CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets and looks ahead at where oil and precious metals are likely headed next week.» Read More
Some of the bad news Tuesday was "less worse" than many feared: Goldman Sachs reported its first quarterly loss since going public — but the $2.1 billion loss was much narrower than many had feared and Goldman shares rose as much as 11 percent. Stocks soared on the Federal Reserve rate-cut decision and options trading looks bullish on Boeing. CNBC heard from experts who predict a massive OPEC cut and more Fed moves to come.
Remember oil prices fell 25% in the week after the Nov. 29 sideline meeting OPEC members held in Cairowhere they decided not to really do anything and the market had been waiting for some kind of announcement. That took prices from $56 to $40/barrel.
Oil markets should brace for a surprise decision on output cuts when OPEC meets Dec. 17, the cartel's president said Saturday, suggesting that reductions could be deeper than expected.
Oil prices are expected to stay around $50 a barrel through next year, but that may not give much of a boost to consumer spending, the economy or stocks.
Oil prices tumbled around 5 percent on Tuesday as the deepening global economic crisis dragged down markets and raised expectations energy demand will slow further.
Oil prices rose on Monday as Saudi Arabia's move to cut supplies and China's launch of a $600 billion economic stimulus plan aided market volatility.
Top oil exporter Saudi Arabia provided the most visible evidence yet of adhering to OPEC's deal to curb output by telling refiners in Asia that it would cut December supplies by 5 percent, term lifters said on Monday.
Oil should be above $70 a barrel to encourage investment in increased production capacity and avoid creating future supply crises, Qatar's oil minister said on Monday.
Oil prices jumped more than 10 percent on Tuesday on signs Saudi Arabia had made substantial cuts in its crude exports and as global financial markets rallied.
Top oil exporter Saudi Arabia has already cut significantly crude supplies to some of its customers, industry sources said on Tuesday, quelling doubts OPEC would stick to its latest output deal.
Oil traders are nervously keeping an ear to the ground for the latest word from OPEC.
With unemployment rising and the credit crisis still far from over, cheaper gasoline and heating oil probably won't make much difference to consumers.
The winter holidays are unlikely to bring relief to jittery investors as stock markets may fall between 10 and 20 percent within the next four months, Jason Forde, fund manager at Kepler Capital Markets said Wednesday.
You know the oil markets are in touble when even a hurricane can't stop prices from falling.
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.