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
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.
OPEC agreed on Wednesday to keep exports unchanged, rebuffing consumer country calls for more crude to rein in $90-a-barrel oil.
OPEC's big Gulf producers are keeping the door open for higher oil exports when the group meets Wednesday in Abu Dhabi.
OPEC's big Gulf producers are leaving open the option of an oil supply increase that could influence whether crude prices head back towards $100 a barrel or not.
OPEC oil producers may decide not to raise supplies after a fall in crude prices from record highs, ministers from the cartel said on Monday.
A constitutional referendum in Venezuela on Sunday is expected to significantly consolidate the power of President Hugo Chavez -- paving the way for a lifetime presidency and possibly an era of strong-man socialism -- but is not expected to fundamentally alter economic relations with the U.S., which are dominated by oil trade, analysts said Friday.
Saudi Oil Minister Ali al-Naimi on Tuesday gave no sign whether OPEC would agree this year's second output rise when it meets next week, but confirmed that the kingdom had boosted production to 9 million barrels per day (bpd).
US crude has been flirting with the $100-a barrel milestone for the past month. It got the market excited on Wednesday, when it briefly surged to a lifetime high of $99.29 a barrel, before settling lower. The market clearly wants to hit the benchmark – and will try again next week.
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.