Futures Markets
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 [...]
WTI nears $120 per barrel before retreat
Crude oil prices were up again on Monday on supply worries after a North Sea pipeline was closed due to a refinery strike in Scotland.
A separate strike in Nigeria, added to a pledge by militants there to continue attacks on oil facilities, also contributed to the higher prices.
West Texas Intermediate crude was up 18 cents [...]
Crude sees slight declines
Crude oil prices fell slightly on Tuesday as investors took profits after recent gains to nearly $110 per barrel.
Declines were limited, however, by an announcement from Iran that it intends to step up its uranium enrichment activities and is currently testing equipment that will allow them to do that.
May contracts for West Texas Intermediate crude [...]
WTI drops $4.04 per barrel; Brent also much lower
Crude oil prices declined Monday, joining most other commodities in price drops as investors took profits on recent gains.
May contracts for West Texas Intermediate crude were down $4.04 to close at $101.58 per barrel although it ended the first quarter with a gain of 5.8 percent, while Brent crude for May delivery was down $3.47 [...]
Crude higher on Iraq pipeline blast
The price of crude oil rose as high as $108.14 in New York on Thursday after an explosion and fire damaged an oil pipeline in Iraq.
Some reports said the explosion was the result of a bomb while others, including the Iraqi oil ministry, have maintained that the cause of the explosion and fire are unknown.
Reports [...]
WTI rises to near $110 per barrel
Crude oil prices hit yet another record high on Tuesday when it rose to $109.72 per barrel in New York.
By the end of the floor session on the New York Mercantile Exchange, April contracts for West Texas Intermediate crude was 86 cents over Monday’s close to $108.76 per barrel, while Brent crude was up $1.02 [...]
Crude rises above $108 per barrel in New York
Crude oil prices were higher again Monday, hitting a new record at $108.17 per barrel before falling back a bit but remaining above $107 per barrel at the close of floor trade in New York.
April contracts for West Texas Intermediate crude were at $107.85 per barrel at the close on the New York Mercantile Exchange, [...]
Crude oil declines after touching record highs
Crude oil prices were lower Friday, but not before rising to record highs first as worries continued over political tensions in South America.
West Texas Intermediate crude for April delivery was down $1.27 to $104.20 per barrel at last report from the New York Mercantile Exchange, while Brent crude dropped 24 cents to $102.37 per barrel.
Earlier [...]
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 [...]
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 back above $100 per barrel
Crude oil prices were higher again on Tuesday, closing above $100 per barrel in New York and closing in on that level in London.
April contracts for West Texas Intermediate crude added $1.53 to $100.74 per barrel on the New York Mercantile Exchange, while Brent crude jumped $1.64 to $99.33 per barrel on the ICE Futures [...]
Crude oil prices up on geopolitical issues, weather report
Crude oil prices were higher again on Monday on continuing worries about Turkish military operations inside northern Iraq and on new warnings from Iran concerning international sanctions against that nation over its nuclear ambitions.
Prices were also supported by forecasts for colder weather in parts of the United States that will increase demand for heating oil.
West [...]