Oil prices fell more than $1 a barrel Friday from record levels set a day earlier on hopes that tensions surrounding Iran's nuclear program could ease and cut the chances of American or Israeli military action against OPEC's second-largest oil producer.
It's appropriate, as we head into a long holiday weekend to celebrate America's independence, that the dollar rallied a bit Thursday.
What to do about mounting global economic woes will be a focus of debate at the upcoming meeting of industrialized nations in Japan
Oil soared to a record above $145 a barrel Thursday in Asia, fueled by concerns over a larger-than-expected drop in U.S. stockpiles and the threat of conflict with Iran.
Stocks slumped Wednesday, with the Dow and Nasdaq ending in bear market territory on record oil prices, a 15% slump in GM stock and worries ahead of the June jobs report and ECB interest-rate decision, both due Thursday.
Oil prices rose to a new record Wednesday as traders mostly looked past a mixed inventory report to focus on continued geopolitical instability, currency issues and a looming jobs report.
For months we've been hearing how gasoline subsidies or price controls in places like China and India are artificially fueling demand there. Being that oil is a global market, rising demand overseas is one reason prices have risen here in the U.S.
Oil rose above $141 a barrel Wednesday in Asia, with analysts warning that prices may spike further amid persistent concerns over tight supply and tension in the Middle East.
An influential oil-policy group released a report Tuesday arguing that the increase in oil-market speculation is not driving up crude prices. But the study far from ends the debate.
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 prices fell more than $1 a barrel Friday from record levels set a day earlier on hopes that tensions surrounding Iran's nuclear program could ease and cut the chances of American or Israeli military action against OPEC's second-largest oil producer.
It's appropriate, as we head into a long holiday weekend to celebrate America's independence, that the dollar rallied a bit Thursday.
What to do about mounting global economic woes will be a focus of debate at the upcoming meeting of industrialized nations in Japan
Oil soared to a record above $145 a barrel Thursday in Asia, fueled by concerns over a larger-than-expected drop in U.S. stockpiles and the threat of conflict with Iran.
Stocks slumped Wednesday, with the Dow and Nasdaq ending in bear market territory on record oil prices, a 15% slump in GM stock and worries ahead of the June jobs report and ECB interest-rate decision, both due Thursday.
Oil prices rose to a new record Wednesday as traders mostly looked past a mixed inventory report to focus on continued geopolitical instability, currency issues and a looming jobs report.
For months we've been hearing how gasoline subsidies or price controls in places like China and India are artificially fueling demand there. Being that oil is a global market, rising demand overseas is one reason prices have risen here in the U.S.
Oil rose above $141 a barrel Wednesday in Asia, with analysts warning that prices may spike further amid persistent concerns over tight supply and tension in the Middle East.
An influential oil-policy group released a report Tuesday arguing that the increase in oil-market speculation is not driving up crude prices. But the study far from ends the debate.
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 prices surged above $143 a barrel for the first time ever Monday, as a weaker dollar spurred investors to seek refuge in dollar-denominated oil futures to hedge against inflation.
Stocks slipped Friday, with the Dow briefly crossing into bear market territory, as record-high oil prices, a weak dollar and more financial market woes rattled investors for a second session.
Oil prices settled above $140 a barrel for the first time Friday during a thinly traded session on Friday as a selloff on Wall Street sent the Dow into bear market territory.
"Make no mistake about it," U.S. Rep. Bart Stupak, D-Mich., said Monday while chairing a meeting of the House Energy and Commerce subcommittee on Oversight and Investigations. "Excessive speculation in commodity markets is having a devastating effect at the gas pump that is rippling through our entire economy."
Oil prices climbed to a record above $142 a barrel in Asian trading Friday as the U.S. dollar's protracted slump prompted investors to flock to oil as a hedge against inflation.
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.
Oil prices moved higher Thursday after falling sharply in the previous day's session on a report that showed U.S. stockpiles of oil and fuel were larger than expected.
Oil prices settled more than $2 lower Wednesday after a government report showed an unexpected rise in crude stockpiles.
World energy use is expected to surge 50% from 2005 to 2030, largely due to an expanding population and rapid economic growth, according to a government report Wednesday.
Oil prices edged higher Tuesday as traders remained wary of potential supply disruptions in Nigeria and held back ahead of an upcoming inventory report.
Near-record oil prices could quickly fall by half if Congress were to rein in speculators, according to testimony Monday from a hedge fund manager and oil company adviser on Capitol Hill.
Retail gas and diesel prices have fallen for the second consecutive day this week, according to a daily survey released Tuesday.
Stock futures tumbled early Tuesday, as high oil prices and worries about corporate profits hung over investors ahead of a Federal Reserve meeting on interest rates.
Oil prices rose Tuesday, supported by concerns over supply disruptions out of Nigeria and new European Union sanctions against Iran.
When King Abdullah of Saudi Arabia entered the cavernous ballroom in the basement of the Jeddah Hilton Sunday, the room rose to its feet. Cell phone cameras flashed. Delegates whispered. And reporters placed bets on whether he would say anything newsworthy.
