Oil Prices

Crude oil prices dove nearly $16.20 a barrel last week on continual concerns that a weaker economy will lower overall demand on oil. Also tension between the U.S. and Iran have cooled off have helped lead to lower prices. The news spread across other major commodities, sending the CRB commodities index down 7.4 percent for the week.

Oil prices rebounded Thursday, gaining more than $2 at times as traders questioned whether this week's two-day plunge signals a real turnaround or just a breather for the bulls. Light, sweet crude for August delivery was up $1.51 cents at $136.11 a barrel less than an hour after floor trading opened on the New York Mercantile Exchange. The contract earlier rose as high as $136.75 and dipped as low

The reason our utilities are so low is due to a) We live in CA and b) We keep the thermostat set really low or really high. Last winter, we did our first season together without any heating(*). It was my second season without any heat having gone “heating-less” for a winter in a central [...]

“Many on Wall Street are cheering the possibility that further “demand destruction” will ultimately lead to significantly lower oil prices. After all, this is basic economics. Prices are a function of supply and demand, and as demand drops, prices must follow. This is simple logic, wrongly applied.” [...]

Oil prices nosedived by almost five dollars on Tuesday as falling global equities and resurgent concerns about an economic slowdown stoked fears about future energy demand, traders said.The oil market, which hit record heights close to 147 dollars a barrel last week, also sank after the Group of Eight (G8) rich nations warned on soaring crude costs and appealed for more production, they added. Rea

The hard facts on Oil Prices The world price of oil in US dollars has doubled in the last year (June 2007 to June 2008) from US$67/barrel to over US$135/barrel The world price has gone up by 6 times in 6 years, from US$20/barrel in 2002 to over US$135/barrel by mid 2008 With hindsight we can see that the great cheap oil era lasted 16 years from 1986 to 2002 when the price was

By: James KingsdalecSaturday, July 05, 2008 4:11 PMJune was a good month for energy stocks and for the EIS portfolio but the broad market tanked. The impact of high energy prices on both inflation and consumer discretionary spending is being reflected in stock prices. Energy pressures present a special risk to economic stability by coming on top of the twin collapses in the credit and real estate

Prices of crude oil dropped over $1 a barrel Friday on hopes that tensions related to Iran's nuclear program would cut the chances of American or Israeli attack. Crude oil prices had reached an all-time high of $145.85 Thursday.

As we've pointed out earlier, oil refining is not the business to be in these days. Refiners have been hit hard by skyrocketing crude oil prices because they... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Last night on Coast to coast - Ian made a great comparison of OPEC to a parasite sustaining its host just enough to live comfortably off of it. This is not a good situation. Stratospheric crude oil prices precipitated by speculation are wreaking havoc on the US economy. Based on income tax withholdings data from the Daily Treasury Statement, the wages of all U.S. workers on payrolls were

“Oil prices have barely budged based on the Saudi Summit. There has been no summer sell-off, and I’d be surprised to see a significant pullback as the summer driving season kicks into gear.” — Byron King by Byron King Baltimore — (TFN): The returns are coming in from the distant precincts of the oil patch, and the [...]

VIENNA, Austria (AP) — A faltering dollar, Mideast tensions and concerns over supply disruptions out of Nigeria propelled oil prices above 8 a barrel Tuesday, less than away from crude’s trading record…. Related posts `Oz,’ `2001,’ `Vertigo’ among AFI top genre flicks (0) `Oz,’ `2001,’ `Vertigo’ among AFI top genre flicks (0) `A Catered

VIENNA, Austria (AP) — A faltering dollar, Mideast tensions and concerns over supply disruptions out of Nigeria propelled oil prices above 8 a barrel Tuesday, less than away from crude’s trading record…. Related posts `Oz,’ `2001,’ `Vertigo’ among AFI top genre flicks (0) `Oz,’ `2001,’ `Vertigo’ among AFI top genre flicks (0) `A Catered

Airline shares descend as oil prices rebound By Christopher Hinton, MarketWatch Last Update: 6/20/2008 3:13:00 PM NEW YORK (MarketWatch) — Airline stocks were declining Friday on rebounding oil prices. The Amex Airline Index (XAL) slipped 7.5% to 17.99 points with all of its 14 components in the red. The index climbed more than 10% in prior-day trading after China said it would [...]

