A former top oil executive says the price of gas at the pump could double by year's end, even as consumers are enjoying low prices.» Read More
*OPEC increases January output to 30.37 bpd- survey. The late-session surge was primed by Baker Hughes data showing the number of rigs drilling for oil in the United States fell by 94- or 7 percent- this week. Brent settled up $3.86 at $52.99 a barrel, after running to as high as $53.08.
CNBC's Tyler Mathisen looks ahead to what are likely to be next week's top business and financial stories. Big jobs report on Friday this week. Automakers roll out January sales figures, and a number of earnings reports this week. And the White House releases its budget this week.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Oil was up big on the day as traders buzzed about OPEC comments. Nat gas was hit again as temperatures warmed up. And gold had a slight rebound on the day.
U.S. stocks lower; MSCI world index also down. NEW YORK, Jan 30- Oil prices surged on Friday following the sharpest weekly drop in U.S. oil rig count in nearly 30 years, while the dollar index was on track to end January with gains of about 5 percent. U.S. crude rose 8.3 percent to settle at $48.24 a barrel, while Brent crude jumped 7.9 percent to settle at $52.99.
John Kilduff, Founding Partner; CNBC Analyst, Again Capital, says rumors of ISIS on the move and a threat to Kirkuk in Iraq pushed oil higher on the day. If the rumors prove to be false, he says, oil will fall back.
WILLISTON, N.D., Jan 30- Chevron Corp halted its 2015 share repurchase program on Friday, a move designed to conserve cash amid tumbling oil prices and its latest cost-cutting step after slashing capital spending. The move echoed similar steps earlier this week by Royal Dutch Shell, Hess Corp, ConocoPhillips and others to conserve cash in an environment where the...
Neil Atkinson, head of analysis at Lloyd's List Intelligence, says that there is not enough oil demand growth, which will lead to a continued surplus of supply for the first half of 2015.
Lynnden Brannigan, head of technical strategy at Barclays, discusses currencies and oil movements.
*OPEC increases January output to 30.37 bpd- survey. NEW YORK, Jan 30- Oil rose on Friday as concerns over fighting in Iraq extended short covering from the previous session, but crude prices were still poised for a seventh month of declines, the longest rout on record. Crude was up in early trading Friday in New York on renewed violence in oil producer Iraq, where...
ROME, Jan 30- Record harvests and falling oil prices have helped to push food prices to a four-year low, improving the affordability of food in nearly three quarters of countries surveyed, according to data from the Economist Intelligence Unit. Food became more affordable in 79 out of 109 countries, with Hungary and Botswana seeing the biggest improvements in...
Key members of OPEC are refusing to prop up oil prices, a Reuters survey shows, as its oil output increased this month.
*OPEC increases Jan. output to 30.37 bpd- Reuters survey. LONDON, Jan 30- Oil fell below $49 a barrel on Friday and was on course for its seventh straight month of declines, the longest such bear run on record as a supply glut showed no signs of easing with OPEC increasing production in January. Benchmark Brent crude prices have kept within a band of $45- $50 a barrel since...
Despite a veto threat by President Obama, the Senate has approved the Keystone XL Pipeline bill. The New York Times reports.
Chevron reported fourth-quarter earnings and revenue that beat analysts' expectations on Friday.
Valuations for energy companies may not have fallen far enough to spark dealmaking, two analysts tell CNBC.
*Renewed violence in Iraq supports prices. LONDON, Jan 30- Oil rose above $49 a barrel on Friday, supported by renewed violence in Iraq but with a persistent global supply glut keeping the market on course for a seventh straight month of declines, its longest bear run on record. Benchmark Brent crude prices have kept within a band of $45- $50 a barrel since hitting a...
Ahead of the Russian Central Bank's rate decision, Simon Quijano-Evans, head of EM research at Commerzbank, says there should be more focus on peace in Eastern Ukraine.
*Oil keeps in $45- $50 band for most of January. *China import demand lends market some support. Although Brent prices have kept within a band of $45- $50 a barrel for most of the month, high global stock levels threaten further declines, said Amrita Sen, chief oil analyst at London- based Energy Aspects.
Kim Eng Tan, Senior Director, Sovereign & International Public Finance Ratings, says the ongoing rout in oil markets will boost Thailand, South Korea and India, but weigh on oil exporter Malaysia.
SINGAPORE, Jan 30- Oil prices dipped on Friday following slight gains in the previous session and analysts said the outlook remained weak, with production high and producers reducing operating costs to adjust to lower export revenues. Benchmark Brent crude oil futures opened Friday's trading little changed at $49.15 a barrel and had slipped to $49.03 by 0433...