CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.» Read More
Oil dropped $2 to a fresh seven-week low on Friday, extending a decline that has knocked more than $23 off crude in two weeks as high fuel prices continue to batter demand.
OPEC's oil output is expected to rise by 200,000 barrels per day in July from June because of higher supplies from Saudi Arabia and Iraq, industry consultant Petrologistics said on Friday.
Oil prices rebounded from a seven-week low Thursday in what traders said was technical trading and a short covering bounce after recent declines left the market oversold
Oil prices fell $4 to a six-week low after a U.S. report reinforced concerns high prices and economic turmoil were slashing demand.
Oil prices fell to a six-week low on Tuesday amid concerns over sliding U.S. energy demand and expectations that a tropical storm pushing through the Gulf of Mexico would spare most offshore oil production.
Oil prices rose Monday on a threat of new sanctions against Iran and as Tropical Storm Dolly headed into the Gulf of Mexico, prompting a hurricane watch for parts of Texas and Mexico.
Oil fell for the fourth consecutive day, pulled lower by growing demand concerns and easing tension between Iran and the West.
Oil prices fell sharply in afternoon trading to below $130 a barrel as uncertainty about the overall trend for the commodity continued.
U.S. crude oil futures ended lower for the second day in a row as government inventory data showed surprise increases in crude and gasoline stocks.
The world's top oil exporter Saudi Arabia wants to see lower oil prices, Saudi King Abdullah said in an interview with Italian newspaper La Repubblica.
Oil prices fell harder than they have in 17 years on a dollar basis Tuesday, as fears that record fuel prices are spreading broad economic pain led to the third big sell-off in just over a week.
OPEC on Tuesday cut its forecast for global oil demand growth in 2008 for a fourth time this year and said consumption would slow in 2009, signaling a more comfortable supply and demand balance.
Oil rose slightly above $145 Monday as supply concerns in Brazil in the midst of an energy workers strike outweighed ongoing worries that high fuel costs are dragging down consumer nation demand.
U.S. crude oil futures ended more than 2 percent higher as geopolitical and supply worries combined to lift prices to an all-time high.
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.