Oil prices fell almost $5 a barrel to $131.93 today. That's a pretty big drop, and the airlines responded accordingly, as they had a huge day. As you might imagine (especially from the title), I also had a good day as a result. The portfolio gained over $8,400 today, on the strength of both AMR & UAUA (+$9,100).Today's gain erased all of Tuesday and Wednesday's losses, plus added another $2,200. S

Crude oil declined for a third day amid concerns that slower economic growth will curb consumption of oil products. Oil has retreated more than $7 from yesterday's record of $139.89 a barrel. German investor confidence dropped to the lowest in more than 15 years in June as surging inflation hit... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

SINGAPORE: Oil prices eased on Monday after the United Nations chief said top OPEC crude producer Saudi Arabia agreed to increase production and did not want to be blamed for the impact of soaring prices. New York’’s main oil futures contract, light sweet crude for July delivery, was 86 cents lower at 134.00 dollars a [...]

The price of oil goes up, whether because of supply and demand or speculation, or a mix of both. Supply will almost certainly reach its peak soon, if it hasn't already. Refiners, who pay the higher price, raise gasoline and diesel prices to protect their margins. We pay more at the pump. Goods have to be transported, which takes energy. As oil is our principal energy source, food prices rise, as d

Intercontinental Exchange may be forced to limit the size of U.S. oil trades on its London energy market, U.S. Commodity Futures Trading Commissioner Bart Chilton said Friday. Intercontinental, known as ICE, controls about one-fourth of the trading of U.S. West Texas Intermediate oil futures, with... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Why is Badawi still smiling? Find out for yourself! You don’t have to be a rocket scientist to pass the test…   Oil producers   I produce lots of oil The international oil prices go up I make lots of money: I win   Non oil producers   I don’t produce any oil The international oil prices hike the gasoline prices I loose lots of money: I [...]

Crude oil prices fell on Friday but still held above 136 dollars at the end of a volatile week, as the market reacts to supply and demand news and movements of the dollar. New York's main oil futures contract, light sweet crude for July delivery, dropped 1.03 dollars to 135.71 dollars per barrel during European office hours. New York crude had struck a historic high point of 139.12 dollars one

If you want to know the latest news in oil sector and also wish to keep track of the wavering oil prices, Navtej Kohli wordpress blog is your one stop destination. After two days of decline, prices jump $6 in early trading. Refiners have resisted buying more oil during the latest price run-up, leading to an [...]

SINGAPORE: World oil prices fell in volatile Asian trade on Thursday after rising earlier following a US government report that showed American crude reserves dipped for the fourth week in a row. New York’’s main oil futures contract, light sweet crude for July delivery, was 1.12 dollars lower at 135.26 dollars a barrel [...]

Image: Flickr Mountain MikeRural areas in the U.S. are now feeling the profound effects of mounting gas prices, more so than in other parts of the country, due to the combination of lower incomes and heavier dependence on farming equipment, tractors, pickup trucks and vans. In addition to other trends (gasoline theft, buying less meat, switching jobs for a shorter commute), the dilemma has l

“Take a look at the chart of Western Refining (WNR:NYSE)… High oil prices have been disastrous for WNR.” — Andrew Mickey by Andrew Mickey Baltimore — (TFN): Oil hits $140 and could be going to $200. Buy oil stocks. Oil prices go up, oil stocks go up too, right? Actually, that statement couldn’t be further from the truth. Take [...]

“Al-Naimi has pumped hope back into the system after last week’s inflation terror hit the markets. Oil prices closed at $134.39 on the New York Merchantile Exchange.” — Stephanie Grimmett by Stephanie Grimmett Baltimore – (TFN): Well, at least oil prices are sensitive in both directions. Saudi Arabian oil minister Ali al-Naimi called for a conference [...]

PARIS - AS oil prices soar, airlines are coming back down to earth with a bump - cutting routes and capacity, ramping up prices and axing jobs as bosses freely admit the industry is in the 'worst crisis since 9/11.'Oil prices on Friday broke through the US$139-a-barrel (S$190) level for the first time in New York and US$138 in London, powered by a wilting dollar.A weakening US currency lowers the

NEW YORK: Oil prices have shot up more than $10 to a new record above $139 after a major investment bank predicted a spike to $150 in the coming weeks and rising tensions in the Middle East left investors uneasy about supply.Light, sweet crude for July delivery jumped as high as $139.01 on the Nymex [...]

