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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
$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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
Data, new rig fire send crude prices higher.