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
The International Energy Agency released its monthly oil report this morning. News headlines trumpeted the agency’s forecast of reduced demand for the fifth consecutive month. However, the market has jumped all over a forecasted decline in Non-OPEC oil production of 300,000 barrels per day.
High prices mean these, and other key producing countries, don’t need the incremental revenue. They are getting plenty of revenue through price, they don’t need to get it through volume.
OPEC is powerless to affect the volatility in world oil prices and an emergency meeting would only fuel speculation and exacerbate the problem, Nigerian Oil Minister Odein Ajumogobia said on Monday.
U.S. light, sweet crude futures rebounded from two days of sharp losses, ending more than 4 percent higher as the dollar weakened against the euro, prompting funds to switch assets to the oil markets.
U.S. crude oil futures fell on Wednesday, as a larger-than-forecast rise in refined product inventories last week offset an unexpected drawdown in crude oil supplies.
U.S. light, sweet crude oil futures fell sharply, pressured by the dollar's strength after Federal Reserve Chairman Ben Bernanke's warnings about the impact of the dollar on inflation and by concerns that oil demand is being curbed by high prices.
Oil prices rose modestly but still settled below $130 as concerns about heating oil supplies rose and after an OPEC official said there's no need for the cartel to pump more oil.
Oil prices rose to more than $127 a barrel on Friday as a drop in the dollar drew in investors seeking to hedge against the weaker greenback.
Oil prices dropped over $4 to below $127 a barrel as concerns about global energy demand and strength in the dollar countered a big decline in U.S. stockpiles last week.
Declining oil reserves and investment have forced Indonesia to quit the Organization of Petroleum Exporting Countries even as other members cash in on soaring global prices, the energy minister said.
The unprecedented run-up in oil prices may finally have reached a peak as the dollar stabilizes, Saudi Arabia boosts production slightly and demand slows, analysts say.
Oil rose $2 to more than $131 a barrel Wednesday, rebounding from a sharp drop that had been triggered by concerns about a slowdown in world energy demand.
Top oil exporter Saudi Arabia has boosted supply to help meet the world's need for fuel and may further increase output later if needed, a senior Gulf OPEC source said on Wednesday.
U.S. crude oil futures closed more than $3 lower on Tuesday, extending a slide as a stronger dollar, technical weakness and demand concerns kept the pressure on the oil complex.
Oil rose above $133 on Monday as long-term supply concerns lingered and fresh production problems appeared in Nigeria and Norway.
U.S. crude oil futures rose on Friday after seesawing before dealers bought defensively ahead of a long weekend and as the market eyed a weaker dollar and strikes affecting French port traffic.
Oil prices are expected to average above $107 this year and to stay above $102 for the next two years due to concerns over long term supply constraints and strong demand from emerging markets, a Reuters survey of analysts found.
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.