People are complaining and the economy is still down and yet we see another round of oil price hikes, it seems like this never ending story will keep on headlining the news daily. Apparently another price increase for crude oil has been declared but you don’t see people lining up and filling up their tanks [...]

An Israeli attack on Iranian nuclear sites looks "unavoidable" given the apparent failure of sanctions to deny Tehran technology with bomb-making potential, one of Prime Minister Ehud Olmert's deputies said on Friday."If Iran continues with its program for developing nuclear weapons, we will attack it. The sanctions are ineffective," Transport Minister Shaul Mofaz told the mass-circulation Yedioth

“It’s not excluded that, after having carefully examined the situation, that we could decide to move our rates for a small amount at our next meeting. I didn’t say it’s certain. I said it’s possible.” — European Central Bank President Jean-Claude Trichet by Stephanie Grimmett Baltimore – (TFN): You can blame a frenchman [...]

I'm just about to go to work, so this will be a bit of a combined quick hit post.Not so long ago I posted my annoyance with somewhat backwards, in my view, behaviour regarding environment and health. As I was doing my news rounds today, I came across this piece on ways beyond the old changing light bulbs in order to reduce GHG emissions:Using a spring-driven clock instead of an electric prevents 4

EXPLAIN IT FOR ME AGAIN, PLEASE, YE DEFENDERS OF BIG OIL I know I’m a pain in the ass, but this isn’t making sense yet. --Jimmy Z The price of a barrel of oil is down to about $122, down $9 from last Wednesday – a full week of dropping prices. Gasoline consumption is down all over the country.  So (and you can guess my question), why aren’t the pump prices dropp

Living The American Dream In the past decades, a new form of family vacationing taken root, or perhaps route would be a more ironic term, in the hearts of American families. Ah yes, the RV. These tin cans are a large investment and represent cherished memories and the promise of more to come.   A home away from home, newer models of the RV can be upgraded to have all the amenities of a home.

Let us dwell on three key US statistics, one of which is no longer published to cover the national embarrassment. The synthetic recreation of M3, the former lode star of monetary aggregates, shows a year-to-date increase of 16.7 per cent. That crudely means there are 16.7 per cent more dollars in circulation than a year [...]

Close on the heels of President George W Bush’s remarks linking Indians’ food habits to rising global prices of commodities, the United States has now partly attributed the surge in oil futures to the increased demand in India and China. “There are a lot of different ways that we can reduce our dependence, but we [...]

By Associated Press 28 May 2008 Original URL Declining oil reserves and investment have forced Indonesia to quit the Organization of Petroleum Exporting Countries even as other members cash in on soaring global prices, the energy minister said. Purnomo Yusgiantoro said Wednesday that Southeast Asia's only OPEC member no longer belonged among exporting heavyweights like Saudi Arabia, Venezue

“Many investors are feeling left out because they haven’t been part of the incredible bull run energy companies have enjoyed in the last few years. But have no fear. It’s not too late to grab a piece of the pie.” — Keith Fitz-Gerald by Keith Fitz-Gerald Baltimore – (TFN): Many people are [...]

Regulators are going to look more closely at the trading of oil. According to The Wall Street Journal "U.S. regulators disclosed a broad nationwide probe into... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

“Yes, oil is overbought. Yes, oil is going to correct at some stage. But let’s get this clear - it’s not a bubble.” — Dominic Frisby Blogger’s note: Dominic Frisby had some great commentary on our current record oil prices in a recent Money Morning (UK) message to his subscribers. Dominic is from our London affiliate [...]

5-27-08 GMT - Oil prices declined for the first time in over a week today leading to a rise in US Stocks. If oil prices continue to retreat it could give the Fed breathing room concerning inflation and give them more reason to not lower interest rates. If oil continues to decline and US stocks continue [...]

Dubai is feeling the searing heat of the oil boom in the Middle East with exports rocketing by 79 per cent in the first quarter, and total non-oil trade in the region’s commercial hub city up by 46 per cent to $58billion. This is a fantastic performance by any yardstick. Note that these figures exclude oil [...]

