Analysts say oil market fundamentals are very bearish, and it would not be surprising to see crude take a temporary dive into the $30s per barrel in the next several months.» Read More
Key banks and the EU presidency signaled financial and political backing Tuesday for a pipeline meant to reduce Europe's energy dependence on Russia and limit new gas shortages if Russian gas company Gazprom again decides to turn off the spigots.
Oil prices are expected to stay around $50 a barrel through next year, but that may not give much of a boost to consumer spending, the economy or stocks.
OPEC's decision to for a modest cut in production isn't likely to stop crude prices from heading lower in the coming months, analysts said.
Senior oil officials from Iran and Libya said Monday that there is too much crude on the market, adding that OPEC is reviewing whether supply exceeds demand before deciding whether to cut back production.
U.S. crude oil futures fell for a third day in a row on Wednesday as government data showed that crude oil stocks rose much more than expected last week.
Oil prices sank as low as $118 a barrel Tuesday on the growing belief that a U.S. economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products.
Oil briefly fell below $120 a barrel Monday before recovering slightly at the close, pressured by evidence of rising OPEC output in the midst of declining demand in the United States and Europe.
Oil prices settled slightly higher Friday, clawing back above $125 a barrel after Israel raised new concerns about Iran's nuclear program. But more concerns that high prices are eating into demand limited the gains.
I am looking for crude oil prices to re-take the $130 per barrel level, as soon as next week. We need to see what Iran does over the weekend, and further parsing of the economic data points will also be required to better infer a lasting trend.
Oil prices ended lower Thursday, pulling back from the previous day's rally, as disappointing data on the U.S. economy signaled further cutbacks in energy demand for the world's thirstiest consumer.
Oil prices shot up as much as $5 a barrel, halting a dramatic two-week slide, after the US government reported a surprise drop in gasoline supplies.
Oil fell to its lowest level in nearly three months, extending a steep slide since mid-July on mounting evidence high prices and a souring economy were cutting into world energy demand.
The recent decline in oil prices is expected to continue amid fresh signs that the rapid runnup in crude prices is curbing demand, particularly in the US, analysts say.
Oil prices rose Monday, approaching $125 a barrel after militants sabotaged two oil pipelines in Nigeria and Iran claimed that it had doubled the size of its nuclear program but signaled a willingness to work with the U.S.
Oil prices rose Monday on a threat of new sanctions against Iran and as Tropical Storm Dolly headed into the Gulf of Mexico, prompting a hurricane watch for parts of Texas and Mexico.
U.S. Secretary of State Condoleezza Rice accused Iran on Monday of using stalling tactics and warned Tehran it faced more sanctions if it flouted a two-week deadline to curb its nuclear program.
In the first speech to the Israeli Knesset by a British prime minister, Gordon Brown on Monday will warn Iran it faces growing isolation if it rejects an offer from major powers on its disputed nuclear program.
Oil fell for the fourth consecutive day, pulled lower by growing demand concerns and easing tension between Iran and the West.
Oil prices fell sharply in afternoon trading to below $130 a barrel as uncertainty about the overall trend for the commodity continued.
U.S. crude oil futures ended lower for the second day in a row as government inventory data showed surprise increases in crude and gasoline stocks.