The military involvement by Russia in Syria could force OPEC's largest member to capitulate on production cuts, entrepreneur Boone Pickens tells CNBC.» Read More
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.
China could play fairer in its trade relations with the United States, Secretary of State Condolezza Rice told CNBC's Maria Bartiromo Friday. "On balance, a strong, growing Chinese economy is good for the international community, but China needs to play by the rules," she said.
1st paragraph of story should go here
U.S. crude oil futures fell more than a dollar as RBOB gasoline faltered after rising early, triggering profit taking in the crude oil market and the rest of the oil futures complex, according to traders and analysts.
U.S. crude oil futures ended lower for the fourth consecutive session, as Nigerian militants freed several hostages taken from an Italian-operated oil field.
U.S. crude oil futures ended lower for the third day in a row after government data showed supplies last week rose within market forecasts.
U.S. crude oil fell 2% on Tuesday on expectations of rising supplies and a rebound in refinery throughput ahead of summer driving season in the United States, the world's biggest market.
Crude oil futures ended lower, sliding late in a choppy session that saw May RBOB gasoline futures up sharply ahead of its contract expiration, reaching an 11-month high at one point, amid refinery snags and supply concerns.
U.S. crude oil futures ended more than $1 higher on Friday, backed by another surge to neweight-month highs by gasoline futures.
U.S. crude oil futures ended a choppy session lower as traders booked profits. Earlier in the day, prices jumped above $66 a barrel amid a flurry of refinery glitches. A string of refinery outages in the United States, coming on the heels of a long and extensive maintenance season, has drained gasoline stocks as the giant market gears up for driving season.
Oil rose more than a dollar on Wednesday after U.S. gasoline stocks fell for an 11th straight week, tightening supplies ahead of peak summer demand in the world's top consumer.
Crude oil futures fell more than a dollar as traders took profits ahead of fresh oil inventory data due Wednesday and following Monday's sharp price rise on worries about supply disruptions in the wake of Nigeria's disputed presidential election.
U.S. crude jumped as much as $1.84 to $65.95 a barrel after Nigeria's elections drew condemnation from monitors and investors waited for fresh word on oil supplies from the world's eighth biggest exporter. Thousands of protesters took to the streets of Nigeria's largest northern city. Brent crude was also up sharply.
U.S. crude oil futures ended sharply higher, pushed up at the expiration of the front-month May contract and ahead of Nigeria's presidential election Saturday that has oil markets worried about post-election turmoil disrupting supply.
Oil prices dipped as rising refinery production and a key pipeline restart eased worries of a U.S. fuel supply crunch this summer driving season.
Crude oil prices firmed slightly on Wednesday as worries over Iran's nuclear ambitions countered easing fears of a gasoline supply crunch in the United States this summer driving season.
U.S. crude oil futures dipped this afternoon on book-squaring and crack-spread trading ahead of Wednesday's government inventory report. Front month crude futures earlier rose above $64 as a shut Canada-to-U.S. crude pipeline and a Texas refinery's restart were supportive.
U.S. crude oil futures rose in choppy trading, with products futures slumping as crude was pressured by OPEC comments on supply and demand and by news that Shell expects to resume its Nigeria Forcados crude stream in late May or early June.
Oil prices eased slightly on Friday after the top U.S. energy official said he was confident there would be enough gasoline supply to meet peak summer driving demand.
Oil markets are nervous animals nowadays. Given the tensions between Iran and the U.K. since late March over Tehran's seizure of 15 British sailors, the prospect of diplomatic efforts failing to solve the stand-off haunted the market. That's raised fears of a military confrontation in the Persian Gulf. After Iran pardoned and freed the 15 sailors, the market was so relieved that oil prices dropped by over $2.