CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.» Read More
CNBC's Sharon Epperson takes a look at the factors behind oil's recent rally and how the surge will impact prices at the pump.
Sentiment in the oil market may start turning positive as prices begin reflecting expectations of tighter supply in the second-half, but lingering worries of a global economic slowdown still present a downside risk, according to CNBC's weekly survey of oil market sentiment.
While tensions between Britain and Argentina have been rising as a natural response to the 30th anniversary of the Falkland Islands War, oil is the primary driver of a renewed Falkland dispute that will determine the fate of tens of billions of dollars in black gold.
No commercially exploitable oil had been discovered in Kenya until Tullow Oil began drilling this year in the blazing savanna of the Rift Valley, about 250 miles northwest of Nairobi, the New York Times reports.
CNBC's Sharon Epperson on oil price action in the day ahead, with an outlook on EU sanctions against Iran and tomorrow's meeting with Western countries about its nuclear program.
The DOE's Energy Information Administration expects the cartel's share to remain at the current 40 percent, while US domestic output rises.
Airlines, trucking companies and other big energy consumers are betting on further oil price falls, with many reluctant to lock in at current levels amid fears prices could plunge if the global economy weakens further. The FT reports.
The markets jump on reports central banks are putting plans in place to prepare for the Greek elections; UK bankers say they will take whatever steps necessary to protect their currency; the video game industry continues its free fall; Allen Stanford is sentenced to 110 years in jail.
CNBC's Kelly Evans reports OPEC leaders agree to keep its oil production ceiling unchanged.
"People are being less concerned about sanctions against Iran," Richard Hulf, fund manager at Artemis Investment Management, told CNBC. However, they are more concerned about a slowdown in the economy, "the euro zone, the U.S. fiscal cliff towards the end of the year, general slowdown in industrial consumption, so the oil price has come down. So this sets a scene for quite a sparky meeting," he added.
Edward Morse, Head of Commodities Research, Citi says that lots more driving taking place in the U.S. now than four months ago, but gasoline demand is still at the low end when compared over a six year period.
Dominic Schnider, Head Commodity Research, UBS Wealth Management, UBS Wealth Management says there is enough oil supply in the short-term and that production actually needs to be cut by half a million barrels. But he expects oil prices to remain high at about $90.
A twenty-five percent plunge in oil prices might seem to make curbing the supply of crude a no-brainer for the world’s oil producers. And yet it looks increasingly possible that the 161st ordinary meeting of OPEC in Vienna this week could end in a virtual stalemate
As the countdown draws to a close for the start of OPEC’s deliberations in Vienna on Thursday, two of its heavyweight members could once again clash over critical policies at a time when the cartel is struggling to maintain its influence.
Tom Essaye, President, Kinsale Trading says there will be no change to OPEC's output ceiling.
Ivan Glasenberg, chief executive of Glencore, has launched a provocative defence of high pay for executives, arguing that substantial remuneration is required to secure entrepreneurial leaders, the Financial Times reports.
Exxon Mobil will continue to be robust and will maintain record levels of investment, valued at $27 billion in 2011, in the next couple of years despite the downturn in global oil demand and fluctuations in prices, Rex Tillerson, CEO of Exxon Mobil, told CNBC on Tuesday.
Despite sectarian bombings and political gridlock, Iraq’s crude-oil production is soaring, providing a singular bright spot for the nation’s future and relief for global oil markets as the West tightens sanctions on Iranian exports.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.
The following is a list of oil prices needed for the nations to avoid having a budget deficit in 2008 and 2009 (as compiled by the IMF).