CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.» Read More
Goldman Sachs on Monday forecast U.S. oil prices will surge to $85 by the end of the year, and said crude could climb as high as $90 due to tight supplies.
Oil closed at a record $80.57 on Monday on worries that global energy supplies could shrink to critical levels this winter heating season due to strong demand growth.
Oil eased from its record high on Friday as a hurricane subsided in the Gulf of Mexico and as fresh evidence of credit troubles in the banking sector hit financial markets.
It’s been a busy week for us in the news industry. Japan’s prime minister resigned and was promptly hospitalized; several big earthquakes hit Indonesia; Hurricane Humberto came out of nowhere, hitting the Texas-Louisiana coast with 85-mph winds; and the news highlighter for my little Commodity Store this week – crude oil prices hitting a record peak, crossing the $80 threshold to settle at $80.20 a barrel in New York on Thursday.
Stock prices are shifting into high gear as a GM upgrade and a dividend boost from McDonald's helps sentiment. The dollar is firming slightly and oil trades near record levels. Europe's stock markets turned higher after early losses, and Asian markets were mostly higher overnight.
The price of the OPEC basket of twelve crudes reached a new record Wednesday, hitting $74.21 a barrel, compared with $73.13 on Tuesday, OPEC said today in a statement.
Stocks are under pressure ahead of the opening as the dollar touches new lows, oil edges higher and Texas Instruments earning forecast disappoints. For now, stock futures are lower and European markets are mixed.
In an ironic twist, oil prices rode to a record high on the same day OPEC agreed to open its taps. Earlier today, the Organization of Petroleum Exporting Countries said it would boost production by 500,000 barrels a day, a move forced on the cartel by worries about the possibility of a housing-induced U.S. economic slowdown.
Saudi Arabia persuaded OPEC to raise oil output by 500,000 barrels per day on Tuesday in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing fuel stocks.
So there we have it. A long, drawn out battle has been won once again by the globe’s mightiest oil producer: Saudi Arabia.
Wall Street is counting down to next week's Fed meeting and not much else is influencing trading. Stocks are readying for a higher opening as investors wait for a speech from Fed Chairman Ben Bernanke later this morning and watch the action at OPEC.
Twickenham, Stade de France and now the OPEC Secretariat. All venues for some of the greatest rugby scrums of the Twenty First Century.
The Organization of Petroleum Exporting Countries (OPEC) will likely keep its official flow of oil steady when its meets Sept. 11 in Vienna, despite concerns that already high prices will spike when winter demand increases.
The oil market is well balanced with no shortage of supplies, OPEC's president said on Thursday, the latest comment by the producer group implying it will maintain output curbs at its meeting next week.
Acting Iranian Oil Minister Gholamhossein Nozari said on Wednesday there was no need for OPEC to increase its crude production, Iran's state broadcaster reported.
What a difference a week makes. The U.S. Treasury auctioned a record amount of short-term bills this week which is calming the market. "It quenches the thirst for risk-free paper," says CNBC's Rick Santelli. Today's combined record $43 billion auction in three and six-month bills saw the strongest demand since June and drew much higher yields than we saw last week.
With oil hitting fresh 19-month lows (U.S. crude oil futures are slightly higher today) investors are beginning to wonder, where’s OPEC? The Wall Street Journal is reporting that the cartel is mulling over whether to hold an emergency meeting. In addition, they’re talking about additional production cuts. But to coin a phrase “talk is cheap.” On CNBC’s “Morning Call” Liz Claman investigated whether OPEC has any ‘real’ control over oil prices.
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.