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U.S. crude oil futures ended a choppy session lower as traders booked profits. Earlier in the day, prices jumped above $66 a barrel amid a flurry of refinery glitches. A string of refinery outages in the United States, coming on the heels of a long and extensive maintenance season, has drained gasoline stocks as the giant market gears up for driving season.
Oil rose more than a dollar on Wednesday after U.S. gasoline stocks fell for an 11th straight week, tightening supplies ahead of peak summer demand in the world's top consumer.
Crude oil futures fell more than a dollar as traders took profits ahead of fresh oil inventory data due Wednesday and following Monday's sharp price rise on worries about supply disruptions in the wake of Nigeria's disputed presidential election.
U.S. crude jumped as much as $1.84 to $65.95 a barrel after Nigeria's elections drew condemnation from monitors and investors waited for fresh word on oil supplies from the world's eighth biggest exporter. Thousands of protesters took to the streets of Nigeria's largest northern city. Brent crude was also up sharply.
U.S. crude oil futures ended sharply higher, pushed up at the expiration of the front-month May contract and ahead of Nigeria's presidential election Saturday that has oil markets worried about post-election turmoil disrupting supply.
Oil prices dipped as rising refinery production and a key pipeline restart eased worries of a U.S. fuel supply crunch this summer driving season.
Crude oil prices firmed slightly on Wednesday as worries over Iran's nuclear ambitions countered easing fears of a gasoline supply crunch in the United States this summer driving season.
U.S. crude oil futures dipped this afternoon on book-squaring and crack-spread trading ahead of Wednesday's government inventory report. Front month crude futures earlier rose above $64 as a shut Canada-to-U.S. crude pipeline and a Texas refinery's restart were supportive.
U.S. crude oil futures rose in choppy trading, with products futures slumping as crude was pressured by OPEC comments on supply and demand and by news that Shell expects to resume its Nigeria Forcados crude stream in late May or early June.
Oil prices eased slightly on Friday after the top U.S. energy official said he was confident there would be enough gasoline supply to meet peak summer driving demand.
Oil markets are nervous animals nowadays. Given the tensions between Iran and the U.K. since late March over Tehran's seizure of 15 British sailors, the prospect of diplomatic efforts failing to solve the stand-off haunted the market. That's raised fears of a military confrontation in the Persian Gulf. After Iran pardoned and freed the 15 sailors, the market was so relieved that oil prices dropped by over $2.
U.S. crude oil finished just short of $64 as gasoline futures surged to new eight-month highs on troubles at two refineries. The production disruptions raised fears of a gasoline supply crunch when drivers hit the roads this summer.
Crude oil and gasoline prices surged higher on news that U.S. gasoline supplies had fallen much more than expected.
Oil prices rose after four straight losing sessions as markets turned attention to Iran's nuclear activities and dwindling gasoline stocks in the United States, the top consumer.
After a few years (or decades) covering financial markets, you gain the ability to predict with uncanny insight how certain events might affect trading that day. You also gain the ability to get it completely wrong. We knew that Iranian officials would be coming out with a statement regarding the country’s controversial nuclear program, and we know that oil traders are mega-sensitive these days about Iran, especially following the recent capture and release of British military personnel. A sure sign of higher prices for oil, right? Nope. ...
Oil fell more than 4% on Monday, extending declines that followed Iran's release last week of 15 British sailors and marines. The loss was the largest since August 17, 2005.
Halliburton said all of the commitments of its subsidiary doing business in Iran have been completed and it is no longer working in the country.
Stocks finished higher during a holiday-shortened week, helped by a spate of merger announcements and an easing of geopolitical tensions after Iran released 15 British sailo
Oil fell on Thursday after Iran's release of 15 British sailors and marines eased worries over crude shipments from the world's fourth-largest exporter.
The Gas Exporting Countries Forum -- which includes names like Iran and Venezuela -- meets in Qatar Monday to discuss the formation of an OPEC-like cartel. Would such a combination pose a clear and present danger to America's interests? Two energy analysts told "Morning Call" viewers not to worry. Not yet, anyway.