CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. A big oil build was far more than traders expected. After the headlines in Ottawa, the markets fell and crude dropped, as well.» Read More
Oil prices tumbled around 5 percent on Tuesday as the deepening global economic crisis dragged down markets and raised expectations energy demand will slow further.
Oil prices rose on Monday as Saudi Arabia's move to cut supplies and China's launch of a $600 billion economic stimulus plan aided market volatility.
Top oil exporter Saudi Arabia provided the most visible evidence yet of adhering to OPEC's deal to curb output by telling refiners in Asia that it would cut December supplies by 5 percent, term lifters said on Monday.
Oil should be above $70 a barrel to encourage investment in increased production capacity and avoid creating future supply crises, Qatar's oil minister said on Monday.
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.