After reaching fresh record highs, oil prices eased on Friday, giving the Dollar some support in the early trading; but the US currency stayed in sight for a one-month low against the Euro on worries... More at: http//moneymakinglounge.blogspot.com

The Indonesian government finally announced an increase in fuel oil prices despite strong protests from different organizations in the country. On the occasion, the government also announced its decision to provide direct cash assistance to low-income families who will be affected by consequences of the government`s measure to raise fuel oil prices.Energy and Mineral Resources Minister Purnomo

High oil prices are derailing the mortgage market this week, taking an almost-vertical path higher.  Since mid-February, prices are up by 50 percent. Rising oil prices can be a threat the U.S. economy because with every extra dollar that Americans pay to energy companies, there is less money available for every other company that makes up our national economy. Strangely, it comes at a time w

When oil was at $65 almost no one believed it would double. There were a few nuts making the case, but they were ignored like Galileo was when he said the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

The greenback traded near a one-month low against the euro and may weaken to $1.59 per euro and 101 yen in one month on speculation a surge in oil prices to record highs will increase inflation while... More at: http//moneymakinglounge.blogspot.com

Raising production has not been enough to curb the buying frenzy this spring. Goldman Sachs has warned that prices could reach $200 in a final spike, and even the bears at Lehman Brothers say there may be enough momentum to keep the boom going until Christmas. It is unclear whether hedge funds and investors piling into [...]

“Now, Congress has voted to stop adding oil to the national Strategic Petroleum Reserve (which was created in the 1970s to smooth out pricing disruptions and supply problems). Talk about missing the point!” — Keith Fitz-Gerald by Keith Fitz-Gerald, Money Morning Baltimore – (TFN): First there was the trillion-dollar pork fest [...]

Someone is not telling the truth about oil supply and demand. It appears to be the fellows over at OPEC. According to Bloomberg, Abdullah bin Hamad al-Attiyah,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Oil prices closed yesterday at nearly $135 a barrel, and there still has barely been a peep from President George W. Bush about the crisis. A gallon of regular gas may soon surpass $4, making it more expensive to buy a gallon of gas than a gallon of milk. Did you ever think this day would come?What do you think? Is the government doing enough to help Americans deal with this absurd price for gas,

“I don’t put a lot of faith in macro predictions — as no one can predict the future. But you can study track records. You can look at history. History reveals some interesting clues about what the future may hold.” — Chris Mayer by Chris Mayer Baltimore – (TFN): Has [...]

Although crude oil prices had recorded another new high at US$130 per barrel yesterday but surprisingly companies like Keppel Corp and Sembcorp Marine are not taking advantage of this news related to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Oil futures crept higher Monday while retail gas and diesel prices reached new records, adding to the pressure on drivers planning road trips for the coming holiday weekend. Americans are now paying an average of $3.79 for a gallon of regular gas, according to a survey by AAA and the Oil Price... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Sales of new SUVs and pickup trucks have fallen about as far as the cost of a barrel of oil has soared. SUV sales were down by almost a third in April from a year earlier, and light truck sales at General Motors were off 32% over the same period. Chrysler’s dropped 31%, Ford’s 25%. Many who already own one or more are putting them on the sale block — with less-than-spectacular succes

The British Primier Minister Gordon Brown blamed global factors, especially record oil prices, for the economic slowdown and rising inflation in Britain during a series of major interviews Thursday. Speaking on BBC Radio Four's Today programme, Brown called for oil prices to be controlled and said... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

“We saw exactly the same thing with uranium last year, we saw it with wheat, corn and soybeans this year; we saw it with copper, lead, zinc and nickel, we’ve just seen it with rice.” — Dominic Frisby by Dominic Frisby, MoneyWeek Baltimore – (TFN): When a commodity or [...]

Where Are Oil Prices Taking Stocks?So far the stock market has mostly ignored the jump in crude oil prices, but high energy costs could eventually take their toll Link - Mon, 12 May 2008 13:52:00 GMT - Feed (1 subs) Sent using SendMeRss.com. Visit here to unsubscribe from "2-business" via X2 in Google. Recommended Feeds/Actions Subscribe DealMeRSS.com - Great Deals Delivered

Traditionally, import of crude oil has occupied the lion share of India’s import bills and although India has been doing exceedingly well in other sectors in bringing down the trade deficit over the last decade, crude oil has always made Indian balance sheet look bad. Naturally, when the price of crude oil touched a record [...]

