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International Organizations OPEC

  • The Fear Factor

    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.

  • Crude Oil Rallies 3% on Refinery Problems

    U.S. crude oil finished just short of $64 as gasoline futures surged to new eight-month highs on troubles at two refineries. The production disruptions raised fears of a gasoline supply crunch when drivers hit the roads this summer.

  • Gasoline Prices Jump to 8-Month High on Big Drop in Gas Inventories

    Crude oil and gasoline prices surged higher on news that U.S. gasoline supplies had fallen much more than expected.

  • Oil Breaks Losing Streak as Markets Eye Iran, Gasoline Supplies

    Oil prices rose after four straight losing sessions as markets turned attention to Iran's nuclear activities and dwindling gasoline stocks in the United States, the top consumer.

  • Oil Posts Biggest Loss in 20 Months As Iran Premium Evaporates

    Oil fell more than 4% on Monday, extending declines that followed Iran's release last week of 15 British sailors and marines. The loss was the largest since August 17, 2005.

  • Oil Drops in Pre-Holiday Trading

    Oil fell on Thursday after Iran's release of 15 British sailors and marines eased worries over crude shipments from the world's fourth-largest exporter.

  • Analysts: NatGas 'OPEC' No Threat To U.S. -- Yet

    The Gas Exporting Countries Forum -- which includes names like Iran and Venezuela -- meets in Qatar Monday to discuss the formation of an OPEC-like cartel. Would such a combination pose a clear and present danger to America's interests? Two energy analysts told "Morning Call" viewers not to worry. Not yet, anyway.

  • Oil Finishes Lower On Sailors' Release, Increased Crude Inventories

    U.S. crude oil futures ended lower on Wednesday on U.S. government data showing crude stocks rose by a larger-than-expected volume last week and as international tensions eased after Iran said it was releasing 15 captured British sailors and marines.

  • Oil Settles Below $65 as Iran Standoff Cools

    U.S. oil fell 2% after Britain and Iran said they were willing to use diplomacy to end their standoff over 15 British sailors and marines seized in the Gulf.

  • Oil Settles Higher After Choppy Trading Fuelled by Iran, Nigeria Concerns

    Crude oil futures were higher, but trading was choppy amid international tensions over Iran's holding British Navy personnel, a U.S. citizen reported missing and Tehran's nuclear dispute with the West and continued Nigerian unrest.

  • Hedging Your Flights

    Consider this the next time you're enjoying your in-flight movie and sipping a complimentary Sauvignon Blanc at 30,000 feet: the fuel powering the engines, keeping your jet at cruising altitude and speeding you onwards to your destination is the single biggest cost airlines must bear.

  • Oil Rally Ends on Day 9; Iran Standoff Limits Profit-Taking

    Oil stalled on Friday after a nearly two-week rally on tensions over Iran's capture of British military personnel and worries over U.S. gasoline supplies ahead of summer driving season.

  • Aramco, Sinopec, Exxon's China Joint Venture to Cost $5 Billion

    Saudi Aramco, Exxon Mobil  and Sinopec will invest $5 billion in their refinery, petrochemicals and marketing joint venture, much more than originally planned, they said on Friday.

  • Oil Settles Above $66 at Nearly 7-Month High

    Oil prices surged more than 3% on Thursday as the standoff over British sailors in Iranian custody and U.S. naval actions in the Gulf escalated supply concerns.

  • Oil Ends Above $64 On Iran Concerns, Lower Crude Supplies

    U.S. crude oil futures ended more than a dollar higher  Wednesday as Iran's confrontation with Britain and the West helped lift prices along with a government report showing a surprise draw in U.S. crude inventories.

  • Oil Futures Briefly Surge on Rumors of Iranian Naval Clash

    The U.S. Navy on Tuesday said it had no information to substantiate a market rumor that Iran had fired at a U.S. naval vessel in the Gulf.

  • Oil Closes At Three-Month High On Iran, Refinery Concerns

    Crude prices closed below $63 a barrel Monday, after setting a record for 2007, on growing tension between Iran and the West over Tehran's nuclear work and its capture last week of British servicemen.

  • Oil Hits 3-Month High After Iran Captures 15 British Sailors

    Oil finished at a three-month high after Iran seized 15 British navy personnel, raising concerns about renewed tension between the oil producer and the West.

  • Oil Jumps 3.5% on Shrinking U.S. Gasoline, Distillate Stocks

    Oil jumped more that $2 a barrel after a sharp drop in U.S. gasoline stocks fuelled concerns of tight supplies ahead of the summer driving season in the world's biggest consumer.

  • OPEC Hopes to Keep Oil at $50 to $60

    The Organization of the Petroleum Exporting Countries aims to keep oil prices at a "reasonable" $50-$60 a barrel, a level that supports upstream investment and economic growth, the head of its research arm said on Thursday.