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.» Read More
Qatar Oil Minister Abdullah al-Attiyah said on Friday that he saw no demand for the additional crude that Saudi Arabia has pledged over the past few months to pump Saudi Arabia, the world's top exporter, has promised to step up production to its highest rate in three decades in an effort to tame oil prices, which have surged nearly 50 percent this year, hitting a record high $145.85 a barrel last week.
Oil prices jumped nearly $6 to above $141 a barrel Thursday amid threats to production in Nigeria and Brazil and as additional missile tests by Iran escalated tensions with the West.
World oil demand growth will slow slightly to 860,000 barrels per day (bpd) in 2009 to 87.7 million bpd, down from growth of 890,000 bpd this year, and the need for OPEC oil will also fall, the IEA said on Thursday.
Oil prices regained ground and headed above $137, but still were below session highs, despite a larger-than-expected draw in crude inventories.
Iran's OPEC governor said on Wednesday the oil market was saturated and blamed policies of the Group of Eight (G8) rich countries for a price surge, the state broadcaster reported on its website.
Oil tumbled to near $136 on Tuesday as the dollar gained and concern eased over an Atlantic hurricane.
Oil dropped almost $4 a barrel on profit-taking and signals that Iran will be more flexible in negotiations over its nuclear program.
Oil dropped below $145 a barrel on Friday, but was still within sight of record highs reached in the previous session when traders bought into the market ahead of a holiday weekend in the United States.
Oil futures closed trading on the New York Mercantile Exchange at a record above $145 a barrel, setting their third all-time high in as many consecutive days.
Oil prices hit another record settling price Wednesday, and then followed up on their close by reaching a record high over $144 a barrel in post-settlement trade, as a drop in U.S. crude inventories stoked supply concerns.
Oil prices rose on Tuesday on forecasts that global supplies will struggle to keep pace with demand and concerns that tensions between Israel and Iran could lead to a disruption of exports from the OPEC nation.
There is "no shortage" in the oil market and OPEC member countries and would prefer a lower price than the current highs, OPEC Secretary General Abdalla El-Badri told CNBC on Tuesday.
Oil prices would not ease even if production were raised because speculation and taxes are behind the soaring market, Saudi Arabia's King Abdullah was quoted as saying in a Kuwaiti newspaper on Tuesday.
The dramatic rise in oil prices is a bubble, famous turnaround investor Wilbur Ross told CNBC Monday, adding that there is no apparent supply problem with crude.
Oil slipped off a record high of more than $143 a barrel as weak U.S. demand countered mounting tensions between OPEC nation Iran and Israel.
Oil futures climbed to a new record near $143 a barrel Friday as the dollar weakened against the euro, confirming expectations that the falling greenback, a major factor in crude's stratospheric rise, will extend its decline and add to oil's appeal.
Oil futures shot above $140 Thursday after OPEC's president said oil prices could rise well above $150 a barrel this year and Libya said it may cut oil production.
Crude oil prices could rise to as high as $170 per barrel in the coming months but are unlikely to hit $200 and should ease towards the end of the year, OPEC President Chakib Khelil said in an interview on Thursday.
Crude oil production from non-OPEC countries will not be able to keep up with growing global demand in the next few years, forcing oil consuming nations to rely more on the Organization of Petroleum Exporting Countries for supplies, the U.S. Energy Information Administration said Wednesday.
The United Arab Emirates would only increase oil production as part of a decision agreed by all of OPEC, Oil Minister Mohammed al-Hamli said on Wednesday, dashing faint hopes it might follow recent Saudi boosts.