Oil prices rose Monday as investors shrugged off Saudi Arabia's pledge to increase its oil production if needed, focusing instead on disruptions to Nigerian supply and heightened Middle East tensions.
Saudi King Abdullah confirmed Sunday that his country will increase daily oil production from 9 million barrels to 9.7 million in the near future to counter the sharp rise in international oil prices.
Saudi King Abdullah confirmed Sunday that his country will increase daily oil production to 9.7 million barrels from 9 million to counter the sharp rise in international oil prices.
Concerns about supply in the Iranian, Nigerian, and Chinese oil markets sent crude through another volatile trading session Friday, with prices rising nearly $5 before settling higher by less than $3.
The reason for record-high oil prices, which are putting the squeeze on the United States and others worldwide, is that oil production has not kept pace with increasing demands, U.S. Energy Secretary Samuel Bodman said Saturday.
Oil prices are hitting record highs because production has not kept pace with increasing demands, U.S. Energy Secretary Samuel Bodman said Saturday.
Gas prices have dropped slightly, according to a daily survey released Saturday by motorist group AAA.
Gas prices have reversed course, heading moderately higher after falling for three consecutive days, according to a daily survey released Friday by motorist group AAA.
Stocks appeared poised for losses at the start of Friday's session as investors kept an eye on oil prices and worries about financial firms persisted.
China raised prices for fuel by as much as 18% on Friday in a move that could cool the nation's surging energy consumption.
Oil prices sank nearly $5 on Thursday after China said it would raise gas prices by lifting subsidies that have been blamed for driving oil prices higher. The move could curb demand from the country's rapidly growing economy.
China will raise the prices of gasoline, diesel and aviation fuel by 8% beginning Friday, the government's main economic planning agency announced, in a move that could dampen the booming Asian nation's oil consumption.
Gas prices have fallen for the third day in a row, backing further away from recent highs, according to a daily survey released Thursday by motorist group AAA.
Oil prices were steady Thursday with investors following reports that a militant group attacked an oil installation in Nigeria, Africa's largest oil producer.
FedEx issued a nasty surprise to Wall Street this morning.
Markets were down on Wednesday midway through the session after FedEx and Morgan Stanley both announced poor earnings Wednesday morning.
The head of Airbus' parent EADS said Wednesday that high oil prices are here to stay and the entire industry - from airlines to air traffic controllers - will have to adapt.
The Saudis have finally promised to increase oil output. But energy experts are skeptical it will bring much relief
Oil prices drifted lower Tuesday after retreating from an all-time high of nearly $140 a barrel a day earlier.
Fed up with soaring oil prices and a chorus of people blaming Wall Street speculators, Congress is considering a host of rules aimed at limiting the inflow of investor money into oil contracts.
Oil eased in Asia on Tuesday after hitting a record of nearly $140 a barrel the previous volatile session, but traders said prices may climb again amid persistent supply concerns and strong demand.
Retail gasoline prices have eased slightly from their record high, according to a daily survey released Tuesday by auto club AAA.
Oil prices briefly spiked more than $5 per barrel to a trading record Monday, but crude tumbled throughout the afternoon as traders took profits after prices couldn't get over the $140 a barrel hump.
Could turning on the oil spigot put an end to the huge run in the price of oil? Don't bet on it.
Average gasoline prices around the country set another record high above $4 a gallon, according to a daily survey released Monday by the motorist advocacy group AAA.
Oil prices spiked more than $5 a barrel on Monday to a trading record of $139.89 before pulling back.
Saudi Arabia plans to increase its oil production by 200,000 barrels a day next month, the kingdom's oil minister told UN chief Ban Ki-moon
Saudi Arabia plans to increase its oil production by 200,000 barrels a day next month, the kingdom's oil minister told U.N. chief Ban Ki-moon on Sunday, according to Ban's spokesman.
Gasoline prices hit yet another record Sunday, with more than half the nation's states paying more than $4 per gallon on average, according to a daily survey from motorist group AAA.
Gasoline prices as measured in the daily AAA survey hit yet another record Saturday.
Oil prices pulled back Friday after OPEC questioned whether crude can remain so high through the rest of the year and the dollar gained against the euro. Meanwhile, U.S. filling station operators pushed average gas prices deeper into record territory.
Oil prices rebounded from a steep early loss to end modestly higher Thursday in another volatile session fueled by a rising dollar and concerns about supplies. Gas prices reached new record at the pump, rising to a national average of $4.06 a gallon, and are likely to keep rising.
Stocks tumbled Wednesday, with the Dow losing over 200 points, amid a $5 spike in oil prices, more problems for the bank sector and a report showing continued economic weakness.
Experts projected that demand for energy will continue to grow and called for the use of biofuels and other measures to respond to the nation's energy crisis, at a committee meeting in Washington, D.C., on Wednesday.
The Energy Department says motorists can expect gasoline prices to remain close to $4 a gallon through next year
If you think $135 oil is bad, you ain't seen nothing yet. That, at least, is the take from the head of the world's largest energy firm.
