Oil Articles

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.

Oil Futures Climb on July Contracts

Oil futures for the July contract moved past $49 a barrel on Monday after prices fell 36 cents before the opening trade of 48.15. These prices come after 3 month lows last week as the June contract closed out well below $47 a barrel.

Oil Prices Settle High at $49.15

Light sweet crude prices remained high today settling in at $49.15 in New York this afternoon on the July contract. The high prices come after the June contract closed under $47 last Friday. London’s North Sea Brent crude finished at $48.37 a barrel up 34 cents for the day.

Oil Price Update: Settles Below $47 A Barrel

Light sweet crude for the June contract came up short this today settling below $47 and $46.92 a barrel. The prices continued to drop after yesterday’s report from the U.S. Dept of Energy saying U.S. inventories continued to climb for 13 of the last 14 weeks.

Oil Prices Slip On Stockpile News

US stockpiles grew at a much higher rate than expected by industry analysts, according to the Energy Department.

Oil Futures Hold Fast At $47

Light, sweet crude continues to hover around the $47 mark climbing as high as $48.05 but then going back down. Gasoline went up 2 cents to $1.44 a gallon and Brent North Sea crude is 58 cents this morning to $48.68.

Descension In the Tanks: Oil Prices Plunge

Oil prices plunged down today to $47 before settling at $47.25. The prices for light sweet crude as OPEC regains control over the market from speculators who drove prices up over $58 a barrel in early April. Brent North Sea crude was down $1.19 cents at $48.15.

Oil Prices Show Sensitivity To Refining Capacity

Though OPEC is nearly at capacity in oil production, prices have started to rise on refinery concerns.

Oil Prices Steady While Saudis Cover Supply

Light sweet crude settled at $48.97 up 36 cents for the day on Tuesday after dropping to $47.60 on Monday. Prices steadied today after promises to cover demand from OPEC and Saudi Arabia and expectations of U.S. inventory growth in the U.S. Dept. of Energy Report on Wednesday.

Oil Prices Fall For Third Day In a Row

Oil prices fell for the third day in a row to under $48 a barrel yesterday as supplies continue to increase in the United States and demand growth gets slower in China.

Oil Stockpiles Increase As Prices Drop

After a week of gains, oil prices per barrel fall to just above the $50 mark in trading on news of surpluses.

Oil Prices Sit While OPEC Ponders Production Levels

Light sweet crude prices climb almost to the $53 mark up 67 cents at $52.70 this morning. Meanwhile OPEC leaders begin to discuss possible production increases for June. Brent North Sea crude is up about 75 cents at $51.68 this morning. Gasoline prices are up 3 cents this morning at $1.50 a gallon.

Oil Rises For 3rd Consecutive Day On Friday

With refineries struggling to step up production, oil prices went up for the third consecutive day.

Oil Futures Remain Relatively Steady

Prices for U.S. light crude bounced around a bit today and then settled in for the weekend at $50.96 a barrel. The low dropped to $50.05 and at one point shot up to $52.30 a barrel. Brent North Sea crude was down 36 cents at $50.77

Crude Oil Shoots to $52 a Barrel and Still Climbing

Light sweet crude prices continue to climb hitting $52.30 a barrel in midday trading amid speculation OPEC won’t be able to keep with rising oil demand in second half of the year.

Oil Prices Up As OPEC Lags In Production

A third consecutive day of increases push oil near $51 a barrel in yesterday’s trading as signs indicate OPEC may not be able to meet summer demands.

Oil Prices Rising Again

A brief downturn below $50 per barrel has ended as demand worries push prices back up again.

Oil Under $50 A Barrel

A combination of increased output by OPEC and rising additions to US crude stocks push prices below $50.