Crude prices drop on data, US dollar
Crude oil prices were down again Friday as the US dollar strengthened, making oil more expensive for buyers using other currencies and despite better news on US consumer confidence. September contracts for West Texas Intermediate crude were down 42 cents to $75.32 per barrel in afternoon trade on the New York Mercantile Exchange, while Brent [...]
Crude prices mixed on OPEC demand projections
Crude oil prices were mixed in afternoon trade in New York on Tuesday, gaining early on demand growth reports from the Organization of Petroleum Exporting Countries and the US Energy Information Administration but declining later as projections expected tomorrow’s EIA report on US inventories to show that stockpiles of crude oil, gasoline and distillates all [...]
Earnings reports hurt oil demand sentiment, send prices lower
Crude oil prices were lower again on Tuesday on more demand concerns after US aluminium producer Alcoa (NYSE: AA) reported first quarter results that did not measure up to expectations and said that some of its markets won’t use as much aluminium as they have in the past. The prediction put into question how much [...]
Little movement for crude oil prices
Oil prices were up and down in fitful trade Tuesday as investors waited for Wednesday’s release of last week’s US inventories data from the Energy Information Administration, which is expected to show that crude oil stockpiles were up again last week, while gasoline and distillates in storage probably dropped during the week. A poll of [...]
$70-$80 range in oil prices is appropriate level
Oil prices have been volatile over the last two years after reaching a peak of $147 in July 2008 but dived as low as $40 in January 2009. Prices are currently around the $82 dollars a barrel mark and have roughly been at this level since last August. The OPEC oil cartel said yesterday that [...]
Crude prices rise on EIA report, OPEC decision
Crude oil prices were higher in afternoon trade in New York after US crude oil inventories did not grow as much as expected last week and after the Organization of Petroleum Exporting Countries voted to hold production quotas steady in hopes of supporting oil prices at their current levels. The US Energy Information Administration, in [...]
OPEC members agree to leave production at current levels
In the face of recovering crude oil prices, the Organisation of Petroleum Exporting Countries (OPEC) members agreed to keep its oil production quota unchanged at its meeting in Vienna today. Saudi Oil Minister Ali al-Nuaimi said ministers had reached agreement on leaving production at current levels and told reporters: “We are very happy with the [...]
Crude prices lower ahead of OPEC meeting
The price of crude oil dropped Monday ahead of a meeting of the Organization of Petroleum Exporting Countries, scheduled for Wednesday, where the cartel is expected to call for stricter compliance with existing oil production quotas rather than to put into place more stringent quotas. It is estimated that OPEC compliance with agreed quotas is [...]
EIA: US crude stockpiles up less than expected
Crude oil prices varied during the session Wednesday after the US Energy Information Administration said that oil inventories were up 1.4 million barrels last week to 343 million barrels, not as much as the 2.1 million barrel gain which had been expected. Prices rose and fell and by afternoon trade in New York April contracts [...]
Crude prices rise on dollar, data in weak trade
The price of crude oil was higher Tuesday, regaining early declines after the US dollar dropped gains versus the euro. February contracts for West Texas Intermediate crude added 68 cents to $74.40 per barrel on the New York Mercantile Exchange, while February Brent crude was up 38 cents to $73.37 per barrel on the ICE [...]
Stronger dollar sends oil prices lower
Crude oil prices were lower in afternoon trade on a stronger dollar after going higher earlier on reports of attacks on pipelines in Nigeria and Iraq. Nigerian rebels were said to have attacked a pipeline in the southern part of that African nation on Saturday as a protest against what they called lack of progress [...]
Oil gains on OPEC consumption forecast
With about half an hour left in the floor trade session in New York on Tuesday, the price of January contracts for West Texas Intermediate crude oil had risen $1.14 to $70.65 per barrel on the New York Mercantile Exchanbge, aftter an upwardly revised estimate of 2010 consumption from the Organization of Petroleum Exporting Countires. [...]
Worries about demand send New York crude prices lower
Crude oil prices were mixed Monday, falling slightly in New York trade about fifteen minutes before the close of floor trade while gaining a bit more in London. The declines in New York came as investors worried about lagging demand as well as on dropping factory output in Europe, and on little gain in sentiment [...]
Crude oil prices gain over $2 in New York, London
The price of crude oil was higher Monday as the US dollar weakened and equities markets saw gains, and after comments from officials of member nations of the Organization of Petroleum Exporting Countries said that production quotas will probably remain steady. December contracts for West Texas Intermediate crude added $2.55 to $78.90 per barrel on [...]
Crude up on weather, OPEC demand forecast
Crude oil prices were higher again Tuesday, gaining on a US dollar that weakened further and after the Organization of Petroleum Exporting Countries predicted that demand for oil will be up next year, but not by much and that recovery will be slow. OPEC said that recovering demand will raise demand for crude oil globally [...]
EIA: US crude inventories fell almost 6 million barrels last week
The price of crude oil was higher after the US Energy Information Administration reported that inventories of crude dropped much more than had been expected last week. The EIA said that crude oil stockpiles fell by 5.9 million barrels in the week ending 4 September to 337.5 million barrels, still 39.5 million barrels more than [...]
Oil prices up ahead of OPEC meeting
The price of crude oil rose again Wednesday ahead of a meeting of the Organization of Petroleum Exporting Countries, which is set to begin after the markets close today. October contracts for West Texas Intermediate crude was $1.08 higher to $72.18 per barrel about an hour before the close of floor trade on the New [...]
Crude oil prices gain on weaker dollar
Crude oil prices were up the most in a month after the US dollar weakened, making oil cheaper for investors buying with other currencies and ahead of a meeting of the Organization of Petroleum Exporting Countries, set for Vienna, Switzerland tomorrow. Before the OPEC meeting, Saudi Arabia’s oil minister said that while current global oil [...]
WTI drops significantly in afternoon trade in New York
Crude oil prices were significantly lower in New York trade Friday following declines in equities markets and on disappointing quarterly earnings reports in the retail sector as sales dropped, indicating that consumers are not ready to spend much money yet. Demand for oil and oil products remain low, with little signs that it will recover [...]
WTI gains despite more crude in storage
Crude oil prices rose in New York Wednesday after the US Energy Information Administration reported that crude oil stockpiles rose again last week, adding 2.5 million barrels to bring inventories to 352 million barrels in storage. September contracts for West Texas Intermediate crude had added $1.21 to $70.66 per barrel at just before 2 p.m. [...]
Data, new rig fire send crude prices higher.