CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks ahead to where oil and precious metals are likely headed next week.» Read More
Oil rose on Wednesday after U.S. government data showed a bigger-than-expected decline in gasoline stocks ahead of the summer driving season, offsetting a build in crude inventories.
Oil surged more than $2 to close at a record settling price near $120 a barrel on Tuesday as supply concerns from Nigeria and the North Sea propelled crude higher.
Crude oil prices hit a record closing high over $117 a barrel on Monday as rebel attacks cut Nigerian supplies and a Scottish refinery strike threatened North Sea crude production.
Record high oil prices have deepened economic pain and even energy producers have begun to fret, but at talks with their customers in Rome they blamed the U.S. dollar and said they could not halt the rally.
The Organization of Petroleum Exporting Countries sees no need to raise oil production to counter high oil prices, the OPEC President said on Sunday.
With oil prices topping $112/barrel and some analysts predicting the next stop to be $120, will OPEC finally step in and add crude to the market to tame prices? I doubt it will happen.
The weak dollar is the main factor keeping prices at high levels, not the supply of oil, and that situation is likely to continue, current OPEC president Chakib Khelil, who is also Algerian Oil Minister, said on Tuesday.
Investors hope the second quarter will be better than the first, when markets went on a rollercoaster of writedowns, trading scandals and record oil prices. Here are CNBC Europe's best videos of the first quarter.
Venezuela is not interested in seeing oil prices rise further and is pushing to stabilize the market, President Hugo Chavez said after visiting the site of a Brazilian refinery being built to process Venezuelan crude.
OPEC is pumping more than enough oil to keep consumers satisfied and a potential U.S. recession could mean lower demand for its crude, the group said on Friday.
World oil demand will be less than expected this year because of slower economic growth in industrialised countries and record prices, the International Energy Agency said on Tuesday.
European stocks ended firmly higher Wednesday, breaking a five-day losing streak on the back of optimism regarding the U.S. economy as data showed a smaller-than-expected contraction in the services sector.
OPEC said Wednesday it decided not to put more oil on the global market despite near record-high prices for crude, blaming the U.S. for economic "mismanagement" it said was having a worldwide effect.
OPEC ministers on Wednesday agreed to keep oil output steady and said record high prices had been driven by factors that were beyond their control.
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.