Oil prices slipped for a second session, with Brent edging down toward $107, as ample supply offset tensions in the Middle East, Africa and Europe.» Read More
The current national average for gas is $3.26 per gallon. The cheapest gas is currently in Oklahoma City at $2.67 per gallon, reports CNBC's Sharon Epperson.
CNBC's Sharon Epperson reports on the high levels of oil prices and how high Brent crude may go.
Abdalla Salem El-Badri, OPEC secretary general, says that even though some countries, such as Libya and Iran, are re-entering the oil market, the market will be able to "rebalance itself".
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.
CNBC's Steve Sedgwick reports on details of the OPEC meeting, and if there is a threat to western oil prices.
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 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.
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.
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.
Daniel Lacalle, senior portfolio manager at Ecofin, and Didier Duret, CIO at ABN AMRO, discuss potential problems in the oil price and Chinese economy.
Saudi Arabia's oil minister downplays the threat of oversupply despite Iran looking to ramp up its production even if oil hits $20 a barrel.
Johannes Benigni, managing director of JBC Energy, says that it is unlikely Iran will break its oil production limit.
U.S. crude oil futures rose more than $1 on Wednesday as government data showed an unexpected draw in stockpiles.
CNBC's Sharon Epperson reports oil closed above $96 per barrel, the highest price since the end of October. And TransCanda's key pipeline will be operational by January 3rd.
WTI crude oil futures surged to a one-month high on expectations for the first decline in weekly U.S. crude supplies in nearly three months.