Futures Markets
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 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 […]
Crude prices rise but remain below record
Crude oil prices rose again on Friday as the US dollar weakened as well as on continuing concerns about supplies.
The supply worries revolve around fears that non-OPEC production will not be able to keep up with demand as analysts have forecast that production by nations not belonging to the Organization of Petroleum Exporting Countries will […]
WTI in new record above $135 before decline
Crude oil touched a new record - again - in New York trade Thursday at $135.09 per barrel before declining, while Brent crude also rose, to $135.14 per barrel, before falling from Wednesday’s close.
The declines came on profit-taking and virtually no one is expecting that today’s falling oil prices are the beginning of a trend.
The […]
WTI for June touches $129.60 per barrel
Crude oil prices hit yet another new record Tuesday in New York at $129.60 per barrel after yet another declaration from the Organization of Petroleum Exporting Countries that it will not be raising production quotas anytime soon.
This time it was the president of the cartel insisting that production will not go up before OPEC’s next […]
Crude oil prices retreat slightly
Crude oil prices were lower in New York near the end of floor trade on the New York Mercantile Exchange on Monday, but for most of the morning they traded higher on refinery problems and on production news from the Organization of Petroleum Exporting Countries.
OPEC is reported to have said again that it will not […]
Refinery, shipping troubles send crude oil higher
Crude oil prices were higher on Monday after Neste Oil of Finland said that a diesel unit at one of its refineries will be down through May after a fire damaged it on Friday.
Also sending prices higher was a stoppage of shipping due to fog in the Houston Ship Channel in Texas.
After going as high […]
WTI up $5 per barrel on session
Crude oil hit a new record high Wednesday as the Organization of Petroleum Exporting Countries held production quotas steady with no indication that they will be willing to increase production anytime soon in an effort to push prices lower.
In addition, tensions remained high in South America as Venezuela continued to place troops to its border […]
Significant price declines for WTI, Brent crude
Crude oil prices were significantly lower Tuesday ahead of a weekly US inventories report due Wednesday, which is expected to show that crude inventories rose for an eighth consecutive week.
Prices dropped even though indications are that the Organization for Petroleum Exporting Countries will hold production quotas steady when it meets Wednesday in Vienna.
While most OPEC […]
WTI, Brent both touch new highs
Crude oil prices were higher again on Monday, hitting new record highs in both London and New York before easing back slightly to more moderate gains.
April contracts for West Texas Intermediate crude were 60 cents higher to $102.44 per barrel at the close of trade on the New York Mercantile Exchange, but not before rising […]
Crude peaks at new high
Crude oil prices were up Thursday, reaching a new high in New York, on a number of issues that included a weaker US dollar and the likelihood that the Organization of Petroleum Exporting Countries will not raise production quotas when it meets next month.
What were characterized as “small” disruptions in supply from Nigeria and Iraq, […]
WTI nears record high
Crude oil prices jumped to near-record levels in New York on Tuesday on concerns over what OPEC will do with production quotas and on a continuing dispute between Venezuela and the United States over oil.
March contracts for West Texas Intermediate crude added $4.55 to $100.05 per barrel just before the close of floor trade on […]
Crude oil prices mixed on session
Crude oil prices wavered between gains and losses in New York on Friday as some investors took profits and as the Organization of Petroleum Exporting Countries cut its demand predictions for the year but dropped more hints that it might cut production if global stockpiles remain high.
About half an hour before the close of floor […]
Geopolitical worries send crude prices higher
Crude oil prices were higher Friday as investors became less worried that a recession will hurt demand as well as on fears of supply disruptions as the situation in Nigeria, where militants have been attacking oil facilities, continues to get worse.
There were also fears that Venezuela could do something to strike back after a court […]
Crude prices fall on US job losses
Crude oil prices fell Friday after the Labor Department said that the economy lost 17,000 jobs in January, the first time jobs haven’t been added in a month in more than 4 years, strengthening fears that demand could decline.
Meanwhile, the Organization of Petroleum Exporting Countries decided at a meeting in Vienna to hold production quotas […]
Demand worries send crude oil prices lower
The price of crude oil fell slightly on Thursday as concerns continued that the US economy is teetering on the brink of recession, hurting demand.
Also possibly hurting demand is growing joblessness in the US, where new unemployment claims were up by 69,000 to 375,000 last week, much more of a gain than had been anticipated.
Gasoline […]
Brent, WTI gain ahead of meetings, EIA inventories report
Crude oil prices rose on Tuesday as investors paid more attention to speculation that the Federal Reserve will cut interest rates again this week and to the probability that the Organization of Petroleum Exporting Countries will hold production at its present level when it meets later in the week in Vienna than they did to […]
Crude oil higher ahead of Fed, OPEC meetings
Crude oil prices rose on Monday as investors anticipated another cut in US interest rates by the Federal Reserve and ahead of a meeting Friday in Vienna by members of the Organization of Petroleum Exporting Countries, at which the oil cartel is expected to hold production steady for the time being.
Part of the gain in […]
WTI declines to near $90 per barrel
Crude oil prices were lower again on Thursday as demand concerns continued.
Prices were up early in the session on a statement by Iran’s oil minister that contended that OPEC does not need to increase production, but declined after Federal Reserve Chairman Ben Bernanke said in testimony before Congress that he is in favor of a […]
WTI lower on session
Crude oil prices were lower on Friday after new jobs data raised renewed concerns about the health of the US economy and on the news that Mexico has reopened ports to oil exports after several days’ closure due to inclement weather.
West Texas Intermediate crude for February delivery fell $1.33 to $97.85 per barrel near the […]