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
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.
Oil dropped $2 to a fresh seven-week low on Friday, extending a decline that has knocked more than $23 off crude in two weeks as high fuel prices continue to batter demand.
OPEC's oil output is expected to rise by 200,000 barrels per day in July from June because of higher supplies from Saudi Arabia and Iraq, industry consultant Petrologistics said on Friday.
Oil prices rebounded from a seven-week low Thursday in what traders said was technical trading and a short covering bounce after recent declines left the market oversold
Oil prices fell $4 to a six-week low after a U.S. report reinforced concerns high prices and economic turmoil were slashing demand.
Oil prices fell to a six-week low on Tuesday amid concerns over sliding U.S. energy demand and expectations that a tropical storm pushing through the Gulf of Mexico would spare most offshore oil production.
Oil prices rose Monday on a threat of new sanctions against Iran and as Tropical Storm Dolly headed into the Gulf of Mexico, prompting a hurricane watch for parts of Texas and Mexico.