Futures Markets
Crude prices drop over $9 in two days
Crude oil prices fell significantly for a second straight day Tuesday, bringing declines for the two days to more than $9 per barrel.
The declines came on profit-taking, on a stronger dollar, and on fewer worries about a conflict between Iran and the West over Iran’s nuclear program.
Iranian President Mahmoud Ahmadinejad, in Kuala Lumpur for a […]
WTI ends higher in New York
Crude oil prices were slightly higher at the close of floor trade in New York on Tuesday after going as high as $138.75 in morning trade and trading lower for a time during the afternoon.
The slight declines came after Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B) said it has resumed operations at a […]
Crude prices lower on demand worries
With new reports showing housing starts and industrial production both down again in the US, crude oil prices fell on concerns that slowing economic growth will cut demand for gasoline and diesel.
Also pushing prices lower were comments from Kuwait’s finance minister who said that oil prices are too high, as well as news that a […]
Crude prices drop after early gains
Crude oil prices went as high as $139.89, a gain of more than $5 over Friday’s close in early trade on Monday before ending lower on the session.
The gains came on a fire that was reported overnight on a North Sea drilling rig that could take as much as 150,000 barrels per day out of […]
Crude prices drop below $129 per barrel
Crude oil prices were lower Tuesday, falling below $129 even though there was news of supply disruptions from several regions of the world.
In Nigeria, more bombings of pipelines disrupted supply while there was an unexpected shutdown of a drilling platform in the North Sea and reports from Mexico said that crude production was down by […]
Crude prices rise but remain below record
Crude oil prices rose again on Friday as the US dollar weakened as well as on continuing concerns about supplies.
The supply worries revolve around fears that non-OPEC production will not be able to keep up with demand as analysts have forecast that production by nations not belonging to the Organization of Petroleum Exporting Countries will […]
Crude oil prices retreat slightly
Crude oil prices were lower in New York near the end of floor trade on the New York Mercantile Exchange on Monday, but for most of the morning they traded higher on refinery problems and on production news from the Organization of Petroleum Exporting Countries.
OPEC is reported to have said again that it will not […]
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 […]
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 […]
Crude oil up again
The cost of crude oil rose again on Monday as several issues combined to support prices.
The dollar declined versus the euro again, while there was a shortage of one of the ingredients used to make summer grade gasoline.
In addition, a leaky oil pipeline that serves several refineries in the US Midwest had to be closed […]
WTI nears record high
Crude oil prices jumped to near-record levels in New York on Tuesday on concerns over what OPEC will do with production quotas and on a continuing dispute between Venezuela and the United States over oil.
March contracts for West Texas Intermediate crude added $4.55 to $100.05 per barrel just before the close of floor trade on […]
Geopolitical worries send crude prices higher
Crude oil prices were higher Friday as investors became less worried that a recession will hurt demand as well as on fears of supply disruptions as the situation in Nigeria, where militants have been attacking oil facilities, continues to get worse.
There were also fears that Venezuela could do something to strike back after a court […]
Crude prices fall on US job losses
Crude oil prices fell Friday after the Labor Department said that the economy lost 17,000 jobs in January, the first time jobs haven’t been added in a month in more than 4 years, strengthening fears that demand could decline.
Meanwhile, the Organization of Petroleum Exporting Countries decided at a meeting in Vienna to hold production quotas […]
Crude oil higher ahead of Fed, OPEC meetings
Crude oil prices rose on Monday as investors anticipated another cut in US interest rates by the Federal Reserve and ahead of a meeting Friday in Vienna by members of the Organization of Petroleum Exporting Countries, at which the oil cartel is expected to hold production steady for the time being.
Part of the gain in […]
WTI, Brent back above $90 per barrel
Crude oil prices were higher on Friday, rising once again above the $90 per barrel level in both New York and London.
At just before the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude March contracts had added $1.39 to $90.80 per barrel, while Brent crude for March delivery was […]
Crude ends slightly higher after volatile session
Crude oil prices fluctuated all day Monday, spending time both higher and lower than Friday’s close as the session progressed as sentiment varied concerning whether or not the Organization of Petroleum Exporting Countries will decide to increase output when it meets in Abu Dhabi on Wednesday.
In addition, some analysts pointed out that OPEC could well […]
Crude ends higher after OPEC meeting
After trading lower for most of the session, West Texas Intermediate crude January contracts gained 80 cents to $94.64 per barrel on the New York Mercantile Exchange on Monday after the Organization of Petroleum Exporting Countries refrained from boosting production after a weekend meeting in Saudi Arabia.
However, possible production hikes for the first quarter of […]
WTI, Brent down more than $3 per barrel
Crude oil declined substantially in New York on Tuesday after Iran complied with a key United Nations demand in relation to its nuclear program and as the International Energy Agency revised demand forecasts down.
The IEA said that high oil prices seem to be affecting demand and cut its prediction for fourth-quarter demand by 500,000 barrels […]
Crude prices decline on OPEC speculation
Crude oil prices were lower on Monday on the possibility that the Organization of Petroleum Exporting Countries could decide to increase output when it meets next.
The suggestion came from Ali al-Naimi, Saudi Arabia’s oil minister, but it was unclear if the meeting he was referring to is the meeting of OPEC member nations’ heads of […]