Futures Markets
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 [...]
Oil hits $100 per barrel in New York
The price of crude oil rose to $100 per barrel in New York on Wednesday for the first time in history ahead of the new US Energy Information Administration inventories report, delayed to Thursday due to the New Year’s Day holiday on Tuesday.
After rising to the $100 level, West Texas Intermediate crude for February delivery [...]
Crude oil prices in decline on session
Crude oil prices were lower on Monday despite rising geopolitical tensions in two oil-producing regions after Algeria’s oil minister said that there is a possibility that the Organization of Petroleum Exporting Countries could increase production of the market warrants it.
Further, data released by an organization that tracks the movements of oil tankers said that OPEC [...]
WTI drops on higher US consumer inflation
Oil prices were lower in New York on Friday on worries that demand could fall after a new report that US consumer prices were up 0.8 percent in November.
While the International Energy Agency issued an upward revision on oil demand for next year, a number of analysts believe that the IEA is not taking signs [...]
Crude prices drop on declines in demand
Crude oil prices were lower in Monday after it seemed that demand for oil and gasoline in the United States was falling just as OPEC began to raise production in practice if not as a policy measure.
Several factors worked to limit declines, however, including the news that fog had closed some waterways in Texas that [...]
US crude inventories drop by 8 million barrels
Crude oil prices were lower on Wednesday after the US Energy Information Administration reported that while crude oil inventories were lower last week, stockpiles of gasoline and inventories grew while refinery utilization remained the same at 89.4 percent of capacity.
While crude oil inventories dropped by 8 million barrels overall in the week ending 30 November, [...]
Iran report from US intel helps crude oil lower
Crude oil prices were lower on Tuesday ahead of a meeting of the Organization of Petroleum Exporting Companies and on a new report that says Iran stopped its program to develop nuclear weapons as far back as 2003.
In many eyes, the new report from a US intelligence agency lessens the chance that the United States [...]
Crude ends slightly higher after volatile session
Crude oil prices fluctuated all day Monday, spending time both higher and lower than Friday’s close as the session progressed as sentiment varied concerning whether or not the Organization of Petroleum Exporting Countries will decide to increase output when it meets in Abu Dhabi on Wednesday.
In addition, some analysts pointed out that OPEC could well [...]
Crude oil prices drop below $89 per barrel
Crude oil prices were lower on Friday to end a week in which West Texas Intermediate crude dropped by around $10 this week.
WTI January contracts were down $2.30 to $88.71 per barrel at the close of trade on the New York Mercantile Exchange.
Several factors led to the day’s and week’s declines, including the expectation that [...]
Crude prices drop on US inventories data
Crude oil prices dropped significantly on Wednesday after release of the weekly US inventories report from the Energy Information Administration showed that crude stockpiles were down a bit less than had been expected last week.
Inventories of crude oil dropped 400,000 barrels in the week ending 23 November on an expected decline of half a million [...]
Crude prices drop more than $3 in New York
Crude oil prices dropped significantly Tuesday ahead of a meeting of OPEC oil ministers next week where it is hoped the oil cartel will take a decision to increase output in an attempt to pull prices further away from the $100 per barrel level than they have been for the past several weeks.
West Texas Intermediate [...]