Futures Markets
Oil prices fall on OPEC demand forecast cut
Crude oil prices fell again Thursday after the Organization of Petroleum Exporting Countries said demand for its supplies will fall 4.2 percent to 29.5 million barrels per day in 2009.
Also hurting prices was a Labor Department report showing that first-time jobless claims were up to 524,000 last week, more than had been expected, although part [...]
Crude prices gain on China plans
Crude oil prices were higher Monday after China announced that it will spend 4 trillion yuan ($568 billion) to stimulate its economy over the next two years as investors bet the Asian nation’s program to improve its infrastructure, build low-rent housing and develop rural areas would push oil demand higher.
However some gains were pared after [...]
WTI, Brent prices down on bailout worries
Crude oil prices were lower Friday on worries that failure to reach an early agreement on a bailout for the US financial sector could hurt demand by slowing the economy and putting more people out of work.
Prices might have declined even more than they did, but with 60 percent of crude oil production and 56 [...]
Crude oil gains on bailout hopes
Crude oil prices were up Thursday on hopes that a bailout plan for the US financial sector will be reached soon and on supply disruptions in Europe and Africa.
Prices for oil in New York were up after Senator Chris Dodd, chairman of the Senate Banking Committee announced that an agreement in principled had been reached [...]
Crude prices drop after early gains
After gains early in the session, crude oil prices ended lower Thursday after the International Energy Agency said it would dip into its emergency reserves to keep supplies flowing if Tropical Storm Gustav regains hurricane strength and damages key oil facilities in the Gulf of Mexico.
As many as 4,000 oil and gas facilities are located [...]
Crude prices jump on weaker dollar
Crude oil prices were up Tuesday as the US dollar weakened against the euro after gains early in the session, and on the possibility that refiners could up their demand for crude oil, driving prices higher.
Also sending prices higher were comments from a Libyan official that oil prices are likely to rebound, a report that [...]
WTI, Brent see more price declines
The price of crude oil fell again Monday on a 7 percent decline of imports into China in July, due primarily to high prices, which added to concerns about declining demand in the US and other industrialized economies.
Also sending prices lower was a request from Iran’s top nuclear negotiator for further negotiations with the European [...]
Crude oil prices up on supply worries
Crude oil prices headed into record territory again on Thursday on indications that global demand could test supplies.
Demand is especially strong in China, where the government is rebuilding after the destructive May earthquake in Sichuan Province at the same time that it is preparing for the Summer Olympics, set to open in Beijing on 8 [...]
More new records for oil, gasoline prices
Crude oil prices reached yet another new high Wednesday after the US Energy Information Administration reported that crude oil stockpiles in the United States fell more than expected last week.
According to the EIA, inventories of crude oil dropped 2 million barrels in the week ending 27 June to 299.8 million barrels, while gasoline stockpiles were [...]
WTI gains on Saudi disappointment, Nigeria worries
Crude oil prices were up on Monday on disappointment that Saudi Arabia did not pledge to hike production by more than it did.
The Saudis said they would increase production by 200,000 barrels per day beginning in July while continuing to argue that lack of supply is not the reason for rising oil prices.
Instead, they continue [...]
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 [...]
Falling demand sends crude prices lower
Evidence of declining demand and an expectation that Wednesday’s US inventories report from the Energy Information Administration will show increased stockpiles sent crude oil prices substantially lower on Tuesday.
A report from the US Energy Department showed that demand for gasoline was down 6.2 percent in the United States in February from January, while overall demand [...]
WTI at new record near $114 per barrel
Crude oil rose to a new record high in New York on Tuesday, touching $113.93 per barrel before pulling back slightly in afternoon trade.
Prices were supported by a generally weak dollar was well as by continued supply disruptions in Nigeria and by news of port closures in Mexico due to bad weather.
May contracts for West [...]
Crude prices gain on supply worries
The price of crude oil was higher on Friday as investors figure that US inventories aren’t as abundant as Thursday’s Energy Information Administration made them seem.
Details of the report show that most of the buildup in stockpiles were on the West Coast of the US and isolated from the rest of the nation.
In addition, OPEC [...]
Nymex crude below $70 per barrel
Crude oil prices fell below $70 in New York on Tuesday as Hurricane Dean weakened to a Category 2 storm, making it less likely that there will be any serious or lasting damage to Mexican oil facilities although there will be some supply disruptions after a number of off-shore drilling rigs were evacuated ahead of [...]
Western Oil Firms find it difficult to make money in Africa
Large overseas oil companies are finding it increasingly difficult to make money in Africa due to output restrictions, unstable politics and steps by some governments to change contracts.
Africa is one of the last regions available to foreign oil exploration and many companies are reaping the rewards from high energy prices. However, difficulties [...]
IEA warns OPEC on oil production
The IEA (International Energy Agency) has warned OPEC, the representative body of oil exporting countries, to step up production in the wake of recent price rises.
The statement comes as the price of crude oil has reached a twelve-month peak at around $77 a barrel. The increasing price of oil has the potential to cripple [...]
WTI closes above $70 per barrel
Prices for crude oil, gasoline and heating oil were higher on Friday on supply concerns. Brent crude for July delivery added 66 cents to $71.18 per barrel to end at the same place it began the week. August contracts for West Texas Intermediate crude, meanwhile, ended the session at $1.11 to $70.68 per [...]
Crude oil prices mixed on mixed news
Oil prices were mixed on Monday. July contracts for Brent crude were 98 cents lower on the Intercontinental Exchange in London, to $70.20 per barrel. Meanwhile, the price for West Texas Intermediate Crude for August delivery was down by $1.24 per barrel at one point in the day but by mid-afternoon trade on [...]
Analysts predict second half spike in oil prices
Crude oil prices were lower on Tuesday even as analysts predicted that prices will spike again later in the year as supplies tighten. The International Energy Agency increased its prediction for global oil demand and called again on the Organization of Petroleum Exporting Countries to raise production quotas. The IEA said that demand [...]