CNBC's Bertha Coombs tracks oil action into the close.» Read More
*OPEC pumps 2 million bpd more than needed. *Coming Up: Baker Hughes oil rigs data at 1700 GMT. "A mood change is in the air," Eugen Weinberg, global head of oil and commodities research at Commerzbank in Frankfurt, told the Reuters Global Oil Forum.
OIL PRICES EXTEND LOSSES IN EARLY NEW YORK TRADE, U.S.
There are 11 companies where analysts have boosted their profit forecasts for the second quarter, USA Today reports.
SandRidge Energy stock tumbled with news the company agreed to a debt-share exchange.
Phil Racusin, EnergyFunders CEO, discusses why his company is financing drilling opportunities in small oil.
Tim Hopper, chief economist at TIAA-CREF, explains why he believes the U.S. economy truly is in a "quandary" right now.
*OPEC pumping 2 million bpd more than needed. *Coming Up: Baker Hughes oil rigs data at 1700 GMT. "A mood change is in the air," Eugen Weinberg, global head of oil and commodities research at Commerzbank in Frankfurt, told Reuters Global Oil Forum.
*Coming Up: Baker Hughes weekly oil rigs data. June West Texas Intermediate futures were down 17 cents at $59.71 a barrel as of 0437 GMT. July Brent crude fell 17 cents to $66.53 a barrel.
US oil closed lower on Friday but managed to end the week slightly higher, marking its ninth straight weekly gain.
SINGAPORE, May 15- Oil prices were little changed on Friday but set to end the week slightly higher despite ample supply, buoyed by a weaker dollar, forecasts of lower U.S. crude output and a pick-up in global demand. June West Texas Intermediate futures were down 13 cents at $59.75 a barrel as of 0145 GMT. July Brent crude edged up 3 cents to $66.73 a barrel.
There are potentially very large resources in the Arctic, so the current oil price is somewhat irrelevant, the Shell Oil president said.
President Obama approved oil drilling in the waters of the Arctic. Discussing the exploration in Alaska, with Marvin Odum, Shell Oil president.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Crude was slightly down on the day, settling under $60. Nevertheless, traders think prices are likely to go higher, as demand increases, and the dollar weakens.
While the number of rigs operating is down more than 50 percent, oil production in the U.S. actually upticked last week, John Kilduff said.
*Singapore- flagged oil products tanker fired on in Gulf. Expiring front-month Brent June crude fell 22 cents to settle at $66.59 a barrel. RBOB gasoline futures rose 1.70 cents to settle at $2.0575 a gallon and ULSD futures managed a 0.05 cent gain to $2.0056.
Insight to Saudi Arabia's impact on oil prices, with John Kilduff, Again Capital, and Leo Mariani, RBC Capital Markets.
*Singapore- flagged oil products tanker fired on in Gulf. *Brent June crude contract expires on Thursday. Expiring front-month Brent June crude was down 26 cents at $66.65 a barrel at 1:17 p.m. EDT.
*Singapore- flagged oil products tanker fired on in Gulf. Prices, especially Brent's, received support from news that Iran's Revolutionary Guard fired warning shorts over a Singapore- flagged oil products tanker in international waters in the Gulf. Expiring Brent June crude was up 19 cents at $67 a barrel at 11:43 a.m. EDT, having swung from $66.32 to $67.29.
"I don't think the market is ready to see $80 to $90 oil in the short term," the manager of the $450 million London- based Andurand Capital told Reuters ahead of his speech at an industry conference in New York on the direction of oil. The decline, which started in June, was largely due to lower-than-expected demand growth, fewer supply disruptions with the recovery of...
*North Dakota posts surprise oil output jump. LONDON, May 14- Oil slipped back below $67 a barrel on Thursday as a market torn between a U.S. stock draw and an overall glut of crude in the Atlantic Basin struggled for direction. June Brent crude was trading 10 cents lower at $66.71 a barrel as of 1434 GMT, after trading as high as $67.29.