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Oil Prices Bounce After U.S. Inventories Rise

Oil prices bounce up and down this morning even after the U.S. Dept. of Energy announce a rise in inventories this morning. While light sweet crude dropped below the $48 mark immediately following the announcement, it quickly bounced back up to 20 cents over its opening price and then back down slightly to 15 cents at $49.35. Brent is trading down 27 cents at $50.25 and gas is down almost 2 cents $1.44 a gallon.

Oil Prices Plummet Below $50 Amid Higher Inventories

Light sweet crude prices dropped below $50 down $1.47 to $49.45 amid speculation of higher oil inventories on Tuesday. Brent crude trading in London was down 49 cents to $50.75. The U.S. Dept. of Energy releases their weekly report tomorrow and experts figure oil inventories will be up.

Oil Prices Open the Week Going Down

Light, sweet crude prices dropped its lowest in months after hitting highs of almost $60 a barrel in early April. Oil traded down about 37 cents this morning at $49.35. Gasoline is also trading down this morning almost 2 cents at $1.48 a gallon.

American Airlines Raises Fares To Keep Up WIth Oil

American Airlines is increasing most domestic U.S. and U.S.-Canada fares by $5 one-way and $10 round-trip.

Oil Futures Start Back Down

Oil futures start back down in early trading this morning with light sweet crude down 24 cents before the floor opens. Brent North Sea crude was down about 13 cents as well.

Crude Oil Prices Start Low

Light sweet crude started dropping this morning after huge drops in Wednesday following an announcement of high oil levels from the U.S. Department of Energy.

Oil Prices Play See-Saw

Oil Prices continue to bounce up and down today as light sweet crude dropped below the $50 mark this morning before starting a rally and shot back above the $51 mark and then back down to $50.90.

Inventories Swell and Oil Prices Drop

The U.S. Energy Information Administration said oil inventories swelled 5.5 million barrels and crude prices descended $1.10 to $53.10 a barrel in the process. Brent crude also saw a big drop of $1.06 a barrel to $53.08 a barrel.

Crude Oil Prices Slam Down Over $2 a Barrel

Light crude oil prices slammed down to one of the biggest single-day drops recent weeks going down to $51.50 before settling up back slightly to $51.61 down $2.59 for the day.

Oil Prices Start Dropping

Oil prices started dropping this morning in early electronic trading on the New York Mercantile Exchange. This happens on the heels of a meeting this week between President Bush and Saudi Crown Prince Abdullah and right before the U.S. releases its energy reports for the week.

Oil Prices Continue to Plummet

Oil Prices drop this morning in after reassuring words from Saudi Crown Prince Abdullah that Saudi plans to keep production levels high and take it higher still with renovations on their oil production facilities over the next decade.

Bush, Crown Prince Look to Tank Oil Prices

With concern about oil prices escalating to a fever pitch, President Bush met with Crown Prince Abdullah yesterday to produce a plan to curb increases.

Oil Prices Continue to Drop

Oil prices continued to drop in early morning trading in markets this morning after reassuring words from Saudi Crown Prince Abdullah that Saudi plans to keep production levels high and take it higher still with renovations on their oil production facilities over the next decade.

Crude Oil Prices Continue To Drop

Light sweet crude oil finished down 42 cents at 54.15 when markets closed today. Brent crude dropped 28 cents. The drops continue from yesterday after Saudi Crown Prince Abdullah assured President Bush that crude oil production would remain high and continue to climb in the months and years ahead.

Oil Prices Drop As Saudis Reassure Bush

Oil futures dropped today after President Bush and Saudi Crown Prince Abdullah met to discuss among other things, skyrocketing oil prices. The prince said he felt oil supplies were adequate but that Saudi would produce the oil levels countries want.

Oil Prices Bump Before Bush Meets With Saudis

Oil prices took off this morning in early trading while President Bush prepares to meet with Saudi Crown Prince Abdullah at his ranch in Crawford, Texas.

Fresh Fears in Oil Amid Saudi Attacks

Terrorist attacks in Saudi Arabia scared the price of oil futures up 43 cents to 54.63 in early trading for light sweet crude in New York. London felt the same fears as Brent crude climbed 55 cents to $54.56 a barrel.

Oil Price Leap Beyond $55

Oil prices leapt beyond the $55 mark today debate over reasons continue. With demand expected to reach 85 million barrels a day world wide, speculation on where oil prices will hit a ceiling remains high.

Oil Prices Skyrocket to $55.70 in Midday Trading

Light sweet crude jumped a 1.50 today to $55.70 a barrel in midday trading and Brent crude jumped $1.32 to $55.33.

Crude Oil Drops Despite Decline in U.S. Stocks

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.

Oil Prices Float to the Top Again

Bad news for consumers hit the oil markets today when light sweet crude soared up to $53 a barrel as the U.S. announced dwindling crude and gasoline supplies for the first time in nearly three months and just before the summer travel season.