CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Crude oil prices were under pressure; traders are eying tomorrow's Department of Energy report; natural gas got a small bump up, closing at $4.74, and traders are looking for a catalyst to get back on the long side of gold.» Read More
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.
Oil dropped almost $4 a barrel on profit-taking and signals that Iran will be more flexible in negotiations over its nuclear program.
Oil dropped below $145 a barrel on Friday, but was still within sight of record highs reached in the previous session when traders bought into the market ahead of a holiday weekend in the United States.
Oil futures closed trading on the New York Mercantile Exchange at a record above $145 a barrel, setting their third all-time high in as many consecutive days.
Oil prices hit another record settling price Wednesday, and then followed up on their close by reaching a record high over $144 a barrel in post-settlement trade, as a drop in U.S. crude inventories stoked supply concerns.
Oil prices rose on Tuesday on forecasts that global supplies will struggle to keep pace with demand and concerns that tensions between Israel and Iran could lead to a disruption of exports from the OPEC nation.
There is "no shortage" in the oil market and OPEC member countries and would prefer a lower price than the current highs, OPEC Secretary General Abdalla El-Badri told CNBC on Tuesday.
Oil prices would not ease even if production were raised because speculation and taxes are behind the soaring market, Saudi Arabia's King Abdullah was quoted as saying in a Kuwaiti newspaper on Tuesday.
The dramatic rise in oil prices is a bubble, famous turnaround investor Wilbur Ross told CNBC Monday, adding that there is no apparent supply problem with crude.