Oil prices lost nearly $1 Monday, finishing at its lowest point in more than 3-1/2 months, as concerns about falling demand outweighed a weaker dollar.
Oil fell to its lowest price in three months Friday, briefly touching the $111 level after the dollar muscled higher and OPEC predicted the world's thirst for fuel next year will fall to its lowest point since 2002
Oil prices could be lower than previously expected next year, but the outlook for home heating oil and natural gas signals more pain this winter, according to a government report released Tuesday.
The leaders of OPEC have a long list of culprits for high oil prices: the falling dollar, U.S.-Iranian tensions, and shady speculators.
Retail gas prices and crude oil futures reached record highs Monday amid a backdrop of Mideast tensions and dollar concerns, but crude ended the day lower.
Oil reached $140 a barrel for the first time ever Thursday following reports that Libya may cut production and an OPEC official said crude could hit $170 a barrel this summer.
Crude prices lost more than $3 a barrel Tuesday on a strengthened dollar and a report showing increased output from Saudi Arabia and OPEC, while gasoline reached another record high average that stretched above the $4-a-gallon threshold.
Algerian Energy Minister Chakib Khelil told reporters the cartel will make no new decision on production levels until Sept. 9
The price that your parents pay to fill up the family car is rising. Ever stop to think about what's behind the price at the pump? Here's a look at where the money goes when you buy a gallon of regular gasoline. (The percentages cited below, which are from the Energy Information Administration, may vary by month. This data is as of April 2008.)
Crude oil prices and the value of the dollar have been marching in different directions for months. But that may shift if the Federal Reserve signals on Wednesday that its rate-cutting campaign has come to a close.
Oil prices lost nearly $1 Monday, finishing at its lowest point in more than 3-1/2 months, as concerns about falling demand outweighed a weaker dollar.
Oil fell to its lowest price in three months Friday, briefly touching the $111 level after the dollar muscled higher and OPEC predicted the world's thirst for fuel next year will fall to its lowest point since 2002
Oil prices could be lower than previously expected next year, but the outlook for home heating oil and natural gas signals more pain this winter, according to a government report released Tuesday.
The leaders of OPEC have a long list of culprits for high oil prices: the falling dollar, U.S.-Iranian tensions, and shady speculators.
Retail gas prices and crude oil futures reached record highs Monday amid a backdrop of Mideast tensions and dollar concerns, but crude ended the day lower.
Oil reached $140 a barrel for the first time ever Thursday following reports that Libya may cut production and an OPEC official said crude could hit $170 a barrel this summer.
Crude prices lost more than $3 a barrel Tuesday on a strengthened dollar and a report showing increased output from Saudi Arabia and OPEC, while gasoline reached another record high average that stretched above the $4-a-gallon threshold.
Algerian Energy Minister Chakib Khelil told reporters the cartel will make no new decision on production levels until Sept. 9
The price that your parents pay to fill up the family car is rising. Ever stop to think about what's behind the price at the pump? Here's a look at where the money goes when you buy a gallon of regular gasoline. (The percentages cited below, which are from the Energy Information Administration, may vary by month. This data is as of April 2008.)
Crude oil prices and the value of the dollar have been marching in different directions for months. But that may shift if the Federal Reserve signals on Wednesday that its rate-cutting campaign has come to a close.
They may not agree on the causes of the problem, but oil companies and OPEC agree that prices won't come down for the foreseeable future
Washington warns that skyrocketing prices threaten a global recession that will hurt oil producers, but their capacity to boost supply to meet rising demand may be limited
Oil prices hit a record $105.10 a barrel Thursday, a day after a surprise drop in U.S. crude supplies and a decision by OPEC not to boost production
Oil prices neared $105 a barrel Wednesday for the first time ever after a government report showed a surprise dip in crude supplies and OPEC announced its decision to not increase production.
OPEC, the 13-nation cartel that has a huge influence over oil prices, may be expanding farther into South America.
High oil prices are a drag on the economy, but OPEC isn't likely to raise production at its special meeting next week. But experts say the cartel is on track to meet worldwide demand - and keep prices from rising further - in the long run.
Greed is driving oil prices to $100 a barrel.
Oil prices ended lower Wednesday, as traders brushed off a big decline in crude stocks that were attributed to bad weather and OPEC nixed a production increase that traders said was all but meaningless.
