Futures Markets
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, OPEC said [...]
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 fell [...]
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 trade [...]
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 as [...]
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 there [...]
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 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 Exchange [...]
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 and [...]
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 suggestions [...]
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 goal [...]
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 at [...]
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 of [...]
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 2009, [...]
Crude prices down on US factory output data
Crude oil prices dropped Monday on new data showing that manufacturing activity was down in the US in October, raising more fears that demand will decline further.
The Institute for Supply Management said its factory index was at 38.9 last month, more of a decline than had been anticipated.
December contracts for West Texas Intermediate crude dropped [...]
OPEC production cuts don’t halt oil price declines
An announcement of a production cut of 1.5 million barrels of crude oil per day, starting on 1 November, by the Organization of Petroleum Exporting Countries did not halt price declines Friday.
West Texas Intermediate crude for December delivery dropped $3.69 to $64.15 per barrel at the close of floor trade on the New York Mercantile [...]
Gains in crude prices ahead of OPEC meeting
Crude oil prices advanced Thursday on anticipation that the Organization of Petroleum Exporting Countries will cut production quotas when it meets tomorrow in Vienna.
The oil ministers of Iran, Libya and Argentina have all called for big quick cuts in output, by about 2 million barrels per day, but the Saudi Arabian oil minister would not [...]
Crude oil gains on anticipation of OPEC move
Crude oil prices were higher Monday on the virtual certainty that the Organization of Petroleum Exporting Countries will cut output later this week, but at-the-pump prices for unleaded gasoline in the United States fell below $3 per gallon on average as demand concerns continued.
November contracts for West Texas Intermediate crude dropped $2.40 to $74.25 per [...]
Crude oil prices gain ahead of OPEC meeting
Crude oil prices were higher Friday on the likelihood that the Organization of Petroleum Exporting Countries will cut output by around 1 million barrels per day when it meets next Friday in Vienna, a meeting that was originally not scheduled to occur until next month.
While OPEC hopes to stop the free-fall in oil prices with [...]
US inventories gains send oil prices lower
Crude oil prices were lower Wednesday after weekly US inventories reports showed that stockpiles of oil and gasoline were up much more than had been anticipated last week.
The US Energy Information Administration said that inventories of crude oil were up 8.1 million barrels in the week to 302.6 million barrels while gasoline stockpiles added 7.2 [...]