CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Gold jumped $25 today, mostly on "position squaring," she reports. All eyes are now on tomorrow's jobs number and what that means to the taper.» Read More
*Thomson Reuters/ Core Commodity CRB at a 5- week high. NEW YORK, Dec 4- Gold rebounded 2 percent on a surge of short-covering after hitting a five-month low while U.S. oil rose for the fourth straight session on an unexpected drop in U.S. stockpiles, lifting the benchmark commodities index to a five-week high.
NEW YORK, Dec 4- U.S. crude oil futures rose more than $1 on Wednesday, a fourth straight day of gains as government data showed an unexpected fall in U.S. stockpiles in the world's largest oil consumer.
NEW YORK, Dec 4 (Reuters)- U.S. crude oil futures rose more than $1 on Wednesday as government data showed an unexpected draw in U.S. stockpiles in the world's largest oil consumer.
Bijan Namdar Zangeneh, Iranian oil minister, explains that in the event of Iranian production coming back on stream, OPEC will be able to maintain capacity and oil prices levels.
Jason Schenker, president and chief economist at Prestige Economics, discusses the decisions taken at Wednesday's OPEC meeting, including a renewal of the production ceiling and what it implies for oil prices in 2014.
NEW YORK-- The nation's crude oil supplies fell last week for the first time in almost three months, the government said Wednesday. Crude supplies decreased by 5.6 million barrels, or 1.4 percent, to 385.8 million barrels, which is 3.8 percent above year-ago levels, the Energy Department's Energy Information Administration said.
CNBC's Steve Sedgwick reports on details of the OPEC meeting, and if there is a threat to western oil prices.
*OPEC leaves output target for first half of 2014 unchanged. LONDON, Dec 4- Brent crude oil slipped below $112 a barrel on Wednesday as OPEC left its output target for the first half of 2014 unchanged, although the U.S. benchmark rose almost $1 to a five-week high.
Through the hustle and bustle of OPEC's meeting in Vienna on Wednesday, Iranian Oil Minister Bijan Namdar Zangeneh sent out an invite to global oil majors.
*OPEC leaves output target for first half of 2014 unchanged. LONDON, Dec 4- Brent crude oil slipped below $112 a barrel on Wednesday as OPEC left its output target for the first half of 2014 unchanged, although the U.S. benchmark rose by almost $1 to a five-week high.
VIENNA, Dec 4- What is Saudi Arabia's bottom line for propping up oil prices unilaterally before it leans on the rest of OPEC to help share the burden? But Iraq and Iran, second and third in the OPEC league table, made clear they have no interest in taking part in a collective cut should one be required next year.
OPEC agreed on Wednesday to renew for the first half of 2014 a collective oil production cap of 30 million barrels a day, two OPEC delegates said.
VIENNA, Dec 4- OPEC agreed on Wednesday to renew for the first half of 2014 a collective oil production cap of 30 million barrels a day, two OPEC delegates said. The 12- member Organisation of the Petroleum Exporting Countries is enjoying oil prices at $112 a barrel for Brent crude, comfortably above its preferred price of $100 a barrel.
OPEC oil ministers are widely expected to hold oil output to nearly 30 million barrels daily after Iran announced it will increase its oil output, reports CNBC's Steve Sedgwick.
Bijan Namdar Zangeneh, Iranian oil minister, explains to CNBC that Iran plans to produce four million barrels of oil a day "immediately" after sanctions are lifted.
Ali Al Naimi, Saudi Arabian oil minister, tells CNBC that shale oil is a "welcome addition" to the world's energy reserve.
Bill Farren-Price, CEO of Petroleum Policy Intelligence, explains that it would take "at least a year" for Iranian oil production to come back on stream after the second phase of negotiations are agreed.
*Keystone XL pipeline may relieve Cushing supply bottleneck. LONDON, Dec 4- Brent crude oil slipped towards $112 a barrel on Wednesday, while the U.S. benchmark rose more than $1 to a five-week high after news of the scheduled start of a key pipeline expected to relieve a glut at the country's main oil storage hub.
Richard Mallinson, geopolitical analyst at Energy Aspects, discusses the 2014 outlook for the oil market and expects U.S. supply to grow strongly and Saudi Arabia to make "a big cut."
Nigeria is aggressively tackling oil theft in the country, oil minister Diezani Alison-Madueke told CNBC on Wednesday in a TV interview.