Despite OPEC's rather surprise decision Wednesday to not raise production in the face of $100 oil, experts say one big oil heavyweight will likely slip more crude to an energy-thirsty world.
OPEC dashed hopes that it would step up production at its meeting Wednesday, news that sent oil prices shooting back towards the $90 a barrel mark in early trading.
OPEC may not officially boost output at the conclusion of its meeting Wednesday in Abu Dhabi, but that doesn't mean the world won't get its oil.
Oil prices fell nearly $4 Wednesday, adding to steep losses Tuesday, on a healthier-than-expected U.S. inventory report and speculation OPEC will boost production.
Oil prices fell Tuesday on growing expectations that OPEC ministers will agree to raise crude production during a meeting next week.
Oil prices fell over $2 Monday, retreating further from the $100 mark, after a minister from the Organization of Petroleum Exporting Countries indicated the cartel may increase production.
Oil prices hit a record high Thursday of more than $90 a barrel after reports indicated that the Organization of Petroleum Exporting Countries has no plans to increase production.
Crude oil prices hit a series of record highs in the past month, topping $83 a barrel - and that was after OPEC announced it would increase production by 500,000 barrels a day. The sharp spike went against post-Labor Day tradition, when the end of a gas-guzzling summer usually brings lower prices, and refineries head into their fall maintenance schedule.
Oil futures retreated from record highs set overnight as traders awaited the Federal Reserve's decision on interest rates and the government's report on crude oil and gasoline inventories.
In a monthly oil market report released Friday, the Organization of Petroleum Exporting Countries (OPEC) left its outlook for world oil demand growth this year largely unchanged at 1.3 million barrels per day or 1.5 percent above last year.
OPEC agreed late Tuesday to boost its crude output by 500,000 barrels a day in an effort to calm markets roiled by high oil prices and worried that supplies could grow tight by the end of the year.
Oil prices hit a fresh intraday record high Wednesday, passing $80 a barrel for the first time ever, after the government said supplies of crude oil fell far more than expected.
Oil prices surged to a new all-time intraday high Wednesday after finishing at a record close in the previous session on supply worries.
OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
Oil prices rose to a new record settlement price Tuesday as traders turned their attention to Wednesday's government inventory report expected to show tight supplies and shrugged off OPEC's decision to boost output.
Iran's acting oil minister said Monday he's convinced there are ample supplies of crude on world markets, joining Kuwait and Libya in signaling that OPEC will maintain its current output targets at this week's meeting.
Oil futures climbed in a late-session rally Monday as investors adjusted their holdings ahead of OPEC's Tuesday production-setting meeting.
OPEC is almost certain to maintain its current production target this week - but analysts say the cartel could be forced into action if rising crude oil prices start having a chilling effect on the global economy.
Oil and gasoline futures rose Friday, supported by concerns about tight supplies and expectations OPEC will keep output steady at a long-awaited meeting next week.
Oil prices moved off their highs Thursday after the government reported a big rise in refining activity and a gain in the raw material for making heating fuel.
Oil and gas futures rose Tuesday on expectations the hurricane season will intensify and that OPEC won't boost production when it meets next week.
The price that your parents pay to fill up the family car is rising. Ever stop to think about what's behind the price at the pump? Here's a look at where the money goes when you buy a gallon of regular gasoline. (The percentages cited below, which are from the Energy Information Administration, may vary by month. This data is as of July 2007.)
Oil prices extended early gains Wednesday after a government report showing drops in crude and gasoline supplies overshadowed fears of a slowing economy.
OPEC warned Tuesday that a slowing U.S. economy and fallout from the subprime mortgage crisis could cut oil consumption in the rest of 2007.
Oil rose near an all-time high Thursday as OPEC officials said the producer group would not hike output, despite concerns of a supply shortfall.
Oil surged more than $1 a barrel on Tuesday before falling back below $78, on expectations of falling U.S. crude inventories and a recovery in global stock markets.
Current oil prices are inflated by around $7 per barrel because of concerns about supply security, OPEC's Secretary-General Abdullah al-Badri was reported as saying in a newspaper interview on Monday.
Oil prices slipped for a fourth day on Wednesday on forecasts of higher refinery production in the United States that would ease worries over fuel supplies during peak summer demand.