NEW YORK: Oil futures extended their seemingly relentless advance, rising to a new record $123 a barrel.Light, sweet crude for June delivery hit a new trading record of $123.89 in after-hours activity on the New York Mercantile Exchange after settling up $1.69 at a record close of $123.53 a barrel.Increase in oil prices has been experienced after reduction in US oil reservoirs and increase in its demand.

GBPUSD nearing key support in big picture after recent range trading. ECB and BOE on tap tomorrow. MAJOR HEADLINES – PREVIOUS SESSIONCanada Apr. Ivey PMI out at 57.6 vs. 54.0 expected US Weekly ABC Consumer Confidence dropped to -46 vs. -41 expected and -41 the previous week UK Nationwide Consumer Confidence out at 70 vs. 74 expected Australia Apr. Performance of Construction Index out at 42.6 vs. 47.7 in Mar.THEMES TO WATCH – UPCOMING SESSIONKey Risk Events (All times in GMT) UK Mar. Industrial and Manufacturing Production (0830) EuroZone Mar. Retail Sales (0900) UK Apr. Shop Price Index (0930) Germany Mar. Factory Orders (1000) US Q1 Nonfarm Productivity and Unit Labor Costs (1230) US Fed's Kroszner to Speak about Foreclosures (1245) US Weekly Crude Oil and Product Inventories (1430)

“If you were running an oil company, what would your number one priority be? Jacking up production, right? I mean, oil prices have just shot up from $50 to $120. And you know that whatever you produce, you’ll sell.” — Andrew Gordon by Andrew Gordon Baltimore — (TFN): If you were running an oil company, what would [...]

Dollar fell as oil prices hit record high and worries for more corporate fallout from credit crunchThe Dollar fell on Monday for the first time in three sessions as oil prices hit a record high, sparking debate about the strength of the US economy. Federal Reserve survey showing the banking sector remained in the grips of a credit crunch. After trimming interest rates to 2% last week, the Federal Reserve hinted it may move to the sidelines and pause its aggressive seven-month easing campaign that has reduced the Dollar's appeal to global investors. The Fed next meets on June 24-25 and federal funds futures contracts were on Monday pricing in just a 12% chance of another 25bp rate cut to 1.75%. ECB President Jean-Claude Trichet warned again on Monday of "significant" inflation risks, sugges

“Here in China, they’re using fuel at an accelerating rate. Part of that is the increasing reliance on fuel oil, but an even bigger catalyst is simply because companies like Chery Automobile, Geely Automobile (0175: Hong Kong), and Chongqing Changan Automobile Co. Ltd., are producing inexpensive, gas-powered cars for the masses.” [...]

“The Forties Pipeline System, a major transportation network that pumps about 600,00 barrels per day (bpd) from more than 50 fields situated throughout the region, was forced to close due to a labor strike at a key Scottish refinery.” — Jason Simpkins by Jason Simpkins Baltimore – (TFN): An outpouring of political [...]

“Saudi Arabia has a problem. And it’s the same one that every oil-producing nation will face someday: Its oilwells are drying up.” — Jason Simpkins by Jason Simpkins Baltimore – (TFN): The Kingdom of Saudi Arabia is the world’s leading petroleum exporter. Officially, it has reserves of about 260 billion barrels of [...]

I've blogged before about the impact of rising oil prices on land use patterns and the popularity of suburban communities, but it's only been since gas prices in California have been approaching and exceeding $4.00 per gallon that it's become a primary issue.According a story at Breitbart.com, demand from developing countries in Asia and Eastern Europe will more than make up from any reduction in demand from the U.S., sending oil prices up to $150/barrel by 2010 and $225/barrel by 2012. Clearly, an economy long dependent on cheap oil will have to adjust drastically if gas prices also rise to $6 or $8/gallon:The price of oil is likely to hit 150 dollars (Canadian, US) a barrel by 2010 and soar to 225 dollars a barrel by 2012 as supply becomes increasingly tight, a Canadian bank said Thursd

“If we’re only considering economic factors, the steep crude prices now being predicted would be unlikely to stick for any protracted period.” — Martin Hutchinson by Martin Hutchinson Baltimore – (TFN): Venezuelan President Hugo Chavez said a few months ago that if the United States invades Iran, we could expect to [...]

