Daily Oil Market News
 
Daily Oil Prices & Futures News on the Blackstuff
Thursday 30th of October 2014
27/6/2011

Crude ends lower in New York, higher in London

Crude ends lower in New York, higher in London

Crude oil prices were mixed Monday, seeing declines in New York trade but going higher after early declines in London. August contracts for West Texas Intermediate crude were down 41 cents at about half an our before the close of floor trade on the New York Mercantile Exchange and fell a few cents more by […]




24/6/2011

Crude down in afternoon trade in New York

Story link: Crude down in afternoon trade in New York by Elaine Frei
Crude down in afternoon trade in New York

The price of crude oil was down in afternoon trade in New York again on Friday, dropping more after closing at its lowest since February on Thursday. August contracts for West Texas Intermediate crude were down 40 cents to $90.62 per barrel at just beofre 1:30 p.m. on the New York Mercantile Exchange, while the […]




23/6/2011

Crude prices drop on IEA announcement of reserve releases

Crude prices drop on IEA announcement of reserve releases

Prices for crude oil were down substantially in afternoon trade Thursday in reaction to an announcement from the International Energy Agency that it will release 60 million barrels of its stockpiles into world markets over the next month, as well as on bad news on US home sales and new jobless claims and on a […]




31/5/2011

Crude prices jump on weaker US dollar, more unrest in Yemen

Crude prices jump on weaker US dollar, more unrest in Yemen

Crude oil prices were higher in mid-morning trade in New York on Tuesday, helped higher by a weaker US dollar after the euro strengthened on hopes that there will soon be a new agreement by the European Union and the International Monetary Fund on help for Greece’s debt problems, while investors still worried about unrest […]




15/3/2011

Crude prices fall substantially on Japan worries, IEA report

Crude prices fall substantially on Japan worries, IEA report

Crude oil prices were substantially lower again Tuesday on continuing concerns about the situation in Japan and after the International Energy Agency reported that global oil supplies were higher last month. There was serious concern about escaping radiation from the Fukushima nuclear power plant after a third explosion hit another of the reactors there and […]




31/1/2011

Brent crude above $100 per barrel on Egypt concerns

Brent crude above $100 per barrel on Egypt concerns

Crude oil prices were higher in New York and London on Tuesday, with Brent crude rising above $100 per barrel, on continued concerns about civil unrest in Egypt and the impact it could have on oil supplies if the problems there increase or widen. Most of the concern centers on the Suez Canal, which is […]




11/1/2011

Crude prices higher on pipeline closure, ahead of inventories

Crude prices higher on pipeline closure, ahead of inventories

Crude oil prices were up in late morning trade in New York on Tuesday as the Trans-Alaska Pipeline remained closed after a lead at a pumping station over the weekend and ahead of US inventories data, due on Wednesday from the US Energy Information Administration. Analysts believe that the pipeline will likely reopen by the […]




7/12/2010

Crude prices drop after WTI tops $90 for the first time in two years

Crude prices drop after WTI tops $90 for the first time in two years

Crude oil prices were lower in afternoon trade in New York Tuesday, but not before prices for West Texas Intermediate crude rose to $90.76 per barrel earlier in the session, its highest level since early October 2008. The early gains came as analysts predicted that crude prices will return to over $100 per barrel next […]




18/10/2010

French strikes, fuel supply disruptions send oil prices higher

French strikes, fuel supply disruptions send oil prices higher

The price of crude oil was up Monday as equities markets in the US and Europe saw advances and on refinery strikes in France that were causing supply disruptions. There were some reports of panic buying of gasoline in France, with the worst problems in western France, over the weekend, and at least one airport […]




4/10/2010

WTI prices gain on shipping channel closure

WTI prices gain on shipping channel closure

Crude oil prices were mixed Monday as November contracts for West Texas Intermediate crude added 22 cents to $81.80 per barrel in afternoon trade on the New York Mercantile Exchange, while Brent crude was lately down 14 cents to $83.61 per barrel on the ICE Futures Europe exchange in London. Nymex November gasoline futures were […]




10/9/2010

Oil pipeline shutdown pushes crude prices higher

Oil pipeline shutdown pushes crude prices higher

Crude oil prices were higher Friday after a pipeline that carries Canadian oil to the United States was closed at a point in Illinois due to a leak, with no estimate of how long it could take to fix it and re-start the flow of oil. The pipeline, which carries 670,000 barrels of oil per […]




26/7/2010

Venezuela’s Chavez threatens oil cut to US

Venezuela’s Chavez threatens oil cut to US

Oil supplies to the US are under threat after Hugo Chavez, Venezuelan President, said he will cut oil exports if US-allied Colombia launches a military attack against his country. President Chavez, a leftist and vocal critic of the US, broke-off diplomatic relations with Colombia last week over claims by the outgoing Colombian President, Alvaro Uribe, […]




12/7/2010

Report unveils fears for global oil supply crunch

Report unveils fears for global oil supply crunch

A report is warning businesses to prepare for a world of increasing oil scarcity and a lower carbon economy or face “catastrophic consequences”. The respected Institute of Strategic Studies (ISS, known as Chatham House) said Britain needs to be ready for “peak oil” and disrupted energy supplies at a time of soaring fuel demand in […]




3/5/2010

Crude prices higher on data, spill concerns

Crude prices higher on data, spill concerns

The price of crude oil was higher Monday on good economic news from the United States and on concerns that an oil spill in the Gulf of Mexico could interrupt supply. The US Commerce Department reported during the day that personal spending was up 0.6 percent in March, although personal incomes only rose 0.3 percent […]




30/4/2010

Supply worries, US economic expansion drive crude price gains

Supply worries, US economic expansion drive crude price gains

Crude oil prices were slightly higher Friday on the news that the US economy expanded in the first quarter of the year, adding 3.2 percent for its biggest quarterly jump in three years, and on concerns that an oil spill in the Gulf of Mexico could hurt future supply. The oil spill, resulting from the […]




15/4/2010

Queues form at petrol stations ahead of Gabon oil strike

Queues form at petrol stations ahead of Gabon oil strike

A strike has begun in Gabon which has brought public transport in the capital Libreville to a grinding halt and may lead to considerable cuts in oil production. Gabon, which is Africa’s seventh-largest oil producer, saw its residents panic buy oil ahead of the strike after Government talks on labour regulations collapsed, which led to […]




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 […]




15/1/2009

Oil prices fall on OPEC demand forecast cut

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 […]




10/11/2008

Crude prices gain on China plans

Story link: Crude prices gain on China plans by Elaine Frei
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 […]




26/9/2008

WTI, Brent prices down on bailout worries

Story link: WTI, Brent prices down on bailout worries by Elaine Frei
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 […]