Oil fell over $1 a barrel Tuesday after further assurances from OPEC that it would pump more crude if needed and expectations of higher U.S. fuel stockpiles.
Oil fell below $75 a barrel Monday as some funds booked profits after OPEC expressed concern about near-record prices and pledged to pump more crude if needed.
A fair price for both oil producers and consumers for a barrel of oil would be around $60 to $65 a barrel, a Kuwaiti state oil newsletter quoted the head of OPEC's research division as saying.
OPEC said on Monday that world oil demand in 2008 will grow moderately while supply from rival producers will expand, reducing the need for crude from the exporter group.
Near-record oil prices are unrelated to supply and demand and none of Saudi Arabia's customers is asking for more crude, the kingdom's Oil Minister Ali al-Naimi said on Wednesday.
Algeria's Energy and Mines Minister Chakib Khelil said Monday there was "not much" OPEC could do to bring down high oil prices as global crude oil stocks were already sufficient.
The price that your parents pay to fill up the family car is rising. Ever stop to think about what's behind the price at the pump? Here's a look at where the money goes when you buy a gallon of regular gasoline. (The percentages cited below may vary by month. This data is as of April 2007.)
Oil prices fell Wednesday after the government's inventory report showed a surprise drop in gasoline and crude supplies but a less than expected drawdown of distillates used to make heating oil.
Oil prices fell Wednesday despite a government report that said supplies of heating oil fell more than expected and crude supplies showed a surprise drop.
Oil prices hit $58 a barrel Wednesday, adding to Tuesday's big gain, as cold weather in the Northeast knocked down heating fuel supplies and OPEC geared up for another production cut.
After a two-day slide in oil prices totaling almost 9 percent, crude moved above the $56 level Friday, confirming predictions made earlier in the day that the selloff was nearly over - at least for now.
A report of an agreement by OPEC oil ministers to cut production in February sent oil prices sharply higher and might give stocks trouble, although that could be balanced by strong results from two major Wall Street firms.
Investors will be watching OPEC's upcoming decision on oil output and awaiting earnings news from Lehman Bros. and Bear Stearns Thursday morning.
Energy stockpiles fell far more than expected last week, according to a government report Wednesday, boosting oil prices and perhaps dissuading OPEC from another production cut as its ministers gather in Nigeria.
Oil prices slipped Wednesday despite a government report showing gasoline and crude supplies posting a surprise decline.
Oil prices rose Wednesday, hitting a two-month high, after the government said supplies of distillates and gasoline showed a surprise decline and cold weather looked set to bear down on the U.S. Northeast, the world's largest home heating oil market.
Stocks were looking for direction as reports of a strong start to the holiday shopping season and a rebound in the dollar were balanced by higher oil prices on concerns of a new OPEC production cut.
Oil prices held steady Wednesday as traders shrugged off a report showing declining fuel stocks and instead focused on more refinery activity and lingering questions over OPEC's ability to cut production.
Oil prices slipped 0.6 percent towards $58 on Wednesday ahead of U.S. data that is expected to show a rise in crude oil inventories in the world's biggest consumer but a decline in winter heating oil stocks.
Oil jumped back above $61 a barrel Wednesday, gaining more than $2, on renewed violence in Nigeria, follow-through on OPEC's production cut and a big drop in U.S. crude supplies.
Oil prices sank to their lowest level in 10 months Friday even though OPEC agreed to curb output more than expected and some members said the cartel could even cut production again before the end of the year.
Worries about the pending oil production cuts from OPEC could cancel out generally strong earnings reports from a flood of major companies Thursday.
Investors will be waiting to see a new round of earnings and what OPEC does to global oil supplies after mixed financial results from some tech heavyweights.
Oil fell more than 2 percent to near fresh 2006 lows on Wednesday as swelling U.S. crude inventories offset a likely cut in production by exporter cartel OPEC.
Oil prices moved off this year's low Wednesday after the government said supplies of distillates, used to make heating oil and closely watched ahead of winter, showed a surprise decline.
If OPEC follows through on the talk that it will cut oil production by a million barrels a day, it will send a clear signal that the cartel feels the world can handle $60 oil.
OPEC could be shutting off the spigot on Wall Street's recent record setting rally as a production cut by the cartel has oil prices shooting higher and stocks looking at a difficult open.
