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 [...]
Crude oil trades above $81 per barrel in New York
Crude oil prices soared above $80 per barrel Monday on gains in global equities markets as positive quarterly reports from corporations raised hopes that the economy is recovering and that demand for oil and products made with it will grow. Prices were up even as new data showed that China’s manufacturing activity contracted for the [...]
Crude prices drop as US GDP slows in second quarter
Crude oil prices were slightly lower in midday trade in New York, with the slide coming on slower growth in the US economy. The US Commerce Department reported that the nation’s gross domestic product grew just 2.4 percent in the second quarter after adding 3.7 percent in the first quarter. Prices regained some losses on [...]
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 [...]
Beleaguered oil giant BP reports major loss
Oil giant BP has today reported a massive loss of $16.9 billion in the three months to June as a result of the major oil spill in the Gulf of Mexico. The company added that costs related to the spill will reach $32.2 billion (£20.8 billion). Excluding oil spill and other non-operating costs, BP’s replacement [...]
News drives gains, declines in oil prices
Crude oil prices were slightly higher in early afternoon trade in New York Monday after bouncing in and out of gains all morning. At 1 p.m. in New York, September contracts for West Texas Intermediate crude had added a cent to $78.99 per barrel on the New York Mercantile Exchange, while Brent crude was up [...]
Lowered storm concerns send crude prices lower
Crude oil prices were lower in afternoon trade Friday as September contracts for West Texas Intermediate Crude dropped 34 cents to trade at $78.96 per barrel on the New York Mercantile Exchange. Brent crude had also dropped 34 cents at last report to trade at $77.48 per barrel on the ICE Futures Europe exchange in [...]
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 [...]
$1bn project set up to fund deepsea spill response unit
Major oil companies have agreed to fund a $1 billion (£650 million) pool in the wake of the Gulf of Mexico oil slick. The consortium, which comprises Exxon Mobil, Royal Dutch Shell, ConocoPhillips and Chevron, will invest in robots and capture vessels. The new Marine Well Containment Company will have the ability to deal with [...]
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 up but off earlier highs
Crude oil prices were higher Monday, but by early afternoon they had fallen from earlier highs as August contracts for West Texas Intermediate crude was up 25 cents to $76.26 per barrel after having been as high as $77.73 per barrel earlier in the day. With August contracts expiring at the end of trade on [...]
BP signs major agreement with Egypt
Beleaguered oil giant BP has received a much-needed boost today after it signed an agreement with Egypt to develop significant gas resources in two offshore fields. The announcement comes just 24 hours after it emerged that engineers have detected oil seepage, despite an announcement last week that the oil leak had finally been stopped. Shares [...]
Crude drops more than $1 per barrel
Declines in equities markets and new economic data sent crude oil prices lower on Friday. August contracts for West Texas Intermediate crude was down $1.20 to $75.42 per barrel in afternoon trade on the New York Mercantile Exchange, while at last report Brent crude had dropped $1.30 to $74.79 per barrel on the ICE Futures [...]
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.