Crude oil rose by more than $1 on Friday, with Brent hovering around $116, as fighting in Libya intensified with fresh reports of air strikes, and on protests in Saudi Arabia’s oil-producing Eastern Province.
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Obama confident oil prices will stabilize
President Barack Obama said Thursday he’s confident that markets will be able to ride out the situation in Libya and the price of oil will stabilize.
Obama made the brief comments during a discussion with a new council of business and labor leaders he’s appointed to work on economic competitiveness. He said that energy costs are generally a source of uncertainty for businesses. But as for the spike in oil prices, the president said: “We think we’ll be able to ride out the situation in Libya and it will stabilize.”
Oil prices rose again Thursday as the rebellion in Libya appeared to have shut down even more crude production than previously estimated. At the pump, gas prices rose more than 2 cents to a new national average of about $3.23 per gallon. Get the full story »
Oil briefly hits $100, gold reaches two-week high
Gold rose to its highest in more than seven weeks Wednesday, closing in on record highs as escalating unrest in Libya and soaring crude oil prices fueled fears of inflation and slower economic growth.
U.S. crude oil futures marched rapidly to hit $100 a barrel on possible supply disruption from Libya, stoking inflation concern. They later settled up nearly $3 at about $98 a barrel, its highest since October 2008. Get the full story »
Oil prices fall on jobs report, stronger dollar
Oil prices fell Friday after the government reported a sharp drop in the unemployment rate, which helped boost the dollar against foreign currencies. Get the full story »
Oil prices rise on Egypt unrest
Brent crude oil topped $100 for the first time since 2008, as investors kept an anxious eye on Egypt and worried about unrest there disrupting the flow of oil from the Middle East.
Oil off on U.S. data, but OPEC eyed as $100 in sight
Oil slipped Thursday as markets weighed disappointing U.S. jobless claims data and the prospect OPEC would raise output should prices break above $100 a barrel for an extended period. Get the full story »
Oil prices climb after Alaska Pipeline disruption
Oil prices rose above $89 a barrel Monday after the 800-mile trans-Alaska pipeline owned by BP PLC and four other companies was shut down because of a leak.
Oil slips, ends lower on profit taking
Oil prices fell on Wednesday, but stayed close to recent 26-month highs, pulled down in light trade by profit-taking as markets awaited the release of U.S. oil inventory data. Get the full story »
Arab OPEC ministers to meet as oil price tops $90
Core OPEC ministers began arriving in Cairo on Thursday, ahead of talks that were expected to broach how high an oil price the world economy can stand as the market hovers near two-year peaks above $90 a barrel.
A full conference of the Organization of the Petroleum Exporting Countries earlier this month elected to make no change to an output policy it has stuck to since December 2008.
Since then oil has maintained a more than 30 percent rally from this year’s low struck in May and this week scaled a high of $90.80, the steepest in two years. Get the full story »
Oil jumps to 2-yr high on stockpile drop, cold
Oil prices jumped above $90 a barrel Wednesday to settle at that level for the first time in 26 months as a third straight weekly drop in U.S. crude inventories and cold weather on both sides of the Atlantic spurred pre-holiday buying. Get the full story »
OPEC set for no change despite $90 oil
OPEC will not raise oil supplies at a meeting on Saturday, Saudi Oil Minister Ali al-Naimi said, leaving traders to ask what price the group requires to open the taps and prevent fuel inflation hurting global economic recovery. Get the full story »
Oil slips on dollar rise, euro zone woes
U.S. oil prices slipped in light post-holiday trading on Friday as Europe’s debt crisis pushed the euro to a two-month low against the dollar and investors eyed tensions between North Korea and South Korea. Get the full story »
IEA: More need to be done to prevent oil price spike
Governments need to do more to increase efficiency and boost green technologies to avoid a spike in oil prices as energy demand is expected to jump 36 percent through 2035, the International Energy Agency warned Tuesday.
In its annual World Energy Outlook released, the Paris-based IEA said emerging nations like China will account for most of the surge in demand and that much will depend on the strength of the economic recovery over the next few years. Get the full story »
Oil slips on economic worry awaiting Fed move
Oil prices fell on Friday after data showing tepid U.S. economic growth in the third quarter left investors cautious ahead of expected monetary easing from the U.S. Federal Reserve. Get the full story »
Oil prices fall as dollar strengthens
Oil prices slipped Monday as the dollar strengthened and traders hunkered down ahead of some important economic news later this week. Get the full story »
