Instead of falling off as OPEC hoped, oil production has increased from where it was last year, and the world is still swimming in crude.» Read More
CNBC's Bertha Coombs discusses the day's activity in the commodities markets and looks ahead to where oil and precious metals are likely headed next week.
This country can never be rich or great again unless we do something with respect to China, OPEC and the outsourcing going to India, says Donald Trump, Trump Organization chairman/president, who adds that while he is a fan of free trade, it will not work for the U.S.
It’s been a news-heavy week for oil markets, with the International Energy Agency publishing its monthly oil market report following OPEC’s forecasts and comments by senior oil officials earlier in the week.
CNBC's Bertha Coombs discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.
The recent fall in the price of oil has been partly caused by speculation in the oil market, Abdalla Salem El-Badri, Secretary-General of the Organization of the Petroleum-Exporting Countries (Opec), told CNBC Tuesday.
WTI lagged behind the rest of the complex last week but made up for it with gusto yesterday. October contract prices surged to their highest point in almost two weeks to settle 2.23% higher at 87.27.
Not to marginalize the loss of life and property in the wake of Hurricane Irene, but, based as a function of media hype, this weekend’s storm along the eastern seaboard was a dud.
Post-Gaddafi Libya could begin pumping oil in the next few months, as rebels secured oil infrastructure around Tripoli and edged closer to taking complete control of the country. However, oil markets are shifting their attention to concerns that the US might undertake further fiscal stimulus.
Concerns about a double dip have always been on the backburner, but rarely have pundits been so vocal with concerns regarding QE3, domestic unemployment, the housing market, and debt concerns out of Spain.
Oil companies are understood to be preparing to move back into the North African country, which used to pump 1.6 million barrels per day before the uprising against Muammar Gaddafi's government began six months ago.
According to various newswire reports, Venezuelan President Hugo Chavez plans to nationalize his country’s gold mining industry and repatriate 211 tons in gold reserves from North American and European banks.