WebProNews

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.

Oil and Gas Inventories Tanked

With U.S. stockpiles declining and oil prices rising, prices at the pump seem to be in further trouble. Light sweet crude prices closed at $52.50 after dropping below $50 a share earlier in the week. Brent crude also closed higher, up 80 cents for the day.

OPEC Ups Production as Oil Prices Sit

OPEC announced a kick up in oil production yesterday as oil prices hover around $51 a barrel. The 500,000 bpd increase marks the second increase in two months when OPEC minister met last month and increased production 500,000.

Midday Swing Bats Oil Prices Back Up

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.

Oil Prices Sink To Nearly $50

Oil prices have gone down to nearly $50 a barrel with signals that supplies are growing.

Oil Drops Over $1 On Report of Rising Supplies

Oil prices fell over $1 a barrel today after data showed evidence of rising supplies in the U.S.