Futures Markets
WTI, Brent drop over $2 per barrel on session
Oil prices were significantly lower on Thursday ahead of a three-day holiday for US markets, which will be closed Friday for the Independence Day holiday.
Declines came after the US Labor Department reported that 467,000 jobs were lost in the US in June, over 100,000 more than had been expected, bringing the total jobs lost since [...]
EIA: crude oil stockpiles drop 3.7 million barrels
Crude oil prices fell in afternoon trade Wednesday despite a report from the US Energy Information Administration that said crude oil stockpiles in the US dropped by nearly 4 million barrels last week.
The EIA said in its weekly inventories report that US crude oil inventories were down 3.7 million barrels to 350.2 million barrels, still [...]
Crude oil drops on stronger dollar
The price of crude oil was lower Tuesday ahead of a weekly inventories report from the US Energy Information Administration which is expected to show that crude oil stockpiles were lower last week but that gasoline inventories were up during the week.
Gains for the US dollar that made oil more expensive for buyers using currencies [...]
WTI closes above $71 in New York
The price of crude oil jumped Monday on the news that China said it will increase its oil reserves and after rebels in Nigeria attacked another oil instillation.
There were reports that China will up its strategic oil reserves by 60 percent.
Meanwhile, a militant group attacked a Royal Dutch Shell oil platform in the Delta region [...]
Crude prices down slightly in afternoon trade
Crude oil prices were up most of the session Tuesday, but by 1:25 p.m. in New York the price of July contracts for West Texas Intermediate crude had dropped 31 cents below Monday’s close to trade at $70.31 per barrel on the New York Mercantile Exchange.
The early gains came on news from the Commerce Department [...]
WTI drops $1.42 per barrel in New York
Crude oil prices fell Monday even as retail prices for gasoline in the United States continued its upward climb even though demand is still lagging.
July contracts for West Texas Intermediate crude was down $1.42 to $70.62 per barrel on the New York Mercantile Exchange, while Brent crude fell $1.60 to $69.32 per barrel on the [...]
Crude prices gain on IEA demand forecast
Crude oil prices were higher again Thursday after the International Energy Agency issued a prediction that oil demand will fall less than expected this year, following on a similar forecast from the US Energy Information Administration yesterday.
The Paris-based IEA said that while it still expects demand to decline in absolute terms this year, it now [...]
WTI gains after EIA inventories report
Prices for July contracts for West Texas Intermediate crude were at $71.79 per barrel in the day’s session before easing back to trade 74 cents above Tuesday’s close to $70.75 per barrel about half an hour before the close of trade on the New York Mercantile Exchange.
The gains came after the US Energy Information Administration [...]
WTI closes above $70 per barrel
Crude oil prices closed above $70 Tuesday and rose to a year-to-date high at $70.18 in afternoon trade in New York, but pump prices held steady at $2.619 per gallon on average nationally in the US in the same week that last year saw retail prices jump above $4 for the first time ever.
West Texas [...]
Crude prices fall after topping $70 per barrel
Crude oil prices were lower just before the close of floor trade in New York on Friday after rising earlier to above the $70 level for the first time this year.
July contracts for West Texas Intermediate crude were 21 cents lower at $68.60 per barrel a few minutes before the close on the New York [...]
Crude prices at year-to-date high
Crude oil reached its highest price so far this year on Thursday as fewer individuals filed first-time jobless claims last week and as the dollar weakened, making it cheaper for investors using other currencies to make purchases.
A report from the US Labor Department said 15,000 fewer people signed up for unemployment benefits last week, the [...]
Higher inventories send oil prices lower
Crude oil prices fell Wednesday after the US Energy Information Administration reported that inventories of crude oil and distillates rose rather than falling as expected last week, and that gasoline stockpiles fell less than had been expected during the week.
West Texas Intermediate crude for July delivery was $2.43 lower to $66.12 per barrel at the [...]
Manufacturing data helps crude prices
The price of crude oil was up Monday on hopes that demand for gasoline will rise after China’s manufacturing output was up for a third month in a row in May, the Commerce Department reported that US factory output did not contract as much as expected, and the US dollar weakened, making oil purchased in [...]
Crude prices gain 30 percent in May
Crude oil prices rose to their highest level this year in New York as West Texas Intermediate crude for July delivery added $1.23 to $66.31 per barrel on the New York Mercantile Exchange while Brent crude was up $1.08 to $65.47 per barrel on the ICE Futures Europe exchange in London.
The recent gains in prices, [...]
Crude gains on US inventories, OPEC decision
Crude oil prices were up Thursday after the US Energy Information Administration reported that US inventories fell much more than expected last week and after the Organization of Petroleum Exporting Countries decided at its meeting in Vienna to hold production quotas steady at 24.85 million barrels per day.
The EIA said that crude oil stockpiles fell [...]
Crude prices higher ahead of OPEC meeting, EIA inventories
Crude oil prices were up Wednesday ahead of Thursday’s scheduled meeting of the Organization of Petroleum Exporting Countries, to be held in Vienna, where the cartel is expected to hold production quotas steady.
Ahead of the meeting, the Saudi Arabian oil minister said that there is no need to cut production, although some estimates say that [...]
Crude gains on confidence, comments
Crude oil prices were higher Tuesday after US consumer confidence was reported higher in May and on comments from Saudi Arabia’s oil minister concerning demand.
In the United States, the Conference Board’s Consumer Confidence Index was reported at 54.9 in May, higher than its April reading of 40.8 and much higher than the 42.3 level that [...]
US inventories numbers send oil higher
Crude oil prices were higher Wednesday after the US Energy Information Administration released its latest inventories numbers, which showed that US stockpiles of crude oil and gasoline were lower last week.
The EIA said that crude oil inventories dropped by 2.1 million barrels in the week ending 15 May to 368.5 million barrels, while gasoline stockpiles [...]
June WTI gains limited by housing data
Crude oil prices for June contracts were higher in New York Tuesday on the possibility that US inventories fell last week, but with those contracts expiring at the end of the trading day, July contracts were lower just before noon.
West Texas Intermediate crude for June delivery was up 30 cents to $59.33 per barrel at [...]
Oil prices up on hopes for US holiday demand
Crude oil prices were higher Monday on hopes that Americans will ignore the bad economy and take to the roads over the upcoming Memorial Day long holiday weekend.
West Texas Intermediate crude for June added $2.69 to $59.03 per barrel on the New York Mercantile exchange, and with June contracts expiring at the close of trade [...]