Late this afternoon, Nymex crude oil futures spiked over $5 to $68 on rumors that Iran had fired on a U.S. naval ship in the Persian Gulf. The U.S. government quickly and flatly denied the rumor, but the mere speculation sent crude prices to their highest level in over six months (prices since came down $4 to settle just above $64.)
Rod Smyth, chief investment strategist for Wachovia Securities, told CNBC’s “Closing Bell” that the stock market can live with the current price of oil, and a return to previous highs is unlikely.
Brian Hicks, president of Wealth Daily, told CNBC’s “Morning Call” that a confrontation with Iran would boost the price of gasoline to $4-to-$5 a gallon at the pump “in a heartbeat.”
Stephen Schork, editor of The Schork Report, told CNBC’s “Morning Call” that he expects gasoline prices to decline by summer to a nationwide average of about $2.70 a gallon. He said gasoline supplies always decline at this time of year as refiners build their supply of crude oil to prepare for the summer driving season. The drop in gasoline supplies creates a temporary spike in prices.
Dubai Aerospace Enterprise is nearing a deal to buy a series of aviation businesses from U.S. private equity firm Carlyle Group for more than $1.5 billion, a source familiar with the matter said on Monday.
OPEC members have generally expressed satisfaction with their oil fetching around $60 a barrel in recent weeks and their decision to stick with the status quo reflected their desire to keep prices around that level.
Mark Urness, head of Energy Research at Calyon Securities, told “Street Signs” that people are overlooking a basic point about Halliburton and its much-debated Dubai strategy: The company will maintain its Houston headquarters and is opening an office in Dubai to better serve the Middle East.
Cash-strapped Ford Motor has sold a controlling stake in the Aston Martin brand, made famous by its exotic sports cars in James Bond movies, raising $848 million to help fund its turnaround plan.
Investment in alternative energy is surging and it’s not simply the result of the politically correct investing crowd. As energy industry executives meet in Houston at the CERA conference, venture capitalists are taking an active interest in the sector.
Shares in J. Sainsbury rose 2% Monday following a report that a Qatari fund might join in a possible takeover bid for Britain's third-largest supermarket group.
Hydrogen offers the prospect of pollution-free cars, but huge technological problems must be overcome first. The World Economic Forum in Davos, Switzerland will discuss sustainable energy on January 24-27 and one thing is clear: There will be no immediate miracles. But that doesn’t reduce hydrogen’s potential and major companies are active in the field.
Hydrogen offers the prospect of pollution-free cars, but huge technological problems must be overcome first. Then there is the trillions of dollars in investment that will probably needed. But that doesn’t reduce hydrogen’s potential and major companies are active in the field.
Ever wonder how lately it seems like as geopolitical tensions seem to worsen; the markets don’t seem to notice? Whether it’s terrorism, war or climate change, the world’s major challenges don’t seem to be making much of a dent in the U.S. economy.
U.S. crude futures rose on Thursday, snapping a four-day losing streak after government data showed a huge crude stock drawdown last week which extended a decline in supplies for the fifth week in a row.
Oil prices eased on Wednesday, extending losses of more than a dollar from the previous session, as mild weather in major consuming nations slashed demand for heating fuel.
Oil fell more than a dollar, extending losses from last week, as mild weather in the United States curbed demand for winter fuel.
The energy expert and CNBC’s Sue Herera discuss geopolitics, ethanol and $105-a-barrel oil in cnbc.com’s exclusive look-ahead series.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Nat gas was down on the day, but remained above $5. Oil was up slightly on the day. And gold was up, as well.