Shell warns on production in Nigeria
Shell in Nigeria has today warned it may not meet contractual obligations on crude oil after an oil theft sabotaged two pipelines. Nigeria, a member of the OPEC, is the world’s 12th-largest oil producer and the eighth-largest oil exporter. Over the weekend, oil thieves made holes, or cuts, to siphon oil, according to Shell but [...]
Crude prices up on short-term outlook from EIA
Crude oil prices were slightly higher in afternoon trade on Tuesday after the US Energy Information Administration issued it’s monthly Short-Term Energy Outlook. The EIA predicted that crude oil prices will average $79 per barrel in the second half of this year, down from its projection of an average of $84 per barrel in last [...]
Earnings reports hurt oil demand sentiment, send prices lower
Crude oil prices were lower again on Tuesday on more demand concerns after US aluminium producer Alcoa (NYSE: AA) reported first quarter results that did not measure up to expectations and said that some of its markets won’t use as much aluminium as they have in the past. The prediction put into question how much [...]
Crude oil prices drop slightly after gains
Crude oil prices were slightly lower in early afternoon trade in New York after the US dollar strengthened and equities markets declined. The lower prices came after substantial gains on Monday and ahead of the release of the minutes from the most recent meeting of the Federal Reserve’s Open Market Committee, due later in the [...]
$70-$80 range in oil prices is appropriate level
Oil prices have been volatile over the last two years after reaching a peak of $147 in July 2008 but dived as low as $40 in January 2009. Prices are currently around the $82 dollars a barrel mark and have roughly been at this level since last August. The OPEC oil cartel said yesterday that [...]
OPEC members agree to leave production at current levels
In the face of recovering crude oil prices, the Organisation of Petroleum Exporting Countries (OPEC) members agreed to keep its oil production quota unchanged at its meeting in Vienna today. Saudi Oil Minister Ali al-Nuaimi said ministers had reached agreement on leaving production at current levels and told reporters: “We are very happy with the [...]
China’s oil demand surges 28% in January
The International Energy Agency (IEA) has revealed China’s demand for oil soared by an “astonishing 28% year-on-year in January”. According to the IEA, global oil demand this year will be fuelled by non-OECD countries – with non-OECD Asia representing half of all growth. China’s thriving economy has seen oil imports surge and earlier this week, [...]
Crude gains on US inventories, OPEC decision
Crude oil prices were up Thursday after the US Energy Information Administration reported that US inventories fell much more than expected last week and after the Organization of Petroleum Exporting Countries decided at its meeting in Vienna to hold production quotas steady at 24.85 million barrels per day. The EIA said that crude oil stockpiles [...]
Oil prices up on hopes for US holiday demand
Crude oil prices were higher Monday on hopes that Americans will ignore the bad economy and take to the roads over the upcoming Memorial Day long holiday weekend. West Texas Intermediate crude for June added $2.69 to $59.03 per barrel on the New York Mercantile exchange, and with June contracts expiring at the close of [...]
WTI, Brent prices slide slightly
Crude oil prices were a bit lower on Tuesday after the US Commerce Department reported that retail sales were down in the US in March and on a new report from the Energy Information Administration which said that oil production in the US will likely rise this year for the first time since 1991 but [...]
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 [...]
Crude prices lower to end week
The price of crude oil was lower Friday ahead of Sunday’s meeting of the oil ministers from member nations of the Organization of Petroleum Exporting Countries amid uncertainty about the decision the cartel will take concerning production quotas. Officials of the group have been sending conflicting signals about what might happen at the meeting, while [...]
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 [...]
Crude oil prices drop as US inventories gain
Crude oil prices dropped in New York and held steady in London after the US Energy Information Administration reported that crude oil stockpiles in the United States grew unexpectedly last week. April contracts for West Texas Intermediate crude fell $3.38 to $42.33 per barrel by the close of floor trade on the New York Mercantile [...]
EIA demand forecast sends crude prices lower
The price of crude oil was lower Tuesday, but only after morning gains, on a new report issued by the US Energy Information Administration cut its earlier forecast of how much demand there will be globally for oil this year. The EIA said that the price of oil will average $42 per barrel this year [...]
Prospect of OPEC cuts don’t halt crude price declines
The price of crude oil fell in New York and London as the Organization for Petroleum Exporting Countries is expected to cut production further than it already has when it meets next month. A prediction that OPEC will cut quotas again at its 15 March meeting from the former president of the cartel added to [...]
WTI ends session below $40 per barrel
After trading up earlier in the session, crude oil prices were lower at the close of floor trade in New York on Monday. Prices were up on the news that the Organization of Petroleum Exporting Countries said it will delay 35 of 150 new oil and gas projects, that it will probably not meet its [...]
WTI ends slightly higher on session
Crude oil prices bounced up and down Tuesday, ending slightly higher in New York after having been up as high as $39.50 per barrel at one point in the session. At last report, Brent crude for February delivery was trading up $1.29 to $44.20 per barrel on the ICE Futures Europe exchange in London, while [...]
Oil prices sink on jobs data
Unemployment data from the US Labor Department hurt oil prices Friday as the numbers pointed to continued weakening of the economy, which could cut demand for oil and oil products further. According to the Labor Department’s report, the unemployment rate rose to 7.2 percent in December, the highest in sixteen years even though the number [...]
Crude prices lower on EIA forecast
Crude oil prices fell Wednesday after the US Energy Information Administration cut its demand growth predictions and said that demand will average 85.93 million barrels per day in the United States next year. The EIA said that oil demand in the US will drop by 5.4 percent this year and by another 1.3 percent in [...]
Data, new rig fire send crude prices higher.