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
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.
The need for more OPEC oil is growing more urgent to avoid a worrying drop in global inventories faced with ever rising demand, the International Energy Agency said on Friday.
Oil rose Wednesday, as draws in U.S. crude and gasoline stockpiles overcame wider concerns about the health of the world's largest economy.
Crude oil prices rose Tuesday, pulling out of a nosedive after news of new refinery problems in the United States rekindled supply worries during the summer driving season.
Oil and gasoline futures plunged Monday, on concerns about the economy's health and as investors sold to lock in profits from last week's record-setting rally.
Oil tumbled below $76 per barrel Friday, dragged down as disappointing U.S. economic data helped send stock markets down again
Oil rose near an all-time high on Thursday, as OPEC officials said the producer group would not hike output, despite concerns of a supply shortfall.
Oil prices retreated after jumping to a new record Wednesday on the government's report of a steep drop in crude inventories and surge in refinery activity.
Oil futures settled at a record high above $78 Tuesday on expectations that crude inventories fell last week and reports of new violence in Nigeria, a large oil producer and key supplier to the U.S.