The average U.S. price for gasoline is now about 10 cents lower than a year ago. The recent drop came despite a rise in global crude oil's price.» Read More
CNBC's Sharon Epperson discusses the day's activity in the commodities markets, including oil and natural gas ahead of tomorrow's report on weekly supplies.
CNBC's Sharon Epperson reports TransCanada's southern leg of its Keystone XL Pipeline opened for business on Wednesday. Also, the cheapest retail gas in the U.S. is currently in Joplin, Missouri.
CNBC's Jackie DeAngelis reports the southern leg of the Keystone Pipeline operated by TransCanada will open for business today.
The southern leg of the Keystone XL pipeline started shipping oil on Wednesday, and that's good news for Valero and other oil refiners.
TransCanada CEO Russell Girling discusses the announcement that it will now ship crude oil through the southern portion of its Keystone pipeline, and the state of business.
The world's three largest publicly traded oil field servicing companies trumped analysts' earnings expectations in the final three months of 2013.
Bob Dudley, CEO at BP, says the oil market has had "a remarkable three years" and explains that demand for oil will continue as long as prosperity around the world grows.
Ulrich Spiesshofer, CEO at ABB, explains that delays regarding one of the group's offshore platforms is behind the profit warning but adds he is "quite optimistic over the medium term."
Angel Gurría, secretary general of the OECD, says slow growth, high unemployment and growing inequality still plague the post-crisis world.
Oil rose on Wednesday as outlook reports indicated global oil demand will rise more quickly this year.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.
CNBC's Sharon Epperson reports the national average price for gas is 3.28 per gallon, with the cheapest prices in Joplin, Missouri, and Stilwell, Oklahoma, at $2.79 per gallon.
Rising U.S. oil production will help neutralize supply disruptions from Libya and Iraq, making global markets less vulnerable to price shocks.
The United States continued its "relentless rise" in crude oil production in 2013, the IEA reported on Tuesday.
Neil Atkinson, head of analysis at Lloyd's List Intelligence, says that the IEA's increased oil demand expectation is not "surprising" as the economy recovers.
John Kingston, Global Director of News, Platts explains why crude exports from Iran will likely increase with the lifting of some economic sanctions against the country.
Oil rose on Tuesday as the International Energy Agency raised its forecast for global oil demand this year.
Kevin Norrish, head of commodities research at Barclays, says OPEC's spare capacity is "not that great" and is concerned about the oil price pushing higher.
Brent crude edged lower towards $106 per barrel on Monday, weighed down by data which showed China's oil consumption slowed in 2013.