Oil prices on Wednesday made up some of their losses as the U.S. dollar weakened slightly against the euro, but traders said the market will remain volatile and dictated by supply concerns and currency movements.
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.
The International Energy Agency lowered its forecast for global oil demand this year amid surging prices, but said Tuesday that global hunger for oil is knocking markets out of kilter
High oil prices helped to expand the nation's trade deficit more than expected in April, reaching levels not seen in over a year, according to a government report released Tuesday.
Oil traded Tuesday near the previous day's levels but analysts said it remained poised to move higher amid concerns over supplies, growing global demand and other geopolitical issues.
Energy industry executives, investment bankers and academics will meet in Washington Tuesday to discuss energy trading, as oil and gasoline prices remain at record-high levels.
The International Energy Agency on Tuesday lowered its forecast for global oil demand this year amid surging prices, but said the world's hunger for oil is still knocking the market off balance.
Oil shed more than $4 off the price of a barrel Monday after a Saudi Minister called for international dialog on prices. Meanwhile, gasoline prices extended their rally over the $4 a gallon barrier.
Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday
Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday.
It's understandable why investors and consumers would be very fearful right now.
Gasoline rose to a milestone mark Sunday as the national average compiled by motorist group AAA reached $4 a gallon for the first time.
Gasoline prices as measured in the daily AAA survey resumed their drive toward $4 a gallon Saturday, rising to just below the record level after a one-day retreat.
Stocks tanked Friday, with the Dow industrials shedding 395 points, after oil prices spiked more than $11 a barrel and the May jobs report showed a big jump in the unemployment rate.
Oil prices shot up nearly $11 a barrel and settled Friday at a record $138.54 on geopolitical jitters, a dollar decline and a forecast that oil would hit $150 by July 4.
Corn futures shot up to a record for a second day Friday, driven higher by heavy rain in Midwestern states, a slumping dollar and skyrocketing crude oil prices.
Oil prices shot up more than $10 to a new record above $139 Friday after a major investment bank predicted a spike to $150 in the coming weeks and rising tensions in the Middle East left investors uneasy about supply
Oil rose above $130 a barrel Friday in Asia, extending gains made in the previous session when the euro rose against the dollar in response to comments by the head of the European Central Bank.
With a nationwide average gas price of just about $4 a gallon, lots of people are thinking there must be something the government can do to help.
Retail gas prices set a record high for the 28th time in the past 29 days, motorist group AAA's Web site showed Thursday.
Oil prices dipped below $122 Wednesday, pushed down by a government report that said supplies of gasoline increased much more than expected last week. But industry experts are mixed as to how long it will be until consumers feel any relief at the pump.
Retail gas prices set a record high for the 27th time in the past 28 days, motorist group AAA's Web site showed Wednesday.
High oil prices, driven by decreasing crude supplies and increasing demand could drive the U.S. economy into a recession, George Soros, the fund manager and commodities investor, told lawmakers Tuesday.
Retail gas prices set a record high for the 26th time in the past 27 days, motorist group AAA's Web site showed Tuesday.
Rising oil and gas prices have lawmakers and consumers scrambling for solutions, but it is unclear whether anything can be done to lower energy costs in the short term, experts say.
Retail gas prices didn't budge from the record high set Sunday, motorist group AAA's Web site showed Monday. This breaks a streak of 26 days of increases and 25 days of record highs.
Oil prices fell over $4 Thursday, a day of wild price swings on the back of plummeting crude supplies, signs of a strong economy, and news the government is six months into an oil trading investigation.
Retail gas prices hit record highs for the 22nd day in a row, motorist group AAA's Web site showed Thursday.
Are high gas prices here to stay? Here are our top tips on what to expect and how to cope.
Retail gas prices hit record highs for the 21st day in a row, motorist group AAA's Web site showed Wednesday.
Oil prices dropped below $129 a barrel Tuesday, falling sharply on a growing sense that soaring gas and oil prices have cut demand for fuel during the normally busy summer driving season
Retail gas prices hit record highs for the 20th day in a row, motorist group AAA's Web site showed Tuesday.
U.S. stocks were set to open lower Tuesday following the holiday weekend, as high oil prices and uncertainty about the economic outlook kept investors on edge.
Crude oil prices sank Thursday after posting another record high earlier in the morning.
While consumers, air carriers and lawmakers have been struggling with the burden of surging oil prices, the stock market has remained curiously nonchalant. Until this week.
It's hard to imagine now, but in 1999 gasoline sold for 90 cents a gallon. How'd we get from there to $4 a gallon?
Stocks looked set to rebound Thursday from two straight sessions of declines, even as crude prices maintained their upward surge.
Oil prices hit a fourth straight closing record Wednesday - shooting over $133 a barrel - after the government said crude and gasoline stockpiles decreased last week, surprising analysts who were expecting an increase.
Oil prices surged to a new record above $129 a barrel Tuesday amid continuing concern about global supply.
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