CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Oil closed up on the day, and nat gas closed up, as well, while gold was down on the day.» Read More
OPEC has done its utmost to satisfy the world's demand for fuel and pumping even more crude will do little to halt oil's rally towards $88 a barrel, officials said on Tuesday.
OPEC on Monday raised its forecast for demand for its oil this winter and said it appeared more likely that top consumer the United States would avoid a steep economic slowdown.
More crude supply from OPEC would do little to ease $80 oil as speculative investment flowing into the market from other assets is boosting the price, Qatar's oil minister said on Monday.
Oil rose sharply to $83 per barrel on Thursday, as a weak dollar and supply worries ahead of the winter heating season encouraged buying by financial investors
Oil prices, which briefly dropped below $79 per barrel on Wednesday, jumped back up late in the afternoon to close over $80, as traders weighed a U.S. government report showing a surprise increase in the nation's crude inventories against concerns that a new storm could be brewing in the Gulf of Mexico, threatening production.
Oil dropped below $80 per barrel Tuesday, as more U.S. production in the Gulf of Mexico came back online after being shut by foul weather last week.
Energy futures fell Monday after a tropical depression that moved through the Gulf of Mexico late last week turned out to be a dud. But investors also tried to determine if oil futures' recent record-setting run above $80 per barrel had run its course.
Oil prices fell Friday as investors sold to lock in profits, but analysts doubt oil's record-breaking run is over and say gasoline prices are about to start following oil higher.
Oil closed over $83 per barrel in the seventh straight record-breaking session, as companies shut Gulf of Mexico output on forecasts a tropical depression would become a storm.
Oil struck a new record over $82 Wednesday as falling U.S. inventories and the threat of a storm gathering near Florida renewed supply concerns in the world's biggest energy consumer.
Oil futures rose to new records Tuesday after the Federal Reserve cut interest rates by a larger-than-expected half percentage point, raising market hopes that economic growth will accelerate and lift demand even as crude oil and gasoline inventories are tight.
OPEC would likely hold consultations about boosting supply again if the price of oil stayed above $80 a barrel for more than 15-20 days, an OPEC source said on Tuesday.
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.