SINGAPORE (Reuters) - Oil held above $118 on Wednesday but stayed on the boil due to a weakening dollar, supply disruptions in Nigeria and fears that a refinery strike in Scotland could hit... Your News is the place where wonderful, funny, and amazing things exist. This blog delivers informative news in the easiest way.

Members of Movement for the Emancipationof the Niger Delta (MEND) Photo: DAVE CLARK/AFP/Getty ImagesLast Thursday, 17 Apr 2008 at 22:30, commandos from MEND (the Movement for the Emancipation of the Niger Delta) bombed a major pipeline at Adamakiri in Rivers State of Nigeria and caused oil to hit an all-time high of $117. The pipeline is run by a...

A surprise decline in U.S. crude supplies pushed oil futures to $112.21 a barrel Wednesday before settling at $110.87, both records that could doom drivers to even higher pump prices.   Predictions of $4 gasoline have already come true at a smattering of service stations around California, including a Chevron in downtown Los Angeles where self-serve regular [...]

The fact is that most of the world’s oil is controlled not by the major oil companies but by the national oil companies - Saudi Aramco, Gazprom, Kuwait Oil, Pemex, etc. ExxonMobil produces only 3% of the world’s oil - hardly enough to control prices. Much of the oil it refines is bought on the [...]

There was a great deal of hope expressed as oil moved back to $100 last week. It is laughable that people would be excited about $100 oil, but crude had moved... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Semarang, People hoped the government would not raise fuel oil prices, although the price of the strategic commodity on the world market has reached 110 US dollars per barrel which forced the government to increase its oil subsidy. “The government should not increase fuel oil prices because our life is now already difficult as the prices [...]

Electricity tariffs to go up from April as oil prices rise - Singapore By May Wong,    SINGAPORE: Electricity tariffs will go up by an average of 1.26 cents (S$0.0126) per kilowatt starting 1 April. SP Services said this is due to higher fuel oil prices. Currently, the monthly average electricity bill for a four-room flat is S$78.39. But [...]

The U.S. trade deficit grew larger in January as imports - including crude-oil prices - zoomed to all-time highs.The latest snapshot of trade activity, reported by the Commerce Department on Tuesday, showed the country’s trade gap increased to $58.2 billion. That was up from a trade shortfall of $57.9 billion in December and was the [...]

Soaring oil prices hit fight against poverty: Arroyo Philippine President Gloria Arroyo said soaring oil prices had hurt her country's fight against widespread poverty despite high economic growth... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

... Skrebowski who maintains a list of global oil fields under development (megaprojects) and edits Petroleum Review. The reports are in close agreement. The Oil and Gas Journal (2/11/08) reported that Barclays Capital, the investment [...]

Crude oil rose to a record $100.10 a barrel in New York on speculation Organization of Petroleum Exporting Countries will cut production when it meets next month. Gasoline and heating oil also reached records as investors poured money into energy markets.

Oil prices point to hefty profits, but refining margins to temper results and the crude prices that hovered at or above $90 through most of the last three months of 2007 are expected to mean pumped-up quarterly profits as the largest oil companies report their earnings in coming weeks. Profits for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Crude oil rose more than $2 a barrel in New York after a U.S. government report showed consumer spending gained the most in more than two years, signaling economic growth and oil demand may be stronger than expected.``Energy prices got a shot in the arm when consumer spending showed a much brisker pace that what people were looking for,'' said James Cordier, founder of Liberty Trading Group's OptionSellers.com in Tampa. ``That would add strength to the idea that demand could still be strong.''READ MORE... The Commerce Department report comes as oil heads for its biggest annual gain in five years. The 1.1 percent jump in consumer sales last month may reduce the possibility that the economy will contract this quarter. Oil has fallen 6 percent from a record $99.29 on Nov. 21, on concern demand may decline as economic growth slowed.Crude oil for February delivery rose $2.25, or 2.5 percent, to settle at $93.31 a barrel at 2:50 p.m. on the New York Mercantile Exchange, the highest clos

