crude oil – News Stories About crude oil - Page 4

May 7, 2008 8:35 AM CDT

'Super-Spike' Could Drive Oil to $200

Experts say $150 or more isn't out of the question as world demand grows.

(Newser) - A “super-spike” could push oil beyond $150 a barrel by October, the highest it been in more than 135 years, experts say. That would drive the price at the pump past $4.50 a gallon and trim US economic output 3.3% in the 2 years following, reports the...

OPEC Head Warns Oil Could Hit $200 a Barrel

Apr 29, 2008 5:26 AM CDT

OPEC Head Warns Oil Could Hit $200 a Barrel

Supply trouble, weak buck, speculation will keep price climbing

(Newser) - The president of the oil-producing cartel OPEC has warned that the price of the black gold could spike as high as $200 a barrel. As crude hovered just below the $120 barrier, Chakib Khelil told an Algerian newspaper that disruptions in production in Britain and Nigeria, coupled with a weak...

AmEx Leads Dow Rally

MARKETS

Apr 25, 2008 3:39 PM CDT

AmEx Leads Dow Rally

Oil jumps on worries about supplies in UK, Nigeria

(Newser) - Stocks were mixed today as financials rallied but Microsoft dragged down the tech sector. Nevertheless, all three major indexes recorded back-to-back weekly gains for the first time since February, Bloomberg reports. The Dow closed up 42.91 at 12,891.86, the Nasdaq dipped 5.99 to 2,422....

Consumer Prices Rise in March; Oil Blasts Past $114

Apr 16, 2008 10:22 AM CDT

Consumer Prices Rise in March; Oil Blasts Past $114

Jump in energy, food costs outweighs cheaper clothes; new record for crude

(Newser) - Consumer prices rose an anticipated 0.3% in March, propelled by hikes in the costs of energy, food, and airline tickets; a commodities rush and weak dollar also pushed crude oil to a record high today. Energy costs rose 1.9% in March, the AP reports, and the past year...

Oil Tops Record High $113

Updated

Apr 15, 2008 6:44 AM CDT

Oil Tops Record High $113

Dollar's decline chief cause of spike

(Newser) - Crude oil hit a new record high in trading today—$113.66 a barrel—as weary investors attempted to hedge against a tumbling dollar and oil shipments were disrupted around the world. Though the dollar is the main concern, supply problems, including OPEC's decision not to change its 2008 outlook...

Agency Cuts Oil-Demand Forecast

Apr 11, 2008 10:21 AM CDT

Agency Cuts Oil-Demand Forecast

Projected growth worldwide at lowest level since 9/11 attacks

(Newser) - The projected growth in the demand for oil worldwide is at its lowest level since the Sept. 11 terrorist attacks, but don't expect any any price relief, reports the Wall Street Journal. The IEA pegs projected growth at 1.3 million barrels a day, down 35% from its projection in ...

Stocks Fall as Oil Prices Surge

MARKETS

Apr 9, 2008 3:45 PM CDT

Stocks Fall as Oil Prices Surge

American Express and UPS decline

(Newser) - Stocks fell today on bad news on earnings and record prices for crude oil. American Express, General Motors, and UPS all took hits. "The negative UPS news could shake confidence in the broader transport stocks," an analyst tells the Wall Street Journal. The Dow ended down 49.18...

Oil Expected to Stay
Above $100 This Year

Apr 9, 2008 6:43 AM CDT

Oil Expected to Stay Above $100 This Year

Fed agency ups forecast as world laps up Texas tea

(Newser) - A barrel of crude could end up averaging more than $100 this year, federal handicappers are predicting, just weeks after the triple-digit mark seemed like a troublesome anomaly. OPEC’s parsimony with its reserves, spiking demand worldwide and a dwindling supply outside the Middle East are conspiring to squeeze rates—...

Oil Hovers
Near $102
a Barrel

Mar 26, 2008 6:16 AM CDT

Oil Hovers Near $102 a Barrel

Iraq fighting, low gas supplies and weak dollar boost price

(Newser) - Concern about potential supply disruptions in Iraq and American gasoline reserves pushed oil prices up for the second day in a row, despite expected news from the Energy Department that crude supplies in the US had rebounded, reports the Associated Press. The US dollar’s continued depreciation against a slew...

Dow Slides 293 Points

MARKETS

Mar 19, 2008 3:44 PM CDT

Dow Slides 293 Points

Markets couldn't keep up yesterday's huge rally

(Newser) - Stocks slid fast today as commodity prices plunged. Investors rebalanced their portfolios after pumping cash into commodities such as gold and oil for insurance against seesawing stocks, the Wall Street Journal reports. The Dow ended down 293 points to 12,099.66, the Nasdaq 58.3 to 2,209.96,...

