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 […]
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 […]
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 […]
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 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 […]
Nigeria threats send crude prices higher
Crude oil prices were up again on Wednesday after a day of declines on Tuesday.
While prices were down nearly $3 in early trade, they gained on new threats in Nigeria, where a rebel group said it would carry out new attacks on oil facilities in the region beginning on Thursday to mark the first anniversary […]
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 […]
New high for crude on revised price prediction
Crude oil prices shot to a new high at $127.82 per barrel on Friday in New York after Goldman Sachs (NYSE: GS) upped its prediction for oil prices in the second half of the year to $141 per barrel, from its previous forecast of $107 per barrel.
Prices also rose on speculation that demand for diesel […]
Crude oil prices keep going up
Crude oil prices hit another new high at $126.98 per barrel in midday trade in New York after reports that Iran will cut oil production.
Officials in Iran later denied that any cuts were forthcoming but confirmed that the possibility of doing so has been discussed.
Heating oil hit a new record in New York as well […]
UPDATE: WTI ends week up 8.3 percent
June contracts for West Texas Intermediate crude oil were at $125.96 per barrel, a gain of $2.27 on the day and up 8.3 percent for the week, at the end of floor trade on the New York Mercantile Exchange on Friday after going as high as a new record $126.20 per gallon earlier in the […]
Crude oil tops $126 per barrel in New York
West Texas Intermediate crude oil for June delivery traded at $124.80 per barrel in late morning trade on the New York Mercantile Exchange on Friday and went as high as a record $126.20 per barrel earlier in the session.
The gains came on concerns that Venezuela could cut exports to the United States if the US […]
Crude oil jumps $120 per barrel level
Crude oil prices hit a new record in New York on Monday, going as high as $120.36 per barrel on supply worries after several news items out of the Middle East and Africa and on a decline in the value of the US dollar.
Among the events causing supply worries was a threat from Kurdish rebels […]
US pump prices fall as crude sees gains
At-the-pump gasoline prices in the United States dropped for the first time in two and a half weeks on Friday, falling 0.1 cent overnight to $3.662 per gallon.
Retail prices for diesel fuel were also down, dropping 0.2 cent to $4.249 per gallon.
Crude oil prices climbed, however, with June contracts for West Texas Intermediate crude adding […]
Another decline for crude prices
Crude oil prices fell again on Wednesday after the US Energy Information Administration reported that crude oil and distillates inventories were up much more than had been expected in the week ending 25 April and on yet another interest rate cut from the Federal Reserve in the United States.
Inventories of crude oil were up 3.8 […]