Futures Markets
Crude prices drop over $9 in two days
Crude oil prices fell significantly for a second straight day Tuesday, bringing declines for the two days to more than $9 per barrel.
The declines came on profit-taking, on a stronger dollar, and on fewer worries about a conflict between Iran and the West over Iran’s nuclear program.
Iranian President Mahmoud Ahmadinejad, in Kuala Lumpur for a […]
Crude oil prices down on reduced Iran tensions
August contracts for West Texas Intermediate crude oil dropped $3.92 to close at $141.37 per barrel on the New York Mercantile Exchange Monday after going as low as $139.50 earlier in the session, while Brent crude was down $2.55 to $141.87 per barrel on the ICE Futures Europe exchange in London.
The declines, which are not […]
Crude oil prices up on supply worries
Crude oil prices headed into record territory again on Thursday on indications that global demand could test supplies.
Demand is especially strong in China, where the government is rebuilding after the destructive May earthquake in Sichuan Province at the same time that it is preparing for the Summer Olympics, set to open in Beijing on 8 […]
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 […]
Crude prices jump on IEA report, Iran concerns
Crude oil prices were higher again Tuesday on supply and geopolitical concerns.
August contracts for West Texas Intermediate crude added 97 cents to $140.97 per barrel at the close of floor trade on the New York Mercantile Exchange after going as high as $143.33 earlier in the session, while Brent crude gained 68 cents to $140.54 […]
Brent Crude, WTI close down slightly
August contracts for West Texas Intermediate crude oil ended the floor trading session down 21 cents from Friday’s close at $140 per barrel, but only after rising to a new record of $143.67 per barrel earlier in the day.
Brent crude for August delivery dropped 13 cents to $140.18 per barrel after also setting a new […]
WTI, Brent in new records near $143 per barrel
Crude oil prices entered record territory again on Friday as both New York and London prices set new records when West Texas Intermediate crude soared to $142.99 per barrel and Brent crude went as high as $142.97 during the session.
The gains came on more weakening of the US dollar in relation to the euro and […]
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 ends higher in New York
Crude oil prices were slightly higher at the close of floor trade in New York on Tuesday after going as high as $138.75 in morning trade and trading lower for a time during the afternoon.
The slight declines came after Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B) said it has resumed operations at a […]
WTI gains on Saudi disappointment, Nigeria worries
Crude oil prices were up on Monday on disappointment that Saudi Arabia did not pledge to hike production by more than it did.
The Saudis said they would increase production by 200,000 barrels per day beginning in July while continuing to argue that lack of supply is not the reason for rising oil prices.
Instead, they continue […]
Crude oil rises on Middle East worries
Crude oil prices were higher Friday after the Israeli military carried out exercises in the Mediterranean Sea that some interpreted as a rehearsal for an attack on Iranian nuclear sites.
In addition, prices were pushed up by a declaration from Royal Dutch Shell (LSE: RDSA, RDSB; LSE: RDS.A, RDS.B) that a recent attack on one of […]
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 […]
Crude prices lower on demand worries
With new reports showing housing starts and industrial production both down again in the US, crude oil prices fell on concerns that slowing economic growth will cut demand for gasoline and diesel.
Also pushing prices lower were comments from Kuwait’s finance minister who said that oil prices are too high, as well as news that a […]
Crude prices drop after early gains
Crude oil prices went as high as $139.89, a gain of more than $5 over Friday’s close in early trade on Monday before ending lower on the session.
The gains came on a fire that was reported overnight on a North Sea drilling rig that could take as much as 150,000 barrels per day out of […]
PA Resources spuds Didon-9 in Tunisia
PA Resources, one of the largest oil companies currently operating in Tunisia, continues exploration activities on the Didon field in Tunisia.
After completing the drilling of the production well Didon-7 on the Didon oil field offshore, earlier this week, the company has spudded a second well on the field.
The company, which has a 100 […]
Pioneer commences production from Oooguruk
US based independent exploration and production company, Pioneer Natural Resources Company begins production and sales from the Oooguruk Unit on the North Slope.
Pioneer, which holds 70% working interest and operates the Oooguruk unit has set a new precedent for North Slope offshore development by bringing Oooguruk on line in less than five years.
Italian […]
XTO Energy to acquire Hunt Petroleum
Texas based XTO Energy Inc. has signed a definitive merger agreement with Hunt Petroleum Corporation and other associated entities for $4.186 billion.
To acquire the private sector firm, XTO will pay $2.6 billion in cash and will transfer 23.5 million shares of XTO common stock valued at approximately $1.6 billion, or $67.50 per share.
After […]
PA Resources begins production in Tunisia
PA Resources has completed the drilling of the production well Didon-7 on the Didon oil field offshore Tunisia. The initial pilot hole encountered the top reservoir five meters higher than prognosis which will increase the reserves of the field. The drilling of a 500 meter horizontal drain has also been completed and production has now […]