TRIPOLI, Dec 7- Libya has lost more than $7 billion and faces new competition from Algeria and Nigeria in oil markets due to strikes at oilfields and ports drying up exports, Oil Minister Abdelbari al-Arusi said on Saturday. Arusi said Libya had lost 9 billion Libyan dinars in oil revenues after output had fallen to 250,000 barrels a day from 1.4 million bpd in July.» Read More
Stocks ended mixed on Monday as investors cast a wary eye on rising interest rates ahead of the Fed's two day meeting this week.
Oil fell more than a dollar to less than $54 a barrel after Saudi Arabia's ambassador to the United States said current prices were good for consumers and producers and other OPEC members showed signs of hiking supplies for March.
Interest rates on short-term Treasury bills rose in Monday's auction, with the three-month bill climbing to the highest level in six years.
CNBC's Melissa Francis reported today on "speculation" that the Saudi Oil Minister, Ali Al-Nami, might be replaced when the Saudi monarchy shakes up its cabinet in February. Al-Nami has held the post for 12 years. Also of noteon oil--the New York Times reported over the weekend that the Saudis are committed to keeping oil prices at $50 a barrel.
Stocks in the U.S. are looking for direction this morning as Europe trades mostly higher and Asian stocks were mixed overnight. Lots of deal news and earnings reports are making headlines this morning, and investors await a heavy menu of economic data and a Fed meeting later in the week.
Stocks ended lower following a volatile week of trading that was punctuated by a mixed batch of quarterly earnings reports and strong economic data, which fizzled many investors hopes the Fed will lower interest rates.
Interest rate worries have been unhinging the stock market and that puts the Fed's two day meeting front and center for investors this week. There is a heavy load of other economic news in several data-packed days. Looming large are the first look at fourth quarter GDP Wednesday morning and jobs data Friday.
Oil futures rallied more than 50 cents in the last half hour of pit trading to finish with a 2% gain on the day. Prices were driven higher by cold weather enveloping the Northeast, short covering ahead of the weekend and a technical bounce after Thursday's dollar-plus drop.
Today, a frigid cold snap has neighbors from Maine to Maryland shivering under a big chill and the price of crude oil is moving higher. With Jack Frost finally nipping at the Northeast, it makes sense to think its the cold weather pushing up the price, but that's only part of the story. There's more going on than meets the eye, and for the inside scoop CNBC...
Gazprom Deputy Chairman Alexander Medvedev said that idea of an OPEC-type cartel involving Russia, Norway and Algeria are "fantastical." Meanwhile, CEOs are stressing their green credentials at Davos.
Stocks in the U.S. are mixed going into today's opening. The Dow is pointing higher and Nasdaq looks weaker and for the Nasdaq, this week's been the best of times and the worst of times. Nasdaq's 1.3 percent drop yesterday was its worst performance of the year, following its best day of the year. Stocks are weaker in Europe and major Asian markets closed lower.
Following recent disruptions of Russia’s gas supply to Belarus Alexander Medvedev, deputy chairman of Gazprom, stressed the reliability of Gazprom as an energy supplier to Europe.
Stocks suffered their biggest pullback in two months as a disappointing bond auction and a lackluster report on sales of existing homes halted the market's two-day rally.
Crude oil futures fell below $55, snuffing out a two-day rally amid profit-taking spurred by a steep drop in natural gas futures, even though the government reported bullish storage data for the heating fuel.
Investors are always on the lookout for a great name to add to their portfolio. But instead of buying stocks when they’re at the top, George Shipp of the BB&T Special Opportunities Fund keeps a special eye out for those “hidden gems” – those stocks that don’t fall into the tech, growth or value stock pigeonholes.
Wall Street is undecided so far on where it will start the day though early earnings news and housing data could help set the tone. For now, eBay's strong profits and big stock move is a bright spot lifting the Nasdaq, which bounced higher on a tech rebound yesterday. The Dow, fresh off its 26th high since October, is flattish.
It was a record day for stocks as every sector finished the day in positive territory. The Dow Jones Industrial Average closed at an all -time high while the Nasdaq and S&P 500 were boosted by strength in tech shares. The S&P 500 finshed the day at a new six-year high.
U.S. crude oil futures ended higher in a late rebound as products clambered from their session lows despite a surprise rise in distillate supplies and a larger-than-expected gain in gasoline stocks.
A rumor of war -- or something more "insidious." Last night, President George W. Bush offered America his formula for energy security, which included doubling the Strategic Petroleum Reserve (SPR) to 1.5 billion barrels of oil by 2027. While some found mediocrity in aspects of the president's plan, two observers see harbingers of danger.
A Belated Return: The breaking news desk blog has returned after a longer than expected absence - upon my return to work yesterday after vacation, my computer somehow fried its innards, necessitating a complete overhaul. As I told my very understanding CNBC.com bosses, the dog really DID eat my homework!