oil prices

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Small Cadre of Speculators Control Oil

81% of NYMEX contracts held by a few firms, one holds 11%

(Newser) - A surprisingly small group of investors and oil traders control the vast majority of the world’s oil contracts, and they are exerting tremendous influence over the market, reports the Washington Post. Regulators have found that a few financial firms speculating for themselves or their clients hold 81% of the...

Wholesale Prices Rising at Fastest Pace Since 1981

High energy, motor vehicle costs pushing inflation; Fed may be forced to boost rates

(Newser) - Wholesale prices jumped 1.2% in July—more than twice the rate economists expected and  the fastest pace in 27 years, according to government data released today, the AP reports. Core prices, which exclude food and energy, rose 0.7%, the biggest since November 2006; new home construction in July...

Stocks Mixed; Commodities Fall
 Stocks Mixed; Commodities Fall
MARKETS
Aug 15, 2008 3:43 PM CDT

Stocks Mixed; Commodities Fall

(Newser) - The markets ended mixed today as commodities fell across the board, leaving traders unsure of the larger ramifications for the economy, MarketWatch reports. The Dow gained 43.97 points to close at 11,659.90, the Nasdaq slid 1.15 points to 2,452,52, and the S&P 500...

Financials Lead More Losses
 Financials Lead More Losses
MARKETS
Aug 13, 2008 3:30 PM CDT

Financials Lead More Losses

Dow falls 100 points for 2nd straight day

(Newser) - The markets saw losses today as anxiety about financial firms persisted and oil rose nearly $3 to $116 a barrel, MarketWatch reports. The Dow was hit especially hard, falling  109.51 points to 11,532.96. The other indices made afternoon gains but fell back, with the Nasdaq closing down...

As Oil Costs Bubble, Alternative Heating Gets Hot

With home heating oil prices rising, natural gas looks like a better deal

(Newser) - Northeasterners expecting the price of heating oil to hit $4.35 a gallon are creating an avalanche of new business for heating and cooling contractors as they increasingly look to convert from oil heat to natural gas, reports the Wall Street Journal. A conversion to natural gas heat can cost...

Financials Lead Broad Slump
 Financials Lead Broad Slump 
MARKETS
Aug 12, 2008 3:30 PM CDT

Financials Lead Broad Slump

Equities fall even though oil does, too

(Newser) - Stocks fell today as waves of bad news from the financial sector battered investor sentiment, MarketWatch reports. Equities lost value despite a $1.44 drop in the price of oil, reversing what has recently been a consistent inverse relationship. The Dow fell 139.88 to 11,642.47, the Nasdaq...

Small Dips in Gas Prices Send Drivers Back to SUVs

Consumers viewing fuel efficiency as 'one factor' again

(Newser) - Oil prices have been falling since mid-June, and though it’s debatable whether speculators or market fundamentals drove the boom (and now possible bust), it is clear that $4 a gallon gas crimped demand. But for how long? With prices now again below that psychological threshold but still $1.19...

Stocks Post Modest Gains
 Stocks Post Modest Gains 
MARKETS
Aug 11, 2008 3:47 PM CDT

Stocks Post Modest Gains

(Newser) - Stocks managed to hold on to small gains today from a big early rally, as oil prices fell despite the fighting in Georgia, MarketWatch reports. The Dow closed up 48.03 points at 11,782.35. The Nasdaq gained 25.85 points to 2,439.95, and the S&P...

OPEC Heads for Trillon-Dollar Payday

Oil cartel doubles its income on soaring prices, production

(Newser) - OPEC nations have shattered records for income this year, earning as much money in the first 6 months of 2008 as they did in all of 2007, the Financial Times reports. The Saudi-led cartel of oil-exporting nations took home $645 billion in the first two quarters and is on course...

Dow Gains 303 Points; Oil Drops
 Dow Gains 303 Points; Oil Drops 
MARKETS
Aug 8, 2008 3:41 PM CDT

Dow Gains 303 Points; Oil Drops

Fannie's losses don't phase market

(Newser) - A big rally topped a rollercoaster week today as the markets surged on a drop in oil of nearly $5 a barrel, MarketWatch reports. The Dow gained 302.89 points to close at 11,734.32, the Nasdaq rose 58.37 to 2,414.10, and the S&P 500...

