CNBC's Jackie DeAngelis reports crude oil inventories draw to 3.7 million barrels, not in line with seasonal norms.» Read More
That offset continuing violence in Gaza, Libya and Ukraine. *U.S. crude futures for September delivery fell 39 cents to $101.70 a barrel by 0009 GMT, after finishing 2 cents higher on Friday.
Jay Richards, Director of Research at Just Spreads, sees lower prices for both gold and oil in the near-term as investors begin to see geopolitical unrest as common activity.
NEW YORK, July 25- Brent oil prices reversed early losses to climb more than $1 a barrel on Friday, as fighting in Ukraine and deteriorating relations between Russia and the United States ignited new fears of supply disruptions in the market.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets and looks ahead at where oil and precious metals are likely headed next week. WTI was down but Brent crude was up on the day. Nat gas was down and gold was up.
CNBC's Tyler Mathisen looks ahead to what are likely to be next week's top business and financial stories. Retailers head back to school. The Fed meets next week, and Friday brings a big labor report.
U.S. shale has put the country on the same terrain as Saudi Arabia and Russia. In the process, it may turn oil into a safe haven.
NEW YORK, July 25- Brent crude oil prices shot more than $1 higher at mid-morning on Friday while U.S. oil erased early losses, with traders linking the gains to talk that further Western sanctions on Russia could hit oil exports.
BRENT CRUDE EXTENDS GAINS TO MORE THAN $1, TRADERS CITE CONCERNS OVER FURTHER SANCTIONS ON RUSSIA.
BRENT CRUDE OIL PRICES JUMP, U.S.
LONDON, July 25- Oil fell below $107 a barrel on Friday as plentiful supply outweighed concerns over conflicts in the Middle East and Ukraine. Brent crude for September delivery traded 18 cents lower at $106.89 a barrel by 1400 GMT.
LONDON, July 25- Oil held steady around $107 a barrel on Friday, as plentiful supply countered any premium to the price caused by concern over conflict in the Middle East and Ukraine. Conflicts in Ukraine, Gaza and Iraq continued, but failed to push prices higher as global supplies remained ample.
Oil prices had slipped Thursday after spiking earlier in the week on lower U.S. inventories and tensions in Ukraine and the Middle East. Benchmark U.S. crude for September delivery rose 2 cents to $102.09 a barrel on the New York Mercantile Exchange.
*Libya oil production rises to 500,000 barrels per day. SINGAPORE, July 25- Brent crude held steady above $107 a barrel on Friday, on track to end the week flat as plentiful supplies held down any run-up in prices from geopolitical tensions in oil producing regions.
Helge Lund, CEO of Statoil, says he is "skeptical" about the potential shale gas volume that can be obtained from Europe.
*Libya oil production rises to 500,000 barrels per day. SINGAPORE, July 25- Brent crude held steady above $107 a barrel on Friday, on track to end the week flat as tensions in oil producing regions supported prices against weak demand and plentiful supplies.
Brent crude oil rose above $108 a barrel, as fighting in Ukraine and chilly relations between Russia and the U.S. ignited new supply fears.
*U.S. crude for September delivery was down 6 cents at $102.01 a barrel by 0024 GMT, after settling $1.05 lower. *The European Union would target state-owned Russian banks vital to financing Moscow's faltering economy in the most serious sanctions so far over the Ukraine crisis under proposals considered by EU governments on Thursday.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Mixed bag in the commodities markets today. Oil was down on the day, even though geopolitics is likely to keep it high.
NEW YORK, July 24- Oil futures prices fell on Thursday, as unseasonably weak demand and plentiful supplies of crude and refined products offset strong Chinese factory data that could boost energy demand in the world's No. 2 oil consumer.
BRENT CRUDE OIL FUTURES FALL OVER $1 PER BARREL ON WEAK DEMAND FROM EUROPEAN REFINERS.