets
Crude prices drop on economic worries
Crude oil prices were down Thursday after new Commerce Department numbers showed that the US economy grew more slowly than expected in the second quarter, with the gross domestic product going up just 1.9 percent instead of the 2.4 percent growth that had been anticipated.
The slowing growth raised fears that demand for oil and oil [...]
Crude oil prices up on Olmert resignation announcement
Crude oil prices rebounded Wednesday after Israeli Prime Minister Ehud Olmert announced that he will resign effective in September, raising worries that a more hawkish successor could make an Israeli attack against Iranian nuclear facilities a virtual certainty.
Prices were already on the rise before the announcement, after the US Energy Information Administration reported that gasoline [...]
Crude prices drop to $122 per barrel range
Crude oil prices were lower Tuesday as the US dollar strengthened and there were more signs of declines in demand.
Miles traveled on US roads fell by 3.7 percent in May from the same month in 2007 while demand for oil and oil products were down by 4.3 percent in the same month.
The declines in demand [...]
Crude prices see some gains
Crude oil prices rose Thursday but could not stage much of a rally, even after a threat from Nigerian militants to destroy pipelines there soon as the US Energy Information Administration reported that demand in the United States was down 2.4 percent in the past four weeks.
September contracts for West Texas Intermediate crude were up [...]
Crude oil in second day of declines
Crude oil prices fell for a second day in a row Wednesday after the US Energy Information Administration reported that inventories were up more than expected last week.
Crude oil stockpiles added 3 million barrels to 296.9 million barrels against an expected decline of 3 million barrels, but inventories remained 55.2 million barrels below last year [...]
Geopolitical tensions kick oil prices higher
Crude oil prices turned higher Thursday, mostly due to heightened worries about geopolitical issues in Africa and the Middle East.
The Movement for the Emancipation of the Niger Delta, the main militant group in Nigeria, announced an end to its ceasefire in response to a statement from Britain that it will support the government of Nigeria [...]
WTI climbs early, ends nearly even
Crude oil prices climbed only slightly Wednesday, erasing bigger gains that came when the US Energy Information Administration released its latest US inventories report.
The EIA said that while gasoline and distillates stockpiles were up in the week ending 4 July, crude oil inventories dropped b y 5.9 million barrels during the week, much more than [...]
More new records for oil, gasoline prices
Crude oil prices reached yet another new high Wednesday after the US Energy Information Administration reported that crude oil stockpiles in the United States fell more than expected last week.
According to the EIA, inventories of crude oil dropped 2 million barrels in the week ending 27 June to 299.8 million barrels, while gasoline stockpiles were [...]
August WTI rises above $140 per barrel
Crude oil prices jumped to a new high for a front-month contract at $140.39 per barrel Thursday after Libya said that it might cut oil production, citing sufficient supplies, although there was no indication of how much the cut might be or when the decision might be made.
In addition, the president of the Organization of [...]
Crude oil prices remain lower after Fed rate decision
The price of crude oil was lower on Wednesday after the US Energy Information Administration released its weekly US inventories data, which showed that crude oil and distillates stockpiles were up last week and while gasoline stockpiles were down, they didn’t fall by as much as had been anticipated.
US supplies of crude oil were up [...]
WTI drops nearly $5; China to raise fuel prices
Crude oil prices fell Thursday after China announced that it will raise fuel prices starting on Friday.
The reports of the price hikes said that the price of gasoline will go up 16 percent and the price of diesel will rise by 18 percent, while prices for aviation kerosene and electricity will also rise.
Also pushing prices [...]
Crude oil prices rise in afternoon trade
After being down for most of the day, crude oil prices rose at the close of the session on news of supply disruptions in Iraq and Kuwait and on new problems in Nigeria.
Exports were disrupted from Iraq and Kuwait due to inclement weather, while white-collar oil-industry workers in Nigeria have threatened to strike against a [...]
WTI, Brent crude drop over $4 per barrel
Crude oil prices were lower on Thursday after an initial gain on the release of last week’s US inventories data by the Energy Information Administration, delayed one day by Monday’s Memorial Day holiday.
Crude oil stockpiles were down by 8.8 million barrels to 311.6 million barrels in the week ending 23 May, initially sending prices [...]
Nigeria threats send crude prices higher
Crude oil prices were up again on Wednesday after a day of declines on Tuesday.
While prices were down nearly $3 in early trade, they gained on new threats in Nigeria, where a rebel group said it would carry out new attacks on oil facilities in the region beginning on Thursday to mark the first anniversary [...]
Crude oil breaks $133 level
The price of crude oil rose above $133 per barrel at the close of floor trade in New York on Wednesday and continued the climb in after hours trade, at times approaching $134 per barrel not long after the close.
2016 contracts were even higher, trading above $142 per barrel during the day.
The gains came on [...]
Crude prices down in volatile trade
On a day when options allowing investors to bet on whether oil prices will go up or down expired, crude oil prices were down after early gains in volatile trade.
West Texas Intermediate crude for June delivery was as high as $126.64 per barrel, short of Tuesday’s record high, and as low as $120.75 per barrel [...]
Crude oil prices keep going up
Crude oil prices hit another new high at $126.98 per barrel in midday trade in New York after reports that Iran will cut oil production.
Officials in Iran later denied that any cuts were forthcoming but confirmed that the possibility of doing so has been discussed.
Heating oil hit a new record in New York as well [...]
Crude oil in new record despite gains in stockpiles
Crude oil prices reached another new record high in New York in afternoon trade on Wednesday, touching $123.80 per barrel as investors ignored the fact that crude oil and gasoline inventories rose more than expected last week and instead focused on a small but unexpected decline in distillates stockpiles, which include heating oil and diesel [...]
Another decline for crude prices
Crude oil prices fell again on Wednesday after the US Energy Information Administration reported that crude oil and distillates inventories were up much more than had been expected in the week ending 25 April and on yet another interest rate cut from the Federal Reserve in the United States.
Inventories of crude oil were up 3.8 [...]
More record highs for crude oil
Crude oil prices reached a new record high in New York on Wednesday, supported by concerns that there won’t be enough supply this summer in the United States and by global demand even though US demand has dropped by around 1 percent per week in each of the past few weeks.
Prices were also pushed upward [...]