Stocks Rally, Flatten, End Down

MARKETS

Mar 12, 2008 3:38 PM CDT

Stocks Rally, Flatten, End Down

Oil hitting $110-a-barrel mark sure doesn't help; hopes of another rate cut rise

(Newser) - Markets shot up early today, then flattened out and ended down as record oil and gas prices put a damper on things. Per-barrel oil prices hit $110.20 before landing at $109.92, the Wall Street Journal reports. The Dow ended down 46.57 to 12,110.24, the Nasdaq...

Oil Gushes to Record $105.96

Mar 6, 2008 8:32 AM CST

Oil Gushes to Record $105.96

A weakening dollar and falling inventories of oil are pushing crude prices up

(Newser) - An ever-weakening dollar, an unexpected drop in US crude oil reserves, and a Wednesday OPEC decision not to boost production helped spur oil to a record $105.96 a barrel, Bloomberg reports. It's the third record this week, and the dollar’s $1.5345 against the euro is the lowest...

Oil Up, Dollar Down, Stocks Stall

MARKETS

Mar 3, 2008 3:55 PM CST

Oil Up, Dollar Down, Stocks Stall

Situation could be much worse, some experts say

(Newser) - Rising commodities prices partially offset bad news about manufacturing activity, the plunging dollar, and record crude oil prices to create a plateau on Wall Street today. The Dow ended down 7.49 at 12,258.90, the Nasdaq down 12.88 at 2,258.60, and the S&P 500...

Dollar's Slide Pushing Oil Prices Higher

Feb 29, 2008 7:21 AM CST

Dollar's Slide Pushing Oil Prices Higher

Economic data hammers the greenback as worries about US economy deepen

(Newser) - The dollar continued its fall as unrelentingly dismal economic data eroded confidence in the US economy, Bloomberg reports. The greenback set a new low of $1.52 against the euro this morning and hit a three-year bottom against the Japanese yen. Oil surged more than $2 a barrel to $103....

Oil Insanity Pinned to Speculators

Feb 28, 2008 5:54 PM CST

Oil Insanity Pinned to Speculators

Observers call current market 'hysteria' — and 'bubble'

(Newser) - Crude-oil prices have doubled in recent months, a development not linked to fundamental supply and demand—but rather, observers tell Der Spiegel, to rampant speculation among investors looking for a stable buck. The prospect of recession would typically drive prices down, but analysts say a decade-old oil investment rush by...

$100 Oil Fuels Recession Fears

Feb 21, 2008 12:47 PM CST

$100 Oil Fuels Recession Fears

Speculation is driving oil up, and that's a concern for consumers, economists

(Newser) - Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per...

Market Up After Seesaw Session

MARKETS

Feb 20, 2008 3:45 PM CST

Market Up After Seesaw Session

Investors shrug off inflation; sluggish growth seen

(Newser) - The Dow rose 90.04 points to 12,427.26 today in roller-coaster trading despite rising fears of inflation, MarketWatch reports. US consumer prices rose 0.4% last month in what one investment officer called “a nagging problem for the Fed.” The Nasdaq climbed 20.90 to 2,...

Soaring Prices Lure Oilmen Back to Oil City

Feb 19, 2008 1:30 PM CST

Soaring Prices Lure Oilmen Back to Oil City

Rural Pa. sees rush to claim scraps from played-out fields

(Newser) - The world’s first commercial oil well was in Oil City, Pa., which saw its fortunes fall along with the crude supply. Now that prices are at historic highs, Oil City is part of a renaissance. The easy crude is long gone, but a motley assortment of would-be barons is...

There's Plenty of Oil Left: Study

Jan 17, 2008 9:37 AM CST

There's Plenty of Oil Left: Study

Researchers say new discoveries more than offset worked-out fields

(Newser) - New oilfields being brought online more than offset losses from depleted fields, says an optimistic report released today. Though it cited an Iran-sized 4.5% annual loss, key oil industry adviser CERA contends “there is no impending short-term peak in global oil production," reports the Wall Street Journal....

Economists Fear It's Too Late to Save Economy

Jan 13, 2008 7:41 AM CST

Economists Fear It's Too Late to Save Economy

Measures now won't have impact for months

(Newser) - It may already be too late to quickly stop the economic tailspin triggered by the implosion of the housing market and booming energy prices, several experts believe, reports the New York Times. Perhaps the best that can be done is to make the crunch hurt a little less. “The...