CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Traders say fundamentals are likely to continue to push down the price of oil. Gasoline futures rebounded, but are still down, she says.» Read More
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.
U.S. oil prices touched a nine-month high Friday sparked by worries of low U.S. fuel supplies from creaking refineries and an upsurge of violence in the Middle East.
U.S. oil prices soared toward $68 a barrel on concerns over low fuel production from hobbled U.S. oil refineries and a flare up of violence in the Middle East.
Oil surged nearly a dollar a barrel Wednesday after a U.S. government report showed gasoline stockpiles remaining well below normal at the start of the summer driving season.
Oil prices dropped below $69 a barrel Tuesday amid expectations that U.S. gasoline supplies rose for the sixth straight week, easing worries of a crunch during the summer vacation season.
World oil demand will rise more quickly than previously thought this year, the International Energy Agency said on Tuesday, adding weight to consumer nations' calls for more OPEC oil. In its June monthly report, the adviser to 26 industrialised countries lifted its forecast for 2007 growth in world oil demand to 1.7 million barrels per day (bpd) or two percent, up 200,000 bpd from the previous forecast.
U.S. oil rose to just shy of $66 on Monday, and London Brent crude recovered above $69, after a sell-off of more than $2 at the end of last week, buoyed by news leading exporter Saudi Arabia would keep OPEC supply curbs in place through July.
OPEC has no plans to release more oil into the market ahead of its next policy meeting in September, Iran's oil minister said Monday.
Oil dropped more than two dollars on Friday, weakened by selling in equity markets that raised doubts over energy demand and after a storm that halted exports from Oman lost power.
Oil and gasoline futures jumped Thursday on concerns that U.S. refineries aren't making enough gasoline to meet domestic demand.
U.S. oil edged above $66 on Wednesday after U.S. gasoline stocks rose for a fifth straight week and eased concerns of a summer supply crunch in the world's top consumer.
Gasoline futures dropped more than 1%, and oil and gas futures also fell as a cyclone approaching the Persian Gulf veered away from major oil facilities.
U.S. broke above $66 and London Brent pierced $70 on news a cyclone was headed towards the oil-producing Arabian peninsula with a potential to disrupt shipping and output.
Oil rallied above $65 a barrel as fresh refinery and pipeline problems in the U.S. reignited fears over gasoline supplies as the summer peak in gasoline demand in the world's largest consumer approaches.
Oil rose Thursday, recovering from early losses to close above $64 a barrel as U.S. government data showed crude oil inventories fell unexpectedly last week.
U.S. crude finished up slightly on Wednesday after Tuesday's sharp selloff and gasoline futures fell to a 3-week low ahead of weekly data on U.S. petroleum inventories.
Oil prices slumped as much as 4% after the threat of further disruptions to Nigerian supplies receded and gasoline futures sold off as U.S. refineries returned to production.
Oil prices fell in light trade Monday, eased by the end of a Nigerian oil workers' strike over the weekend.
Prices for crude oil and gasoline rose on supply concerns ahead of the Memorial Day weekend, the kickoff to the summer driving season. Strikes and violence in Nigeria also propped up the oil market.
Gasoline prices climbed and crude prices fell after another round of outages at U.S. refineries stoked supply concerns ahead of Memorial Day weekend, the unofficial start of the summer driving season.