CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Crude continues to head south, even though geopolitical events keep a floor around the low $90s.» Read More
Oil prices slipped from record highs on plans by top exporter Saudi Arabia to increase crude output to help curb soaring fuel costs.
Oil prices eased Monday as top world producer Saudi Arabia appeared poised to boost production to the highest level in decades to ease a record rally that has threatened global economic growth.
U.S. crude futures slipped on Friday as a report that Saudi Arabia was considering increasing output and a stronger dollar combined to pressure the oil futures complex.
Energy prices have been absolutely sizzling hot, more than doubling the last 12 months. And with heavyweights like Goldman Sachs predicting that prices will hit $150 a barrel by this summer, everyone -- from producers to governments to motorists -- has been obsessed with where oil prices are going.
Oil prices rose Thursday after concerns about a possible strike in Nigeria, Africa's top producer, stirred supply worries.
More oil from Saudi Arabia or other OPEC producers would not ease high global oil prices because they are the result of market speculation, Iraqi Oil Minister Hussain al-Shahristani told Reuters on Thursday.
Saudi Arabia will host a meeting of oil producers and consumers on June 22 to discuss record-high prices that are unbearable, OPEC's Secretary General said on Tuesday.
The International Energy Agency released its monthly oil report this morning. News headlines trumpeted the agency’s forecast of reduced demand for the fifth consecutive month. However, the market has jumped all over a forecasted decline in Non-OPEC oil production of 300,000 barrels per day.
High prices mean these, and other key producing countries, don’t need the incremental revenue. They are getting plenty of revenue through price, they don’t need to get it through volume.
OPEC is powerless to affect the volatility in world oil prices and an emergency meeting would only fuel speculation and exacerbate the problem, Nigerian Oil Minister Odein Ajumogobia said on Monday.
U.S. light, sweet crude futures rebounded from two days of sharp losses, ending more than 4 percent higher as the dollar weakened against the euro, prompting funds to switch assets to the oil markets.
U.S. crude oil futures fell on Wednesday, as a larger-than-forecast rise in refined product inventories last week offset an unexpected drawdown in crude oil supplies.
U.S. light, sweet crude oil futures fell sharply, pressured by the dollar's strength after Federal Reserve Chairman Ben Bernanke's warnings about the impact of the dollar on inflation and by concerns that oil demand is being curbed by high prices.
Oil prices rose modestly but still settled below $130 as concerns about heating oil supplies rose and after an OPEC official said there's no need for the cartel to pump more oil.
Oil prices rose to more than $127 a barrel on Friday as a drop in the dollar drew in investors seeking to hedge against the weaker greenback.
Oil prices dropped over $4 to below $127 a barrel as concerns about global energy demand and strength in the dollar countered a big decline in U.S. stockpiles last week.
Declining oil reserves and investment have forced Indonesia to quit the Organization of Petroleum Exporting Countries even as other members cash in on soaring global prices, the energy minister said.
The unprecedented run-up in oil prices may finally have reached a peak as the dollar stabilizes, Saudi Arabia boosts production slightly and demand slows, analysts say.
Oil rose $2 to more than $131 a barrel Wednesday, rebounding from a sharp drop that had been triggered by concerns about a slowdown in world energy demand.
Top oil exporter Saudi Arabia has boosted supply to help meet the world's need for fuel and may further increase output later if needed, a senior Gulf OPEC source said on Wednesday.