Just a couple of years back people talked about oil hitting a low of $20 a barrel.
An interconnected set of domestic and international factors have pushed gas prices steadily higher over the past few years, and an almost unquenchable global demand for energy may keep them there for at least the short term, industry observers say.
In the wake of soaring fuel prices and near-record earnings from the oil industry, the Senate Judiciary Committee passed a bill Thursday to restrict future oil company mergers and enable the U.S. to sue OPEC for unfair practices.
MILAN (Reuters) - OPEC countries should maintain oil output at current levels despite a surplus of supply but may trim production later, OPEC President Edmund Daukoru said in an interview with an Italian newspaper published on Saturday.
Oil prices rose back near $60 Friday on talk of a push by some member states to have OPEC cut production and forecasts of more cold weather throughout the United States.
Oil prices hovered just above $60 a barrel Thursday after the government reported that crude stockpiles rose and that the supply of distillates used for heating fell less than expected last week.
The UAE's oil minister said Saturday there was no immediate need for OPEC to cut its output levels because crude prices were not likely to drop now, but indicated the cartel could trim production early next year.
Oil prices zigzagged before ending higher Wednesday, after a government report showed larger-than-expected drop in stockpiles of crude.
Crude oil prices fell just over $1 a barrel Tuesday following supply reassurances from OPEC and despite the growing strength of Tropical Storm Rita, which was upgraded to hurricane status.
While OPEC ministers met in Vienna Monday to discuss future production and price targets for oil, oil analysts and traders were instead focused on the waters off the Florida Keys.
A new rise in oil prices could give stocks a tough start to the week, as investors eyed both a meeting of OPEC ministers and a new storm that could be headed towards oil facilities in the Gulf of Mexico.
Two four-letter "words" capture what the focus of the day: FOMC and OPEC.
Oil prices slid Wednesday in the wake of a fuel inventory report that showed a smaller-than-expected drop in crude inventories, a sharp rise in gasoline stocks and a weaker-than-expected reading on distillate fuels.
Time to get nostalgic for OPEC?
Stocks gained early Wednesday, as investors welcomed the second report this week to show that inflation remains mild.
Oil prices soared Wednesday in the wake of a weaker-than-expected crude inventory report and news that OPEC raised its output ceiling in an attempt to cool prices.
Wall Streeters better have gotten their beauty sleep this weekend, because they may not have much opportunity in the week ahead.
Crude oil prices tumbled 3 percent Wednesday reaching a seven-week low, after a government report showed a rise in crude inventories and a buildup in gasoline stocks ahead of summer.
Oil prices bounced back from early losses Wednesday, after dipping below $53 a barrel following the Energy Information Administration's report on bigger-than-expected increases in crude inventories last week.
The view that becomes clearer and clearer in the oil market still bears repeating as we see once again that global bond and stock markets remain fixated on petroleum prices: We are not going back to the future in the oil market because the situation now is not like the 1980s or 1990s when oil prices spiked higher on a supply shock.
Oil prices edged lower Thursday after flirting with record highs for a second straight session.
Oil over 57 bucks a barrel just one day after OPEC "surprised" the market with a small production boost ... it almost makes you laugh, except that it's scary to see how quickly prices have moved higher without any big disruption or global event behind them.
OPEC's decision to boost output by a half a million barrels so far is not having a big impact on the oil market, in part no doubt because it will take something more surprising, like a bigger shift in the supply and demand balance, to convince speculators who have piled into the market that the tides are turning and it's time to get out.
As the OPEC bigwigs assemble in Iran to decide the fate of the global oil market for the next few months -- and therefore the fate of the rest of us car-driving schmoes at the pump, more and more talk about us swirling about a bubble.
Oil prices fell on Tuesday on the possibility of an OPEC output rise, but the weakness was tempered by Saudi Arabia's projection of a substantial demand increase later this year.
Oil prices rose Wednesday ahead of a weekly government report on stockpiles as tensions simmered in the Middle East following the killing of former Lebanese Prime Minister Rafik al-Hariri.
Oil prices slumped more than $1 a barrel Tuesday as dealers sold off a recent rally, but the market remained on edge amid lingering speculation that OPEC may cut supplies before the end of the first quarter.
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