NEW YORK, Oct 24- Brent oil prices fell on Friday but were little changed on the week as traders caught their breath from a months-long rout, even as signs of rising global supply and a U.S. contango structure threatened deeper losses. Contracts for December delivery settled down $1.08 at $81.01 per barrel, dropping $1.74 since last Friday. Global prices seesawed...» Read More
Following Goldman Sachs' negative call on crude prices which took the wind out of the commodities rally this week, Bank of America Merrill Lynch is predicting a 30 percent chance that Brent crude could hit 160 dollars a barrel in 2011.
The commodities bull run fueled in recent years by China's breakneck economic growth may be close to an end, according to one expert. But others feel a correction will only be short-lived.
With data from the Energy Information Administration (EIA), a division of the Department of Energy, CNBC.com took a look at the countries that produce the most crude oil on a daily basis.
Electronic trading and geopolitical risks drive commodities prices higher. CNBC's Sharon Epperson discusses oil and gold's new highs, as silver hits its highest price in 31 years.
If Saudi raised oil production to 9 million barrels per day, then they've chosen a good time to do it.
The spread between Brent and NYMEX crude is currently around $15 a barrel and according to Jim Bianco, the president of Bianco Research, this is due to one pipeline pumping crude from Canada into Cushing near Oklahoma City.
If unrest in the Middle East continues at the current pace, it will be hard to persuade investors that events will not spill over into Saudi Arabia, an analyst told CNBC.
Brent crude oil, which has historically traded at a discount to the Nymex's West Texas Intermediate (WTI) crude oil grade, has been trading at a premium of over $10 for the past several weeks. It has lead many to ask: why?
Mideast tensions are growing. Technical levels are being breached. And there’s a long weekend ahead. All reasons for traders to cover short positions on oversold oil futures and take profits on positions that have skyrocketed over the past few weeks.
The commodities trader explains why, and how he recommends trading it.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Nat gas was down on the day, but remained above $5. Oil was up slightly on the day. And gold was up, as well.