Quantcast

Oil Articles

Oil Prices Aim For $60: How High Can It Fly

Oil prices set record highs again yesterday, hitting $59.85 a barrel at one point. Traders seem poised to knock $60 a barrel down and leave it in the dust as contracts from the 4th quarter cracked $61. The big question many are asking is what price can the market actually support.

Oil Prices Hit Records and Are Expected To Get Higher

Oil prices reached record highs yesterday with crude going up $1.89, or 3.3%, to $58.47 a barrel. Futures reached $58.60 a barrel. The previous record was $58.28 in April.

Oil Prices Crudely Crack Record: $58.60 A Barrel

Oil prices soared on Friday wiping away the previous record of $58.28 set back in early April. Trading on the July contact settled in at $58.47 and since trends don’t show signs of slowing, most experts expect the $60 a barrel mark shortly, maybe even next week.

Crude Cracks Record: $58.60 A Barrel

Consumers cringed in fear today as oil prices skyrocketed almost two dollars today. After hitting the $58.60 mark, it settled down to $58.47 for the contract set for July delivery. The previous record was set back in April at $58.28. It won’t stop there.

Oil Prices Head For New Record: Climbing Beyond $58

Light sweet crude continues to climb on the New York Exchange, hitting $58.15 during midday trading. Breaking the record $58.28 set back in early April seems inevitable at this point as prices continue to climb with no end in sight. Gas prices are no better today. Gas opened at $1.62 today and up to $1.65 on the midday.

Oil Prices Ascend: $60 Edging Very Close

Oil prices continue the surge today as light sweet crude came within 10 cents of $57 a barrel. The prices continue to edge toward the all time high set back in early April clearing the $58 mark and most watchers say cracking $60 is only a matter of time.

OPEC Ups Capacity, Crude Climbs: Now What?

Light sweet crude continues to look to the sky as the price per barrel climbed beyond $56 mark in mid morning trades. The price stayed above $56 for a fair portion of yesterday. OPEC pushed their official ceiling and said they will consider producing more in the coming months. Oil prices continue to climb so what happens now?

Oil Prices Open Up Despite New OPEC Ceiling

Light sweet crude took off this morning amid news of OPEC raising official tallies for oil production by 500,000 barrels a day. This did little to calm traders though as OPEC has been running above stated quotas essentially no production capacity left. This news was also expected.

Oil Prices Have OPEC Over A Barrel

Oil Prices continue into the $55 range today after OPEC expressed concern for output levels. Right now, OPEC is pumping at production capacity with little room if any to produce more light sweet crudes.

Oil Prices Move To Closer to Peak

Oil prices in New York today continue to climb; hitting $56 a barrel in afternoon trades. This comes after OPEC announced they will seek to raise the official production level by 500,000 barrels.

Tropical Storm Fears Keep Oil Above $54

Fears that a tropical storm moving into the U.S. Gulf area have kept oil prices above $54 a barrel. Traders are concerned that the storm will disrupt production in the area.

Oil Prices Head Up As Arlene Heads To the Gulf

Oil futures moved up today in New York amid fears of complications to Gulf supplies as Tropical Storm Arlene makes its way past Cuba and into the Gulf of Mexico.

Oil Prices Soar After Brief Respite

A downturn in crude oil pricing based on a rise in US fuel stocks has begun turning upward again.

Oil Prices Head Up After EIA Report

After anticipation of rises in both crude oil and gasoline supplies, U.S. inventories dropped in both categories according the weekly Department of Energy report. As a result light sweet crude might an ugly, sour rally in midday trading.

Oil Prices Rollercoaster Up to $55, Barrel Down Below $53

Following the weekly report on crude inventories from the Energy Information Administration, prices for New York’s July contract on light sweet crude took off past $55 after opening at $53.30.

Oil Prices Spike Past $55 on Energy Report

Light sweet crude prices continued to skyrocket to the highest prices in weeks and closing in on the all time high of over $58 a barrel back in early April. The price in New York traded up to $55.40 after the Department of Energy released it’s weekly report this morning.

Summer Driving Season Begins, Oil Above $51

The summer driving season is now beginning here with Memorial Day weekend, and oil prices are holding above $51 a barrel with traders feeling that this is a risky time for trade.

Caspian Sea Oil Flows Free

An 1100-mile pipeline opened up today and will pump a million barrels of oil a day when it reaches capacity. A consortium led by BP and funded heavily by the U.S. hopes this new pipeline will help reduce western dependence on middle-eastern oil.

Oil Prices Skyrocket over $51 A Barrel

Light sweet crude kicked it up a notch when the U.S. Dept. of Energy (DOE) reported a drop in crude inventories for only the second time in last 3 months. Futures traded as high as $51.65 in New York on midday ticks. North Sea Brent crude was also trading up over a dollar at 50.15.

Iraq And Brazil Partnering On Oil Production

Petrobras has agreed to advise Iraqi oil interests on bolstering oil yields that have fallen 47 percent.

Oil Bounces As Crude Prices Increase

After a series of price drops, light crude laps past $49 per barrel in late trading on Monday.