Daily Oil Market News
 
Daily Oil Prices & Futures News on the Blackstuff
Monday 22nd of September 2014
29/7/2011

Crude prices drop on US gdp data

Story link: Crude prices drop on US gdp data by Elaine Frei
Crude prices drop on US gdp data

Crude oil prices were lower in afternoon trade on Friday on disappointing gross domestic product data from the US Commerce Department and on the postponement Thursday night of a vote in the House of Representatives regarding raising the debt ceiling in the United States. September contracts for West Texas Intermediate crude were down $1.66 to […]




10/6/2011

Crude prices fall on Saudi decision to up output

Crude prices fall on Saudi decision to up output

Crude oil prices were lower Friday after Saudi Arabia announced during the day that it will raise its crude oil output to 10 million barrels per day, up by around half a million barrels per day from current levels. The announcement came two days after the Organization of Petroleum Exporting Countries decided to hold the […]




7/6/2011

WTI drops ahead of OPEC meeting; Brent gains on drop in North Sea production

WTI drops ahead of OPEC meeting; Brent gains on drop in North Sea production

Crude oil prices were mixed again Tuesday, with prices for West Texas Intermediate crude down while Brent crude saw gains. July contracts for WTI were down 52 cents to $98.49 per barrel at just before 2 p.m. on the New York Mercantile Exchange, with declines coming ahead of a meeting of the Organization of Petroleum […]




26/4/2011

Crude prices mixed ahead of Fed meeting

Story link: Crude prices mixed ahead of Fed meeting by Elaine Frei
Crude prices mixed ahead of Fed meeting

Crude oil prices fluctuated between gains and losses in volatile but thin trade Tuesday ahead of a meeting of the US Federal Reserve’s Open Market Committee scheduled for Wednesday, where the Committee will take a decision on US interest rates and Chairman Ben Bernanke will hold a rare press conference. June contracts for West Texas […]




10/1/2011

Pipleine closure in Alaska pushes crude prices higher

Pipleine closure in Alaska pushes crude prices higher

Crude oil prices were higher Monday after the Trans-Alaska Pipeline was closed over the weekend due to a leak at a pumping station. Output from the pipeline, which carries around 15 percent of US crude oil production, was reduced by 95 percent, and there are concerns that US supplies could be disrupted, although analysts said […]




7/1/2011

Crude prices follow equities markets lower

Story link: Crude prices follow equities markets lower by Elaine Frei
Crude prices follow equities markets lower

Crude oil prices were lower Friday on declines in equities markets, a stronger US dollar, and on a disappointing Labor Department report which said that the US only added 103,000 jobs last month rather than the 150,000 new jobs which had been anticipated. Prices were also hurt by an analyst opinion that prices are too […]




12/11/2010

Crude prices fall on China policy tightening concerns

Crude prices fall on China policy tightening concerns

Crude oil prices were significantly lower in late morning trade in New York on Friday, following other commodities lower on concerns that China will fight inflation there by further tightening monetary policy after new data released yesterday showed that consumer prices were up by 4.4 percent in October. At around 11 a.m. in New York, […]




15/10/2010

Crude prices retreat on Bernanke comments

Story link: Crude prices retreat on Bernanke comments by Elaine Frei
Crude prices retreat on Bernanke comments

Crude oil prices were lower in late morning trade in New York after Federal Reserve Chairman Ben Bernanke made comments which indicated that the US central bank is getting ready to implement more measures aimed at helping the US economy to recovery. Other news tending to push prices lower included a new survey from Reuters […]




24/9/2010

Petrobras raises cash for offshore development plan

Petrobras raises cash for offshore development plan

Brazilian state oil giant, Petrobras, has confirmed it has raised $70 billion (£44 billion) in order to fund an ambitious offshore development plan. According to a source close to the matter, the offering had “tremendous demand” from US mutual funds and Petrobras has said in the filing that it may sell another 188 million new […]




18/8/2010

Shell warns on production in Nigeria

Story link: Shell warns on production in Nigeria by Kay Murchie
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 […]




8/6/2010

Crude prices up on short-term outlook from EIA

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 […]




13/4/2010

Earnings reports hurt oil demand sentiment, send prices lower

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 […]




6/4/2010

Crude oil prices drop slightly after gains

Story link: Crude oil prices drop slightly after gains by Elaine Frei
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 […]




30/3/2010

$70-$80 range in oil prices is appropriate level

$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 […]




17/3/2010

OPEC members agree to leave production at current levels

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 […]




12/3/2010

China’s oil demand surges 28% in January

Story link: China’s oil demand surges 28% in January by Kay Murchie
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, […]




28/5/2009

Crude gains on US inventories, OPEC decision

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 […]




18/5/2009

Oil prices up on hopes for US holiday demand

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 […]




14/4/2009

WTI, Brent prices slide slightly

Story link: WTI, Brent prices slide slightly by Elaine Frei
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 […]




16/3/2009

New York oil prices rise in volatile trade

Story link: New York oil prices rise in volatile trade by Elaine Frei
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 […]