Rally Goes On, Modestly
 Rally Goes On, Modestly
MARKETS
Aug 6, 2008 3:42 PM CDT

Rally Goes On, Modestly

Cisco provides some good news, though investors not totally cheered

(Newser) - Oil prices continued to fall, spurring modest gains for the markets today, but Freddie Mac’s enormous second-quarter loss signified that the housing and credit crises are not over yet, the Wall Street Journal reports. The Dow rose 40.30 to close at 11,656.07. The Nasdaq gained 28....

Dow Skyrockets as Oil Retreats
 Dow Skyrockets as Oil Retreats 
MARKETS
Aug 5, 2008 3:23 PM CDT

Dow Skyrockets as Oil Retreats

Deep-seated concerns about economy remain

(Newser) - Stocks rallied today after the Fed said it would keep money cheap for the time being and crude prices fell to below $120 a barrel, a 3-month low. The Dow gained 330.80 to close at 11,614.95, the Nasdaq rose 64.27 to 2,349.83, and the...

Oil Costs Crimp Globalization
 Oil Costs Crimp
 Globalization
Aug 3, 2008 5:03 AM CDT

Oil Costs Crimp Globalization

Biz 'goes local' to save transportation costs

(Newser) - The soaring cost of oil is taking a toll on globalization, pushing companies to save on transportation by producing materials closer to home, the New York Times reports. The search for cheap production had been key for many firms—but now oil prices, as well as stricter import rules and...

Jobs, Earnings Spur Losses
 Jobs, Earnings Spur Losses
MARKETS
Aug 1, 2008 3:25 PM CDT

Jobs, Earnings Spur Losses

Downbeat session kicks off August

(Newser) - Stocks fell today as investors absorbed a slate of poor earnings reports and glum but not awful economic reports. Crude rose $1.02 a barrel, and shares in every sector other than energy fell, MarketWatch reports. The Dow dropped 51.70 to 11,326.32, the Nasdaq shed 14.59...

Exxon Reports Best Quarter in History; Misses Estimates

(Newser) - ExxonMobil reported the biggest quarterly profit in US history today, earning $11.68 billion or $2.22 a share as revenues rose 40% over the previous year. But those stratospheric numbers fell short of Wall Street’s estimates; analysts had expected crude prices, which have doubled over the past year,...

Oil, Gas Prices Continue Slide
 Oil, Gas Prices Continue Slide
Jul 30, 2008 6:59 AM CDT

Oil, Gas Prices Continue Slide

A glimmer of hope in otherwise gloomy economy as crude prices sink

(Newser) - A dip in the price of energy is providing a welcome respite from an otherwise grim economic picture. Oil, which neared $150 a barrel earlier this month, has dropped $23, or 16%, since July 3; natural gas prices are down 33%. AAA says nationwide gas prices have dropped to $3....

Financials Key Big Turnaround
 Financials Key Big Turnaround 
MARKETS
Jul 29, 2008 3:09 PM CDT

Financials Key Big Turnaround

Surge by BofA, lower oil prices key rally that erases previous day's tumble

(Newser) - Investors, cheered by Merrill Lynch’s attempt to regain its financial footing, plowed ahead today despite ugly news on housing prices and consumer confidence, the Wall Street Journal reports. The rally helping the major indices recoup yesterday’s losses—and then some. The Dow was up 266.48 to 11,...

LA Prof Discovers New World on Foot
 LA Prof Discovers
 New World on Foot

opinion
Jul 26, 2008 11:18 AM CDT

LA Prof Discovers New World on Foot

Gas prices forced her to walk around the neighborhood

(Newser) - Forced by high gas prices to start walking again, one Los Angeles professor discovered something new: her neighborhood. No longer wanting to drive to a park to walk her dog, Diana Wagman took it through the neighborhood, where she found reburbished homes, furniture on the curb, and—who knew—her...

Pickens Drills Into McCain Campaign
Pickens Drills Into McCain Campaign
OPINION
Jul 24, 2008 8:40 AM CDT

Pickens Drills Into McCain Campaign

Oilman's environmental turn enrages GOP, writes columnist

(Newser) - The reinvention of oil billionaire T. Boone Pickens as an environmentalist represents a huge political about-face, writes Timothy Egan in the New York Times. Four years ago, Pickens bankrolled the Swift Boat campaign that derailed John Kerry's presidential bid. Now Pickens, "looking a bit like the John Huston character...

Airfare to Get More Expensive This Holiday Season

Limited flight schedule will lead to price increases

(Newser) - Get ready—this holiday season is going to boast some of the most expensive airfares ever, USA Today reports. Because of high fuel costs, most airlines have cut back flight schedules; figure about 9% fewer flights in November compared to a year ago. Having constricted supply, expect the airlines to...

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