CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Traders remain focused firmly on tomorrow's testimony from Fed Chairman Ben Bernanke. And expectations for this week's oil inventories.» Read More
U.S. Energy Secretary Sam Bodman said on Tuesday the United States was not concerned about the debate within OPEC on whether it should seek an alternative to the dollar in pricing oil.
An OPEC summit ended on Sunday in sharp political division over whether to take action over the weak dollar, as heads of state vowed to keep providing Western consumers with an "adequate" supply of oil.
OPEC states agreed their finance ministers would meet before Dec. 5 to discuss the sliding dollar's impact on their economies after Iran and Venezuela recommended pricing oil against a currency basket.
OPEC pledged to provide "adequate, timely and sufficient" oil supplies to the market and voiced concern about global climate change.
A statement to be issued at a meeting of OPEC leaders this weekend will emphasise the role of the exporter group in helping to combat climate change, delegates from the producer group said on Friday.
OPEC said on Thursday it sees a modest downturn in the U.S. economy in the fourth quarter due in part to record high oil prices, but booming growth in China and the Middle East will keep world oil demand strong.
The average price U.S. consumers pay for gasoline should rise by another 20 cents a gallon over the next two to three weeks, because not all of the recent jump in crude oil prices has been passed on to consumers at the pump, the EIA said.
Saudi Arabia, the world's top oil exporter, said on Sunday that it was premature to talk about an OPEC increase in oil output but group members would discuss the issue at an upcoming meeting.
OPEC raised oil production last month in response to record-high prices above $90 a barrel and in advance of a formal deal to lift supply, a Reuters survey showed on Friday.
An oil price "bubble" was not due to any shortage but was fuelled by global political tensions, a leading Iranian oil official told the state broadcaster.
OPEC has no power over many of the factors buffeting oil markets and the group is worried by record high prices that are threatening the world economy and future demand growth, OPEC ministers said on Tuesday.
OPEC Secretary-General Abdullah al-Badri said on Wednesday the group was implementing a decision taken in September to increase production by 500,000 barrels per day (bpd).
OPEC is already raising oil supply in response to record prices and in advance of its deal to increase output from November, a consultant who tracks tanker movements said on Tuesday.
OPEC has done its utmost to satisfy the world's demand for fuel and pumping even more crude will do little to halt oil's rally towards $88 a barrel, officials said on Tuesday.
OPEC on Monday raised its forecast for demand for its oil this winter and said it appeared more likely that top consumer the United States would avoid a steep economic slowdown.
More crude supply from OPEC would do little to ease $80 oil as speculative investment flowing into the market from other assets is boosting the price, Qatar's oil minister said on Monday.
Oil rose sharply to $83 per barrel on Thursday, as a weak dollar and supply worries ahead of the winter heating season encouraged buying by financial investors
Oil prices, which briefly dropped below $79 per barrel on Wednesday, jumped back up late in the afternoon to close over $80, as traders weighed a U.S. government report showing a surprise increase in the nation's crude inventories against concerns that a new storm could be brewing in the Gulf of Mexico, threatening production.
Oil dropped below $80 per barrel Tuesday, as more U.S. production in the Gulf of Mexico came back online after being shut by foul weather last week.
Energy futures fell Monday after a tropical depression that moved through the Gulf of Mexico late last week turned out to be a dud. But investors also tried to determine if oil futures' recent record-setting run above $80 per barrel had run its course.