NEW YORK, March 7- Famed oil bull Andy Hall's hedge fund rose nearly 8 percent in February in its biggest monthly gain in 2-1/ 2 years, boosted by a rally in crude oil that could help Occidental Petroleum's chances of selling its stake in the fund.» Read More
Oil prices briefly fell below $50 per barrel for the first time since May 25, 2005, after the government reported larger-than-expected jumps in crude oil and gasoline inventories.
At this hour, as crude oil futures are trading below $50 per barrel for the first time since May 2005, the U.S. House of Representatives is voting on a controversial bill that targets the oil industry with higher taxes, fees and royalties. The bill is expected to pass the House with ease. “Power Lunch” covered all the bases of the proposed legislation...
The 21st century’s version of the new economy is facing a tech meltdown. Or is it? Two experts weighed in on technology stocks for “Power Lunch.” Joseph Parnes, president of TechnoMart Investment Advisors, sees opportunity in market danger. He told CNBC’s Bill Griffeth that “institutions, pension funds” that took a beating on....
Where there's international tension and headlines, there's sometimes fire...and sometimes not. Traders were quick to jump on rumors of an Iranian naval engagement just before 9 a.m. ET today. The rumor carried some pretty graphic details about a U.S. Navy ship being hit by an Iranian anti-ship missile in the Persian Gulf.
Oil producers outside OPEC will pump less oil than expected this year, the International Energy Agency said on Thursday, increasing the burden on OPEC just as the exporter group is trimming supply.
U.S. stocks closed lower after oil prices staged a late rally, while weakness in technology dragged down the Nasdaq.
Oil rebounded from a 20-month low as cooler weather in the United States rekindled heating demand, keeping prices above $50 and stemming a slide that had cut 18% off prices this month.
The Federal Reserve released its Beige Book survey just as “Street Signs” began today. The survey showed the U.S. economy entered 2007 with moderate growth – including moderate wage gains and price increases. The bottom line was that the Fed appeared to still be “upbeat on inflation,” according to CNBC’s Steve Liesman.
As CNBC's Michelle Caruso-Cabrera reports from Caracas, that frustration at being excluded from the country's vast oil wealth swept Chavez to power--and has kept him there.
Oil seems to be the story of the day--or week. The price appears to be bouncing a little bit, after dropping to a 20-month low earlier, at $50.28 a barrel. (We haven’t seen that level since May 25, 2005.) Many investors now wonder if it will fall below the psychologically important $50 per barrel mark. Where’s the fast money in this volatile environment? We asked "Fast Money’s" Jeff Macke who is also a retail analyst.
We've been mentioning the price of oil and Venezuela's President Hugo Chavez in the same sentence in some previous posts. This is in light of his moves to nationalize some of his country's utilities. It might be worth a look to see why he's popular-- for the most part--in Venezuela. CNBC's Michelle Caruso-Cabrera is on assignment in Venezuela...
Even though oil prices continued their free-fall Wednesday, Texas energy investor Boone Pickens said he expects prices to rebound, and average $70 a barrel over the course of this year.
The New York Mercantile Exchange went public on Nov. 17. But NYMEX President and CEO James Newsome stayed private – until today, when he granted his first interview exclusively to "Morning Call." Newsome told CNBC’s Melissa Francis that NYMEX Holdings enjoys "numerous opportunities" to leverage its rich treasury...
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.