CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Brent was up and WTI was down on the day, as headlines out of Libya spooked some traders.» Read More
Oil jumped more than 3 percent to over $116 a barrel Friday, after a report -- showing the U.S. economy lost fewer jobs than feared in April -- eased worries about the country's economic health.
Another jump in the dollar and the end of an oil workers' strike in Nigeria sent crude prices falling Thursday, as speculators who drove crude futures to nearly $120 pulled out of the market. Retail gas prices, meanwhile, rose to a new record above $3.62 a gallon.
Oil fell $2 a barrel, extending a retreat from a record high this week to more than 5 percent after a US government report showed crude oil stockpiles rose much more than expected in the world's top energy consumer.
Oil fell more than $3 a barrel on Tuesday, retreating further from a record high hit a day before, as the dollar firmed and a strike ended at Britain's Grangemouth refinery.
Oil hit a fresh peak near $120 a barrel on Monday as supply outages in Nigeria and Britain shut down nearly 2 million barrels per day (bpd) of output in the Atlantic Basin.
OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide, Algerian government newspaper El Moudjahid reported on Monday.
Oil settled up over $118 -- down from its intra-day high above $119 -- aafter a workers strike cut production in Nigeria and tensions rose between the United States and Iran
Oil settled slightly above $116 a barrel on Thursday as the dollar firmed and investors booked profits after crude rallied to a record high earlier this week.
Oil rose on Wednesday after U.S. government data showed a bigger-than-expected decline in gasoline stocks ahead of the summer driving season, offsetting a build in crude inventories.
Oil surged more than $2 to close at a record settling price near $120 a barrel on Tuesday as supply concerns from Nigeria and the North Sea propelled crude higher.
Crude oil prices hit a record closing high over $117 a barrel on Monday as rebel attacks cut Nigerian supplies and a Scottish refinery strike threatened North Sea crude production.
Record high oil prices have deepened economic pain and even energy producers have begun to fret, but at talks with their customers in Rome they blamed the U.S. dollar and said they could not halt the rally.
The Organization of Petroleum Exporting Countries sees no need to raise oil production to counter high oil prices, the OPEC President said on Sunday.
With oil prices topping $112/barrel and some analysts predicting the next stop to be $120, will OPEC finally step in and add crude to the market to tame prices? I doubt it will happen.
The weak dollar is the main factor keeping prices at high levels, not the supply of oil, and that situation is likely to continue, current OPEC president Chakib Khelil, who is also Algerian Oil Minister, said on Tuesday.
Investors hope the second quarter will be better than the first, when markets went on a rollercoaster of writedowns, trading scandals and record oil prices. Here are CNBC Europe's best videos of the first quarter.
Venezuela is not interested in seeing oil prices rise further and is pushing to stabilize the market, President Hugo Chavez said after visiting the site of a Brazilian refinery being built to process Venezuelan crude.
OPEC is pumping more than enough oil to keep consumers satisfied and a potential U.S. recession could mean lower demand for its crude, the group said on Friday.
World oil demand will be less than expected this year because of slower economic growth in industrialised countries and record prices, the International Energy Agency said on Tuesday.
European stocks ended firmly higher Wednesday, breaking a five-day losing streak on the back of optimism regarding the U.S. economy as data showed a smaller-than-expected contraction in the services sector.