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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.