Crude oil rose more than $2 a barrel in New York after a U.S. government report showed consumer spending gained the most in more than two years, signaling economic growth and oil demand may be stronger than expected.``Energy prices got a shot in the arm when consumer spending showed a much brisker pace that what people were looking for,'' said James Cordier, founder of Liberty Trading Group's OptionSellers.com in Tampa. ``That would add strength to the idea that demand could still be strong.''READ MORE... The Commerce Department report comes as oil heads for its biggest annual gain in five years. The 1.1 percent jump in consumer sales last month may reduce the possibility that the economy will contract this quarter. Oil has fallen 6 percent from a record $99.29 on Nov. 21, on concern demand may decline as economic growth slowed.Crude oil for February delivery rose $2.25, or 2.5 percent, to settle at $93.31 a barrel at 2:50 p.m. on the New York Mercantile Exchange, the highest clos

Oil futures gave up earlier gains and settled lower today as concerns about the economy overrode forecasts that OPEC oil shipments were falling.In particular, energy investors were shaken by today's Conference Board report that its index of leading indicators dropped 0.4 percent in November to the lowest level in more than two years, said James Cordier, president of Liberty Trading Group in Tampa, Fla. Declines in the index tend to precede economic slowdowns or recessions."That is basically fulfilling what people are fearing," Cordier said.Energy traders worry that a slowing economy will mean reduced demand for oil and gasoline.Earlier in the day prices jumped $1 a barrel after Dow Jones Newswires reported that Oil Movements, a British tanker tracking firm, said it expects crude shipments from Organization of the Petroleum Exporting Countries will fall by 230,000 barrels a day to 24.2 million barrels a day during the four weeks ending Jan. 5. The report reversed earlier Oil Movements

Oil futures gave up earlier gains and settled lower today as concerns about the economy overrode forecasts that OPEC oil shipments were falling.In particular, energy investors were shaken by today's Conference Board report that its index of leading indicators dropped 0.4 percent in November to the lowest level in more than two years, said James Cordier, president of Liberty Trading Group in Tampa, Fla. Declines in the index tend to precede economic slowdowns or recessions."That is basically fulfilling what people are fearing," Cordier said.Energy traders worry that a slowing economy will mean reduced demand for oil and gasoline.Earlier in the day prices jumped $1 a barrel after Dow Jones Newswires reported that Oil Movements, a British tanker tracking firm, said it expects crude shipments from Organization of the Petroleum Exporting Countries will fall by 230,000 barrels a day to 24.2 million barrels a day during the four weeks ending Jan. 5. The report reversed earlier Oil Movements

Oil prices climbed above 90 dollars on Wednesday as the market awaited the latest weekly snapshot of US energy inventories and after crude had jumped sharply the previous day. New York's main contract, light sweet crude for January delivery, added 67 cents to 90.69 dollars per barrel. Brent North... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Oil prices fell today in a volatile market on speculation that OPEC may still boost output at its meeting this week despite last week's sharp price drop. Light, sweet crude for January delivery was down 67 cents to $88.04 in electronic trading on the New York Mercantile Exchange by midafternoon in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Rising energy prices are making it difficult in Britain to justify a cut in interest rates, according to the Bank of England's deputy governor Rachel Lomax. Lomax, who is a member of The Monetary... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Rising energy prices are making it difficult in Britain to justify a cut in interest rates, according to the Bank of England's deputy governor Rachel Lomax. Lomax, who is a member of The Monetary Policy Committee (MPC) that decides on interest rates, said there were always risks at a time of rising energy prices. "Soaring oil prices were an important reason why some members of the MPC, including myself, were reluctant to cut interest rates when the economy slowed in 2005," she told the Hull and Humber Chamber of Commerce in northern England on Thursday. The deputy governor was also one of the seven MPC members who voted to keep rates on hold earlier this month, against two who argued for a cut. She said there is a great deal of uncertainty about the effects of the recent turbulence and this must be weighed against the inflationary effects of rising energy prices as oil approaches 100 dollars a barrel. British business have been hoping for a cut in interest rates for the last few

Crude oil prices have hit new record highs, reaching about $100 per barrel as the US dollar continues its decline against the euro. US light sweet crude hit a record of $99.29 in Asian trading while... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]