NEW YORK, Dec 6- U.S. crude oil ended up for a sixth day on Friday in its longest rally since July and gold and many other commodities rose too as stronger-than-expected hiring by American employers in November boosted confidence in the No. 1 economy.» Read More
He's Boone Pickens--he's CEO of the private equity firm BP Capital--and he's a major "player" when it comes to oil (he has an estimated worth of $2.7 billion). He called in to "Squawk Box" this morning to talk about the falling price of crude. A little background before we get to what Pickens said.
Saudi Arabia's oil minister Ali al-Naimi said on Wednesday that there is no need to worry about oil prices because the market is healthy.
The Dow closed at a record for the third straight session and Nasdaq fell slightly as investors bought selectively ahead of earnings reports and on a steep drop in oil.
Texas energy investor Boone Pickens is forecasting a return to higher-priced oil, though he admits he has lost money as crude prices have plunged this year, according to a report.
The Caracas Stock Exchange plunged over 12% Tuesday on continued worries about President Hugo Chavez's plans to nationalize several of Venezuela's key industries, including oil.
As President Bush prepares to send over 20,000 more U.S. troops to Iraq, one question being asked is--will the escalation jumpstart the country’s oil industry? The question centers on Iraq’s vital oil trade stabilizing in the midst of a bloody war. On “Street Signs,” two guests talked about the Iraq oil situation--Michael Makovsky of the Bipartisan Policy Center and David Kirsch of PFC Energy.
A late rally in New York erased the worst of oil's losses today, but crude settled down more than 3% at $51.21 after Saudi Arabia said OPEC production cuts were working well and there was no need for an emergency meeting of the producer group.
BP said it will implement the panel's recommendations as part of its continuing effort to strengthen and standardized process safety management at BP's five U.S. refineries.
Nigerian oil minister Edmund Daukoru said on Tuesday OPEC should wait and see the effects of the February crude oil supply cuts before deciding on any deeper reductions.
Lots of corporate headlines are already getting attention ahead of the open. Stocks in the U.S. are lining up to open higher at this point, and earnings will be the big focus. After making gains yesterday, European stocks are mixed with a flattish performance, and Japanese stocks were little changed to the downside.
A host of mergers and steady oil prices helped European stocks hit new six-year highs Monday.
Oil rose above $53 a barrel on Monday, recovering further from a 19-month low last week as some investors bet exporter group OPEC may lower supply further to bolster prices.
Financials and techs, two groups that pulled in the money last week, will be out in front of the news this week when earnings season is in full swing. Markets will also be watching key economic data, a parade of Fed speakers and whatever side show goes on when oil markets reopen, after last week's near six percent slide in crude.
The Dow scored its second record close in a row and the Nasdaq had its best week in four months as buyers snapped up oil, financial and technology stocks ahead of next week's earnings reports.
The plunge in oil prices has flushed out many of the speculative investors in crude, who have exacerbated the swings of the already volatile commodity in recent months.
U.S. crude oil futures ended sharply higher on Friday, rising for the first time in a week as traders covered short positions ahead of a long holiday weekend.
Big oil. It's a big issue for Democrats on Capitol Hill and one of their announced targets for reform. Today-they're taking up the issue in the House. They're "after" oil they say because of record company profits and high gas pump prices. What are they proposing to do? They want to raise $12.7 billion for research in alternative energy sources.
Shares of BP surged more than 4% after the oil giant said Chief Executive John Browne had decided to step down at the end of July, much earlier than planned.
December U.S. retail sales, oil prices and earnings news should help direct the market today. Stocks look mixed after yesterday's big move up on tech buying and a continued slide in oil. The Dow's strong runup yesterday took it to a new high, its first of the New Year.
Russia's biggest oil producer Lukoil said Friday that its third-quarter net profit grew by 10% in 2006 thanks to high oil prices, rising production volumes and cost-cutting.