Futures Markets
Oil prices hit $82.41 extending last week’s gains
Positive economic data has resulted in a rise in US crude oil today to $82.41 extending last week’s gains.
Oil has risen by 18% since early February since investors have become more optimistic that an improvement in the global economy would increase demand for oil.
Meanwhile, Brent North Sea crude for April rose 73 cents to $80.62 [...]
Crude oil gains in New York after early declines
The price of crude oil was up slightly in New York in afternoon trade on Wednesday as March contracts for West Texas Intermediate crude added 67 cents to $74.42 per barrel on the New York Mercantile Exchange less than half an hour before the close of floor trade.
Earlier, in late morning trade, March contracts were [...]
Bad weather in US raises oil prices
Crude oil prices were higher Monday as much of the East Coast of the United States tried to recover from a storm that brought several feet of new snow to some areas and ahead of another storm which is expected to bring even more snow and cold weather.
The National Weather service has forecast below normal [...]
Crude prices drop despite decline in oil inventories
Crude oil prices fell Thursday even though the US Energy Information Administration reported that crude oil inventories fell last week instead of rising as expected.
New data from the EIA showed that US crude oil stockpiles dropped by 400,000 barrels last week, against an expected gain of 2.8 million barrels.
Distillates inventories were also down more than [...]
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 in [...]
Iran tensions send oil prices higher
Oil prices were higher Monday after the US dollar weakened and tensions between the West and Iran ratcheted up again over the weekend.
January contracts for West Texas Intermediate crude were up $1.59 in afternoon trade to $77.62 per barrel on the New York Mercantile Exchange, while January Brent crude added $1.61 to $78.79 per barrel [...]
US natural gas prices drop on inventories data
Natural gas prices were lower Thursday after the US Energy Information Administration said that stockpiles were up to 3.589 trillion cubic feet last week, the most in storage since records began to be kept in 1975.
There is so much natural gas in storage in the United States, according to some analysts, that storage space is [...]
EIA: Gasoline inventories drop as crude, distillates gain
Crude oil prices rose significantly Wednesday after the US Energy Information Administration released its weekly inventories report, which showed that gasoline stockpiles declined last week.
Gasoline inventories dropped by 1.6 million barrels in the US last week, against an expected rise of 1.2 million barrels, sending prices higher even though crude oil stockpiles rose by 2.8 [...]
Crude prices rise slightly on Iran controversy
The price of crude oil ended slightly higher in New York Friday on new tensions over Iran’s nuclear enrichment program.
November contracts for West Texas Intermediate crude ended the session 13 cents higher to $66.02 per barrel on the New York Mercantile Exchange, while Brent crude gained 56 cents to $65.38 on the ICE Futures Europe [...]
Housing starts, geopolitical troubles send oil higher
Crude oil prices were higher Friday as demand hopes rose after the US Labor Department reported that new home starts in the United States were up by 3.6 percent in June.
August contracts for West Texas Intermediate crude added $1.54 to $63.56 per barrel on the New York Mercantile Exchange, while Brent crude gained $2.95 to [...]
WTI drops, is expected to decline further
The price for West Texas Intermediate crude was lower in New York Monday, and analysts predicted that prices would continue to fall throughout the week and could go as low as between $50 and $55 per barrel soon.
August contracts for WTI fell 20 cents to $59.69 per barrel by the close of floor trade on [...]
WTI closes above $71 in New York
The price of crude oil jumped Monday on the news that China said it will increase its oil reserves and after rebels in Nigeria attacked another oil instillation.
There were reports that China will up its strategic oil reserves by 60 percent.
Meanwhile, a militant group attacked a Royal Dutch Shell oil platform in the Delta region [...]
Crude gains on confidence, comments
Crude oil prices were higher Tuesday after US consumer confidence was reported higher in May and on comments from Saudi Arabia’s oil minister concerning demand.
In the United States, the Conference Board’s Consumer Confidence Index was reported at 54.9 in May, higher than its April reading of 40.8 and much higher than the 42.3 level that [...]
WTI, Brent up on equities, news
Crude oil prices were higher Monday, pulled up by positive sentiment in the wake of good news on housing and more government initiatives to try to get the economy back on track.
May contracts for West Texas Intermediate crude added $1.73 to $53.80 per barrel on the New York Mercantile Exchange after going as high as [...]
New York oil prices rise in volatile trade
Crude oil prices were up at the end of the floor trade session in New York on Monday but were lower at last report in London.
West Texas Intermediate crude April contracts ended $1.10 higher to $47.35 per barrel on the New York Mercantile Exchange after trading below $44 per barrel earlier in the session as [...]
Crude oil prices see major gains
Concerns that Russia will cut oil production in concert with the Organization of Petroleum Exporting Countries, coming on reports that Russian Vice Premier Igor Sechin will attend the OPEC meeting in Vienna this weekend, sent crude oil prices soaring Thursday.
April contracts for West Texas Intermediate crude added $4.70 to $47.03 per barrel on the New [...]
Crude oil up on OPEC speculation, geopolitical tensions
The price of crude oil was higher in New York on Monday as investors bet that the Organization of Petroleum Exporting Companies will cut production quotas when it meets this weekend in Vienna as a number of officials from OPEC nations made comments indicating that the cartel wants prices to rise.
In addition, news of a [...]
Oil prices lower on rescue plan announcement
Crude oil prices fell Tuesday after US Treasury Secretary Timothy Geithner unveiled a new government plan to bail US banks out of their current troubles.
Prices also fell on expectations that the US Energy Information Administration will report Wednesday that US crude oil stockpiles have risen again and that demand for oil and oil products is [...]
Inventories, Fed decision send crude prices higher
Crude oil prices were higher Wednesday after the US Energy Information Administration issued its weekly inventories report, which showed that crude oil stockpiles were up but that gasoline and distillates inventories dropped last week.
In addition, the price of crude jumped to $43.44 per barrel right after the Federal Reserve announced its decision to hold interest [...]
Reports send crude prices lower
Crude oil prices fell Tuesday on more bad news from the Labor Department and on two reports showing consumer confidence and house prices are both down again in the US.
March contracts for West Texas Intermediate crude dropped $4.06 to $41.67 per barrel by the end of floor trade on the New York Mercantile Exchange [...]