Posts Tagged ‘oil market’

Oil settles below $40

December 31st, 2008

Investors respond to a weaker dollar, rising stock prices and grim economic reports.
By Ben Rooney, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — The price of oil fell Tuesday, after a big rally in the previous session, as dour economic reports darkened the outlook for already weak demand for oil and gasoline.
A weaker dollar and rising stock [...]

Demand Drops OPEC set to cut oil output as

December 15th, 2008

Secretary General of OPEC, said that more than contain oil market is big and strong output cut is needed, sending crude oil prices on world markets in question.
The president of OPEC, but here too, that the unanimous support of the reduction in Organization
Note that speculation that the State of the Organization of Petroleum Exporting Countries [...]

Oil and gas prices slip to new 3-year lows

December 3rd, 2008

By MARK WILLIAMS
COLUMBUS, Ohio – Retail gasoline fell to a new three-year low Tuesday and in an unprecedented decline, crude oil costs $100 less per barrel than it did four months ago with a U.S. recession eating away at energy demand.
Analysts believe prices at the pump may finally be bottoming out after a precipitous [...]

Oil falls below $53 after rising overnight

November 25th, 2008

By PABLO GORONDI, Associated Press Write
Oil prices were down but recovering from earlier lows Tuesday, after surging overnight, as investors weighed the U.S. government’s new efforts to deal with the financial crisis against fresh evidence of the economic downturn.
The U.S. Federal Reserve said Tuesday it would buy up to $600 billion in mortgage-backed assets, [...]

Oil falls below $54 in Asia after rising overnight

November 25th, 2008

SINGAPORE – Oil prices fell below $54 a barrel Tuesday in Asia after surging overnight as investors mulled whether a U.S. government bailout of Citigroup Inc. restores enough confidence to staunch crude’s 64 percent slide since July.
Light, sweet crude for January delivery was down 61 cents to $53.89 a barrel in electronic trading on the [...]

Oil Closes Below $50, Lowest Price Since May 2005

November 21st, 2008

Oil Closes Below $50, Lowest Price Since May 2005
After rising to dizzying heights this summer, the oil market is suffering a hair-raising drop with no apparent end in sight.
Oil prices fell to their lowest level in more than three years, falling below $50 a barrel on Thursday, after shedding close to $100 in four months [...]

Oil prices drop close to $50

November 19th, 2008

LONDON (AFP) – Oil prices dropped on Wednesday, with Brent crude falling close to 50 dollars a barrel, as demand for energy weakens worldwide and as the market awaits data on the health of US crude stockpiles.
Brent North Sea crude for delivery in January was down 27 cents at 51.57 dollars a barrel in late [...]

Kuwait ready to slash oil output if OPEC gives okay

November 17th, 2008

Article from: Agence France-Presse
KUWAIT is prepared to cut its oil output if its partners in OPEC decide to slash production, the oil minister says.
“Kuwait will not hesitate to support the world oil market and will cut production… based on an agreement between OPEC members,” Mohammad al-Olaim told the official KUNA news agency.
He called [...]

Oil dips below $56

November 14th, 2008

Crude falls as investors focus on a weak demand outlook. OPEC official says the cartel will hold another emergency meeting.
By Ben Rooney, CNNMoney.com staff writer
November 14, 2008: 9:43 AM ET
NEW YORK (CNNMoney.com) — The price of oil fell Friday as investors remain worried about weak energy demand despite news that OPEC plans to hold another [...]

Oil holds above $60 on weak dlr; demand fears linger

November 7th, 2008

By Fayen Wong
PERTH (Reuters) - Oil hovered above $60 a barrel on Friday, as support from a weakening U.S. dollar was countered by an increasingly gloomy economic outlook that weighed on near-term energy demand.
Comments by OPEC-member Libya that the oil-producing cartel was not considering cutting production again also kept the commodity at a 1- year [...]