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October 17, 2008
by Elaine Frei
Crude oil prices were higher Friday ahead of a meeting of representatives of the OPEC nations, where it is likely that the oil cartel will cut output by around 1 million barrels per day in hopes of slowing the fall of prices.
November contracts for West Texas Intermediate crude added $2 to $71.85 per barrel on the New York ...
October 16, 2008
by Elaine Frei
Bigger gains in US crude oil and gasoline stockpiles last week sent crude oil prices lower Thursday.
November contracts for West Texas Intermediate crude were down $4.69 to $69.85 per barrel at the close of floor trade on the New York Mercantile Exchange.
In afternoon trade, Nymex November gasoline futures had dropped 15 cents to $1.63 per gallon while December heating ...
October 15, 2008
by Elaine Frei
Crude oil prices followed equities markets lower Wednesday after OPEC cut its oil demand forecast to 87.21 million barrels per day for next year, with declines coming despite brief refinery closures in Venezuela and the US Virgin Islands due to the effects of Hurricane Omar.
West Texas Intermediate crude for November delivery was down $4.13 to $74.50 per barrel at the close of floor ...
October 14, 2008
by Elaine Frei
November contracts for West Texas Intermediate crude dropped $2.32 to $78.87 per barrel at the close of trade on the New York Mercantile Exchange Tuesday, while Brent crude for November delivery was down $2.80 to $74.66 per barrel on the ICE Futures Europe exchange in London.
At last report, Nymex November gasoline futures were down 3 cents to $1.88 per ...
October 13, 2008
by Elaine Frei
Crude oil prices gained Monday after last week’s declines after officials in the US and Europe announced more details about plans to help banks in hopes of easing the credit crisis.
November contracts for West Texas Intermediate crude added $3.46 to $81.16 per barrel on the New York Mercantile Exchange while Brent crude for November delivery gained $2.97 to $77.06 per barrel.
Nymex ...
October 10, 2008
by Elaine Frei
Crude oil prices were down sharply again on demand worries after the International Energy Agency again cut its predictions for global demand this year and next.
November contracts for West Texas Intermediate crude was down $8.83 to $77.56 per barrel at the close of floor trade on the New York Mercantile Exchange while Brent crude for November delivery dropped $8.76 ...
October 9, 2008
by Elaine Frei
Crude oil prices were lower again Thursday as concerns about demand trumped calls by Orgainzation of Petroleum Exporting Countries members Nigeria, Qatar and Libya to cut output in order to stem price declines.
November contracts for West Texas Intermediate crude had dropped $2.45 to $86.50 per barrel just before the close of floor trade on the New York Mercantile Exchange, ...
October 8, 2008
by Elaine Frei
Crude oil prices were lower Wednesday after weekly US inventories reports showed that stockpiles of oil and gasoline were up much more than had been anticipated last week, but declines were limited by the possibility that OPEC could cut production to support prices.
November contracts for West Texas Intermediate were down $1.10 to $88.96 per barrel on the New York Mercantile Exchange after ...
October 7, 2008
by Elaine Frei
Crude oil prices were up Tuesday after falling for four consecutive session as comments from officials of member nations led investors to believe that the Organization of Petroleum Exporting Countries could cut production due to recent price declines, but prices fell from session highs after it turned out that Iran had forced a plane belonging to a European aid agency to ...
October 6, 2008
by Elaine Frei
The price of crude oil fell sharply Monday on a stronger dollar and on demand worries as equities markets fell globally.
November contracts for West Texas Intermediate crude dropped $6.07 to $87.81 per barrel on the New York Mercantile Exchange while Brent crude for November delivery fell $6.35 to $83.90 per barrel on the ICE Futures Europe exchange in Europe.
Nymex November gasoline futures ...
October 3, 2008
by Elaine Frei
Crude oil prices slid slightly Friday on worries that the bailout of the US financial sector will not be enough to steer the economy from recession, especially after the Labor Department issued a report showing that the economy lost 159,000 jobs in September and the Commerce Department reported that factory orders dropped by 4 percent in August.
West Texas Intermediate crude ...
October 1, 2008
by Elaine Frei
Crude oil prices were lower Wednesday after US inventories were reported to have grown more than expected last week.
November contracts for West Texas Intermediate crude dropped $2.22 to $98.42 per barrel on the New York Mercantile Exchange, while Brent crude for November delivery fell $2.97 to $95.20 per barrel on the ICE Futures Europe exchange in London.
The US Energy Information ...
September 30, 2008
by Elaine Frei
Crude oil prices were higher Tuesday on promises from both major US political parties that a bailout will be approved for the US financial sector and ahead of the weekly US inventories report, due Wednesday, which is expected to show crude oil stockpiles up but gasoline and distillates in storage down again last week.
West Texas Intermediate crude for November ...
September 29, 2008
by Elaine Frei
Crude oil prices fell sharply Monday on the failure of the US House of Representatives to pass the proposed bailout plan for the US financial sector and after the dollar strengthened versus the euro and the pound on three bank bailouts in Europe.
West Texas Intermediate crude for November delivery dropped $10.63 to $96.26 per barrel at the close of ...
September 26, 2008
by Elaine Frei
Crude oil prices were lower Friday on concerns that delays in agreeing to a bailout of the US financial sector could hurt demand for oil and oil products.
November contracts for West Texas Intermediate crude dropped $1.25 to $106.77 per barrel at the close of floor trade on the New York Mercantile Exchange, while Brent crude for November delivery was down $1.27 to $103.33 per barrel on ...
September 25, 2008
by Elaine Frei
Crude oil prices saw gains Thursday on optimism that a bailout of the US financial sector will be agreed soon, helping the economy and possibly also aiding demand for oil and oil products.
Also sending prices higher as the possibility of supply disruptions in several regions as a refinery unit was shut in the Netherlands and Chevron (NYSE: CVX) faced a strike ...
September 24, 2008
by Elaine Frei
Crude oil prices ended lower Wednesday after rising to $109.01 per barrel just before the weekly US inventories report was released by the Energy Information Administration, but after the EIA report, demand worries sent prices lower.
November contracts for West Texas Intermediate crude were down 94 cents to $105.67 per barrel at the close of floor trade on the ...
September 23, 2008
by Elaine Frei
Crude oil prices dropped Tuesday on more demand concerns, a stronger dollar, and uncertainty about what will happen with the $700 billion government plan to buy up bad debt from the financial sector as disagreements and skepticism made early adoption of a specific plan unlikely.
November contracts for West Texas Intermediate crude dropped $2.68 to $106.69 per barrel on the ...
September 22, 2008
by Elaine Frei
The price of October contracts for West Texas Intermediate crude were up $16.37 at the close of trade on the New York Mercantile Exchange Monday to $120.92 per barrel on Monday and was up by more than $25 at one point during the session on a weaker dollar.
With the expiration of October contracts, November WTI was at just $108.80 ...
September 19, 2008
by Elaine Frei
Crude oil prices were up sharply again Friday after the US government announced that it was in the process of formulating plans to remove bad debt from the books of lenders in an effort to restore confidence in the markets that will perhaps lead to gains in demand for oil and oil products, but there were warnings that prices could ...
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