All Posts Tagged Tag: ‘Oil’
Eyebrows raised as crude prices drop despite the U.S. announcement yesterday of declines in crude oils and gasoline stocks. With the June’s contract starting, midday trading down 65 cents to $53.38 and Brent crude was down 50 cents in London trading.
Light sweet crude climbed back over the $51 mark on Tuesday signaling what some experts say may be a seasonal low. The market has dropped $8 since it hit its high a couple of weeks ago and it dropped to $49.66 at one point yesterday before finishing $50.37 and shot up to $51.65 in today’s trading.
OPEC will be discussing a second increase in output which has caused oil prices to jump to over $58 a barrel.
Oil prices have gone down with concern with peak global consumption supply and demand conerns fading.
An explosion at BP Plc’s Texas City refinery led to a sharp increase in gas and oil prices.
Talk of increased production from OPEC has had a roller-coaster effect on oil prices recently. Yesterday, when talk of the increase was introduced, oil prices increased. Today, however, has seen the opposite occur.
Oil prices fell after a seven-week high as temperatures in the eastern U.S. are expected to rise beofre the end of the month.