WTI gains on China currency news
Crude oil prices were higher Monday after China said over the weekend that it will allow its currency, the yuan, to float more freely, allowing the currency to strengthen, and on a report showing that demand for oil in China was up by 9.8 percent in May over the same month last year. The gains [...]
WTI down more than $2 in New York
Crude oil prices fell Tuesday as equities markets declined and the euro weakened to an 8 ½ year low versus the yen and near 4-year lows in relation to the US dollar, leading investors to stay away from risky investments. The declines in equities markets came as tensions increased between North Korea and South Korea [...]
Crude prices up on EU bailout for Greece
The price of crude oil was higher Monday after it was announced that the European Union has finalized a bailout package worth almost $1 trillion dollars, after prices declined by 14 percent last week on concerns surrounding the Greek economy’s recent problems. Also helping push prices higher was the latest data on oil imports by [...]
Supply worries, US economic expansion drive crude price gains
Crude oil prices were slightly higher Friday on the news that the US economy expanded in the first quarter of the year, adding 3.2 percent for its biggest quarterly jump in three years, and on concerns that an oil spill in the Gulf of Mexico could hurt future supply. The oil spill, resulting from the [...]
Dropping jet fuel demand, Goldman Sachs concerns send oil lower
Concerns about possible fallout from civil fraud charges filed by the US Securities and Exchange Commission against Goldman Sachs (NYSE: GS) and over the more literal fallout of ash from a volcano in Iceland that has grounded air traffic in Europe for several days sent crude oil prices lower Monday, adding to declines at the [...]
WTI, Brent prices fall again
Crude oil prices were down again on Friday as recent reports of rising US inventories combined with continuing weak demand, added to gains last week in US first-time jobless claims caused concern among investors. Additionally, a downgrade of Greek debt by Fitch Ratings along with a statement that the agency could lower that rating further [...]
Optimism sends crude oil prices higher
Crude oil prices were higher Monday on hopes that a resolution to Greece’s economic troubles are closer and on a US report that showed personal spending up in February. The Commerce Department reported that personal spending in the US rose 0.3 percent in February, the fifth month in a row of increases, and disposable income [...]
Strong dollar, policy tightening concerns send crude prices lower
Several factors pushed crude oil prices lower Friday, including a gain by the US dollar over the euro on concerns about Greek debt and whether or not a plan will be agreed for the European Union to aid the Mediterranean nation in its attempt to recover. Investors sold off April contracts for West Texas Intermediate [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Data, new rig fire send crude prices higher.