CNBC's Bertha Coombs discusses the day's activity in the commodities markets. The dollar hit multi-year highs, which hit commodities hard today.» Read More
OPEC member Libya does not see a need for the exporter group to cut or increase its oil output at a September 11 meeting, the country's top oil official said on Wednesday.
Oil edged lower on Friday as the crisis in world credit markets weighed on investor sentiment, but a late rally after central banks plowed more cash into the financial system erased most of the day's losses.
The need for more OPEC oil is growing more urgent to avoid a worrying drop in global inventories faced with ever rising demand, the International Energy Agency said on Friday.
Oil rose Wednesday, as draws in U.S. crude and gasoline stockpiles overcame wider concerns about the health of the world's largest economy.
Crude oil prices rose Tuesday, pulling out of a nosedive after news of new refinery problems in the United States rekindled supply worries during the summer driving season.
Oil and gasoline futures plunged Monday, on concerns about the economy's health and as investors sold to lock in profits from last week's record-setting rally.
Oil tumbled below $76 per barrel Friday, dragged down as disappointing U.S. economic data helped send stock markets down again
Oil rose near an all-time high on Thursday, as OPEC officials said the producer group would not hike output, despite concerns of a supply shortfall.
Oil prices retreated after jumping to a new record Wednesday on the government's report of a steep drop in crude inventories and surge in refinery activity.
Oil futures settled at a record high above $78 Tuesday on expectations that crude inventories fell last week and reports of new violence in Nigeria, a large oil producer and key supplier to the U.S.
Oil fell on Monday as traders took profits after supply concerns sent prices above $77 abarrel last week and near record highs.
Oil jumped more than 2 percent to its second highest settlement on record on Friday as supply concerns and signs of U.S. economic growth helped counter worries about falling stock markets.
Oil prices fell on Thursday as a sharp drop in the U.S. stock market spurred concerns about crude demand growth, reversing an earlier rally.
Oil prices jumped on Wednesday after U.S. government data showed a draw in crude inventories as refiners' utilization increased.
Oil rose Tuesday afternoon to well over $73 per barrel -- after sinking more than $1 below $73 a barrel earlier in the day. The slide was attributed to further assurances from OPEC that it would pump more crude if needed, as well as expectations of higher U.S. fuel stockpiles.
Oil fell below the $75-per-barrel mark on Monday, as some funds booked profits after OPEC expressed concern over near-record prices -- and pledged to pump more crude if needed.
Venezuela will buy back debt as part of a general policy of reducing its debt-servicing payments but, for now, will hold off on announcing details of its plan, the OPEC nation's economy minister said on Tuesday.
The Organization of the Petroleum Exporting Countries said on Monday that world oil demand in 2008 will grow moderately, while supply from rival producers will expand, reducing the need for crude from the exporter group.
A decade on from Asia's financial crisis, the oil market has witnessed an unprecedented bull run. The surge in prices has seemed unsustainable with some commentators likening the jump to the dot com tech bubble. However, this particular bubble in the commodities market shows no signs of bursting as long as the twin powerhouses in the region -- China and India -- continue to grow.
Oil prices edged higher Friday as markets monitored talks between the Nigerian government and labor union officials to end a general labor strike in Africa's largest crude producer.