CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. WTI closes in on $90/barrell and gold hit a 9-month low. The stronger dollar is why, says DeAngelis.» Read More
Oil prices pulled back sharply from a record above $135 a barrel on Thursday as dealers took profits from a dazzling rally and a recovering U.S. dollar dampened commodities markets.
Oil prices surged $5 to a record over $134 a barrel in Asian trading Thursday after a U.S. government report showed a surprise drop in crude stockpiles, reinvigorating fears of a supply crunch.
OPEC oil supply in May is expected to rise by 700,000 barrels per day (bpd), led by higher output from members including Nigeria and Saudi Arabia, an industry consultant said on Wednesday.
Crude oil prices once again set both intraday and Nymex closing record highs Tuesday, driving toward $130 a barrel mid-day and finishing above $129 amid deepening worries over tight global stockpiles.
Oil was above $127 a barrel seesaw trading Monday as crude prices were hit alternately by profit-taking and comments from OPEC's president that the producer group would not increase output at its next meeting in September.
Oil prices shot to new highs again Friday as traders, unimpressed by U.S. and Saudi efforts to boost supply, kept buying on the belief that prices had more room to rise.
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.
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.
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.
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.
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.
Oil prices didn't set a Nymex closing record Tuesday, but they came very close.
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.
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.
Oil prices climbed to a fresh closing peak of above $123 a barrel despite a big increase in U.S. crude supples.
Crude oil prices closed at yet another record of $121.84 a barrel on Tuesday after a forecast that prices will just keep climbing.
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.
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.
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.
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.