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
Even with oil at $100, OPEC is set to rebuff calls to raise production outputs in its meeting Wednesday. What could that mean for surging commodity prices?
You'd expect oil prices to take a bit of a breather after yesterday's record-breaking run that took NYNEX crude oil futures to an all-time high of $103.95/barrel intraday, surpassing the inflation-adjusted record reached more than a quarter century ago.
OPEC ministers gathered in Vienna are inclined to keep supplies steady, but are on alert for signs record high oil and recession will erode demand.
Oil prices of more than $100 a barrel are unlikely to convince OPEC ministers meeting in Vienna this week to raise output, which they say is more than adequate.
Austrian oil and gas group OMV reported on Tuesday a forecast-beating 23 percent increase in clean operating earnings in the fourth quarter on favourable crude prices and improved refining margins.
A combination of economic slowdown in the United States and a seasonal fall in consumption will hit oil demand and OPEC will not increase output when it meets next week, the producer group's president said on Tuesday.
Crude passed the century mark Tuesday and closed above it for the first time, setting off speculation about just how high prices could go and where a realistic level of support may lie.
The International Energy Agency (IEA) wants OPEC at its next meeting to keep oil production levels unchanged, at the very least, to rebuild low crude supplies, an analyst with the agency said on Wednesday.
Kuwait's acting oil minister said OPEC would discuss increasing crude oil production levels when its ministers meet in March, the official Kuwait News Agency reported on Monday.
OPEC on Friday kept oil supplies unchanged and began a debate about whether or not to deploy production curbs in March to defend prices against a drop in demand should recession bite in the United States.
Iraq's oil minister Hussain al-Shahristani said on Thursday there was no sign of any shortage of oil in international markets and he did not expect OPEC to change its output levels at a meeting this week.
OPEC meets at the end of the week and you have to assume they will get together and have a good laugh. Americans are drowning in sub prime slime, a single French trader made $7.2 billion disappear, and all the while OPEC members are wallpapering their palaces with dollars.
Iranian Oil Minister Gholamhossein Nozari said in remarks published on Tuesday that the market was sufficiently supplied with crude and he saw no need for OPEC to raise production.
Iraq's oil minister said on Friday he expected his country's output to rise by as much as 400,000 barrels per day in 2008, reflecting improved security in the oil sector.
Mounting concerns over a U.S. recession have obscured the demand outlook for OPEC's oil this year, the producer group said on Tuesday, adding that high prices could inflict further pain on consumers.
OPEC will examine all options when its ministers meet in February, the UAE oil minister said on Monday, adding that there was a disconnect between market fundamentals and high oil prices.
U.S. President George W. Bush said on Tuesday oil prices were "very high" and tough for theU.S. economy to bear.
Oil prices have pulled back from the century mark, but supply worries could help to keep oil prices near these heights. I’m keeping a close eye on the global hot spots that were major factors in crude surging nearly 60 percent last year--because they could be the catalysts for oil prices to pop or drop in 2008.
Oil has everyone ajar on Wall Street, but today Stratfor--a respected global geopolitical consultant--has put out a thought-provoking piece arguing that oil prices are likely to go DOWN, not up, in the coming months. A massive reduction in global demand due to a softer global economy? No, though that is the usual suspect the oil bears argue.
OPEC officials lined up to say the exporter group could do little to tame oil prices that hit $100 a barrel for the first time on Wednesday and world markets had enough crude oil.