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CNBC's Sharon Epperson discusses the day's activity in the commodities markets. The hurricane forecast is for 7 to 11 hurricanes this season, which could be bullish for the energy markets. Nat gas was up on the day because storage levels rose less than expected.
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President George W. Bush and Sen. John McCain went to bat on energy policy this week. And guess what? They both struck out. Bush went hat in hand to the Saudis to ask for more oil production in order to bring down world prices.
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The Energy Department said Friday it will not add millions of barrels of oil to the Strategic Petroleum Reserve, a move sought by Congress to battle record fuel costs but in the end will likely have little impact on lowering prices.
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Oil prices fell Thursday as a big increase in U.S. natural gas stocks weighed on the energy complex, spurring profit-taking from recent highs.
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OPEC on Thursday trimmed its forecast for global growth in oil demand in 2008, the latest sign that record-high oil prices are putting the brakes on consumption.
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U.S. light, sweet crude for June delivery fell $1.58 to settle at $124.22 a barrel Wednesday on the New York Mercantile Exchange.
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Oil prices didn't set a Nymex closing record Tuesday, but they came very close.
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Oil slipped from a record high over $126 a barrel Monday as a dip in crude oil imports into No. 2 consumer China stirred concerns high prices were eating into demand.
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U.S. crude oil futures ended at a record high on Thursday, fueled by yet another rally in heating oil futures, which hit a new peak.
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Oil prices climbed to a fresh closing peak of above $123 a barrel despite a big increase in U.S. crude supples.
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Crude oil prices closed at yet another record of $121.84 a barrel on Tuesday after a forecast that prices will just keep climbing.
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Robust demand for crude and a weak dollar have fuelled the rally from a dip below $50 at the start of 2007 to $120 a barrel and above.
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Crude oil futures leaped to a new all-time high above $120 a barrel, as supply concerns grew and the U.S. dollar weakened against the euro. Retail gasoline and diesel prices eased over the weekend, although pricier oil threatens to push them higher again.
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Oil jumped more than 3 percent to over $116 a barrel Friday, after a report -- showing the U.S. economy lost fewer jobs than feared in April -- eased worries about the country's economic health.
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Another jump in the dollar and the end of an oil workers' strike in Nigeria sent crude prices falling Thursday, as speculators who drove crude futures to nearly $120 pulled out of the market. Retail gas prices, meanwhile, rose to a new record above $3.62 a gallon.
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Oil fell $2 a barrel, extending a retreat from a record high this week to more than 5 percent after a US government report showed crude oil stockpiles rose much more than expected in the world's top energy consumer.
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Oil fell more than $3 a barrel on Tuesday, retreating further from a record high hit a day before, as the dollar firmed and a strike ended at Britain's Grangemouth refinery.
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Oil hit a fresh peak near $120 a barrel on Monday as supply outages in Nigeria and Britain shut down nearly 2 million barrels per day (bpd) of output in the Atlantic Basin.
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OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide, Algerian government newspaper El Moudjahid reported on Monday.
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Oil settled up over $118 -- down from its intra-day high above $119 -- aafter a workers strike cut production in Nigeria and tensions rose between the United States and Iran
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Oil settled slightly above $116 a barrel on Thursday as the dollar firmed and investors booked profits after crude rallied to a record high earlier this week.