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September 5, 2008
by Elaine Frei
Crude oil prices fell again Friday on data showing that unemployment in the United States rose to 6.1 percent in August, causing concerns that demand will decline further, while investors anticipated next week’s meeting of the Organization of Petroleum Exporting Countries to see if the cartel cuts production quotas.
October contracts for West Texas Intermediate crude dropped $1.48 to ...
September 4, 2008
by Elaine Frei
Crude oil prices were lower Thursday despite new inventories numbers from the US Energy Information Administration which showed that stockpiles of oil, gasoline, and distillates were all lower last week.
Inventories of crude oil were down 1.9 million barrels in the week ending 29 August, while gasoline stockpiles dropped by 1 million barrels to 194.4 million barrels and distillates in storage were ...
September 3, 2008
by Elaine Frei
Crude oil prices fell again Wednesday as oil companies got ready to restart operations after shutdowns ahead of Hurricane Gustav and on predictions that demand will continue to decline in the United States and elsewhere.
West Texas Intermediate crude October contracts dropped 40 cents to $109.31 per barrel on the New York Mercantile Exchange after dropping as low as $107.22 per barrel ...
September 2, 2008
by Elaine Frei
Crude oil prices fell substantially Tuesday after Hurricane Gustav passed through the Gulf of Mexico and made landfall on the US Gulf Coast without doing much damage to oil facilities in the region over the Labor Day holiday weekend in the United States and as the US dollar strengthened versus the euro.
Almost all activity on offshore oil and gas platforms in ...
August 28, 2008
by Elaine Frei
Crude oil prices were lower after early gains Thursday as the International Energy Agency said it will release emergency reserves of oil if Tropical Storm Gustav regains hurricane status and damages Gulf of Mexico oil facilities.
Despite uncertainty about what path the storm will take, a number of oil companies have already begun to evacuate offshore facilities as a precaution.
After going above ...
August 27, 2008
by Elaine Frei
The price of crude oil was higher Wednesday on continuing fears that Tropical Storm Gustav will regain strength, enter the Gulf of Mexico, and hit oil facilities in the Gulf and on the Gulf Coast.
October contracts for West Texas Intermediate crude added $1.88 to $118.15 per barrel on the New York Mercantile Exchange while Brent crude for October delivery gained $1.58 ...
August 26, 2008
by Elaine Frei
Oil prices saw gains Tuesday on speculation that Hurricane Gustav might enter the Gulf of Mexico, endangering oil facilities in the region, with some estimates that it could turn into a Category 4 or Category 5 storm if it does, indeed, enter the Gulf.
October contracts for West Texas Intermediate crude were up $1.17 to $116.28 per barrel on the New York Mercantile ...
August 25, 2008
by Elaine Frei
Crude oil prices were slightly higher Monday in light trade as some investors took the week off ahead of the US Labor Day holiday next weekend.
Prices advanced after a vote by Russia’s parliament to recognize the independence of two breakaway regions of Georgia, raising concerns that tensions in the region will continue, and on the news of the formation of a new ...
August 22, 2008
by Elaine Frei
Crude oil prices fell Friday more than they gained on Thursday as investors took profits, as the US dollar strengthened, as an oil pipeline re-opened in Turkey, and as it was expected that OPEC member-nation oil production will rise in August.
In addition, gasoline demand for the Labor Day weekend in the United States next week is expected to be down as ...
August 21, 2008
by Elaine Frei
Crude oil prices surged Thursday as the US dollar weakened and on geopolitical concerns over Russia.
After the announcement that the United States and Poland have signed an agreement to locate parts of a missile defense shield in Polish territory brought a warning from a Russian general that putting the installations there could invite a nuclear attack by Russia, while in ...
August 20, 2008
by Elaine Frei
Crude oil prices were up slightly Wednesday after US crude oil inventories were reported up last week.
The US Energy Information Administration said that crude oil stockpiles were up 9.4 million barrels in the week ending 15 August and distillates stockpiles gained 500,000 barrels but gasoline inventories were down 6.2 million barrels, more than twice the expected decline.
September contracts for West Texas ...
August 19, 2008
by Elaine Frei
Crude oil prices saw gains Tuesday on weakness in the US dollar, on comments from a Libyan official that prices are likely to rebound after recent steep declines, that Venezuela is ready to propose cuts in OPEC output if prices continue to decline, and on forecasts that US gasoline inventories fell again last week.
September contracts for West Texas Intermediate crude added $1.54 ...
August 18, 2008
by Elaine Frei
Crude oil prices were up in early trade in New York on Monday on concerns that Tropical Storm Fay would disrupt oil production in the Gulf of Mexico, but prices fell again after Fay was predicted to miss key oil production regions and weather forecasters said she would probably just barely reach hurricane status.
Also affecting prices were the ongoing conflict between Georgia ...
August 13, 2008
by Elaine Frei
Crude oil prices were higher Wednesday on new inventories data from the US Energy Information Administration which showed gasoline inventories down more than had been anticipated.
West Texas Intermediate crude for September delivery added $2.99 to $116 per barrel on the New York Mercantile Exchange while at last report Brent crude was up $3.46 to $114.60 per barrel on the ICE Futures Europe ...
August 12, 2008
by Elaine Frei
Crude oil prices fell again Tuesday on concerns about falling demand outweighed geological concerns after earlier gains on worries about how the situation in Georgia will affect oil shipments between Asia and Europe.
September contracts for West Texas Intermediate crude were down $1.38 to $113.07 per barrel on the New York Mercantile Exchange, while Brent crude was also down $1.38 at ...
August 11, 2008
by Elaine Frei
Crude oil prices were lower again Monday after new data showed imports into China fell in July, feeding concerns about declines in demand, and after Iran’s top nuclear negotiator reportedly asked for new negotiations between his country and the European Union regarding Iran’s nuclear program.
September contracts for West Texas Intermediate were down 73 cents to $114.49 per barrel around ...
August 8, 2008
by Elaine Frei
Crude oil prices fell significantly Friday as the US dollar gained strength and as investors worried about falling demand and did not seem concerned about the sabotaged oil pipeline in Turkey or a military dispute involving Georgia and a break-away province and involving Russia.
September contracts for West Texas Intermediate crude were $4.72 lower just before the close of floor trade ...
August 7, 2008
by Elaine Frei
Crude oil prices were down in afternoon trade in New York after going as high as $121.78 per barrel earlier on the news that an oil pipeline in Turkey, damaged in a recent explosion, might have been sabotaged and could be closed for as long as two weeks, and as the five permanent members of the UN Security Council and ...
August 6, 2008
by Elaine Frei
Crude oil prices fell a bit more Wednesday after the US Energy Information Administration said that crude oil and distillates inventories were up last week but gasoline stockpiles were lower again.
West Texas Intermediate crude for September delivery was down 67 cents to $118.50 per barrel on the New York Mercantile Exchange, while at last report Brent crude had dropped $1.11 to $116.59 ...
August 5, 2008
by Elaine Frei
Crude oil prices were down again on Tuesday, continuing their decline after the US Federal Reserve voted to hold interest rates at 2 percent for the time being and after Tropical Storm Edouard made landfall in Texas without ever reaching hurricane strength and without causing harm to oil facilities in the region.
September contracts for West Texas Intermediate crude dropped ...
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