CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Volatile day for commodities as oil was down on the day. Traders continue to watch the Middle East» Read More
OPEC's decision to for a modest cut in production isn't likely to stop crude prices from heading lower in the coming months, analysts said.
OPEC on Wednesday deepened its links with major non-OPEC producer Russia and said it was cutting back output by around half a million barrels per day.
Here in Vienna the sun is shining, it is 85 degrees outside and global energy concerns, hurricanes in the Gulf of Mexico, et al seem a long way away.
Senior oil officials from Iran and Libya said Monday that there is too much crude on the market, adding that OPEC is reviewing whether supply exceeds demand before deciding whether to cut back production.
OPEC oil supply rose for a fourth consecutive month in August, mainly due to higher output from Iran and smaller increases in Nigeria and Angola, a Reuters survey showed on Monday.
OPEC on Friday cut its forecast for global oil demand growth in 2008 for a fifth month and said production is more than adequate, signaling a more comfortable supply and demand balance.
Oil closed at $15.20, dropping to a three-month low Friday as the dollar surged and concerns about global economic growth weighed on demand expectations.
Oil rose on Thursday on expectations a one million barrel per day pipeline that was attacked by Kurdish separatists in Turkey could remain shut for up to two weeks.
U.S. crude oil futures fell for a third day in a row on Wednesday as government data showed that crude oil stocks rose much more than expected last week.
Oil prices sank as low as $118 a barrel Tuesday on the growing belief that a U.S. economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products.
OPEC is unlikely to change oil output in September to reverse the recent price fall unless the slide continues to below $80 a barrel, an OPEC source said on Tuesday.
Oil briefly fell below $120 a barrel Monday before recovering slightly at the close, pressured by evidence of rising OPEC output in the midst of declining demand in the United States and Europe.
OPEC oil supply rose for a third consecutive month in July due to higher output from the world's top exporter Saudi Arabia and smaller increases from other members, a Reuters survey showed on Monday.
Oil prices settled slightly higher Friday, clawing back above $125 a barrel after Israel raised new concerns about Iran's nuclear program. But more concerns that high prices are eating into demand limited the gains.
Oil prices ended lower Thursday, pulling back from the previous day's rally, as disappointing data on the U.S. economy signaled further cutbacks in energy demand for the world's thirstiest consumer.
Oil prices shot up as much as $5 a barrel, halting a dramatic two-week slide, after the US government reported a surprise drop in gasoline supplies.
Oil fell to its lowest level in nearly three months, extending a steep slide since mid-July on mounting evidence high prices and a souring economy were cutting into world energy demand.
Oil prices are still abnormally high, and OPEC member nations should not cut supply if they continue to fall as the oil market is now in balance, OPEC President Chakib Khelil said on Tuesday.
Oil prices rose Monday, approaching $125 a barrel after militants sabotaged two oil pipelines in Nigeria and Iran claimed that it had doubled the size of its nuclear program but signaled a willingness to work with the U.S.
World oil prices are overvalued and "not realistic" because the market is being manipulated, Iran's President Mahmoud Ahmadinejad said in an exclusive interview with NBC.