CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks ahead to where oil and precious metals are likely headed next week.» Read More
Oil prices jumped more than 10 percent on Tuesday on signs Saudi Arabia had made substantial cuts in its crude exports and as global financial markets rallied.
Top oil exporter Saudi Arabia has already cut significantly crude supplies to some of its customers, industry sources said on Tuesday, quelling doubts OPEC would stick to its latest output deal.
Oil traders are nervously keeping an ear to the ground for the latest word from OPEC.
With unemployment rising and the credit crisis still far from over, cheaper gasoline and heating oil probably won't make much difference to consumers.
The winter holidays are unlikely to bring relief to jittery investors as stock markets may fall between 10 and 20 percent within the next four months, Jason Forde, fund manager at Kepler Capital Markets said Wednesday.
You know the oil markets are in touble when even a hurricane can't stop prices from falling.
OPEC's decision to for a modest cut in production isn't likely to stop crude prices from heading lower in the coming months, analysts said.
OPEC on Wednesday deepened its links with major non-OPEC producer Russia and said it was cutting back output by around half a million barrels per day.
Here in Vienna the sun is shining, it is 85 degrees outside and global energy concerns, hurricanes in the Gulf of Mexico, et al seem a long way away.
Senior oil officials from Iran and Libya said Monday that there is too much crude on the market, adding that OPEC is reviewing whether supply exceeds demand before deciding whether to cut back production.
OPEC oil supply rose for a fourth consecutive month in August, mainly due to higher output from Iran and smaller increases in Nigeria and Angola, a Reuters survey showed on Monday.
OPEC on Friday cut its forecast for global oil demand growth in 2008 for a fifth month and said production is more than adequate, signaling a more comfortable supply and demand balance.
Oil closed at $15.20, dropping to a three-month low Friday as the dollar surged and concerns about global economic growth weighed on demand expectations.
Oil rose on Thursday on expectations a one million barrel per day pipeline that was attacked by Kurdish separatists in Turkey could remain shut for up to two weeks.
U.S. crude oil futures fell for a third day in a row on Wednesday as government data showed that crude oil stocks rose much more than expected last week.
Oil prices sank as low as $118 a barrel Tuesday on the growing belief that a U.S. economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products.
OPEC is unlikely to change oil output in September to reverse the recent price fall unless the slide continues to below $80 a barrel, an OPEC source said on Tuesday.
Oil briefly fell below $120 a barrel Monday before recovering slightly at the close, pressured by evidence of rising OPEC output in the midst of declining demand in the United States and Europe.
OPEC oil supply rose for a third consecutive month in July due to higher output from the world's top exporter Saudi Arabia and smaller increases from other members, a Reuters survey showed on Monday.
Oil prices settled slightly higher Friday, clawing back above $125 a barrel after Israel raised new concerns about Iran's nuclear program. But more concerns that high prices are eating into demand limited the gains.