Archive for December, 2008
Crude Oil Trades near $39 on Grim Economic Outlook
Posted on31. Dec, 2008 by admin.
Oil prices fell $1.00 on Tuesday as fear about demand in the global economy outweighed expectations of further Saudi supply cuts in February and tension in the Middle East due to the Israeli-Hamas conflict. The market took in data showing a sharp fall in weekly U.S. retail gasoline demand, and record low consumer confidence in [...]
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Middle East Violence Sparks a Rise in Crude Prices
Posted on30. Dec, 2008 by admin.
A rally in Crude Oil was seen yesterday as continuing violence in the Middle East sparked a price jump. The price reached above $42 at one point, settling at $39.60 for the day. Analysts are concerned that an increase of violence in the region could disrupt Oil supplies, driving Crude prices higher.
The price appears to [...]
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Recent Conflict over Gaza Strip has Oil Prices on the Rise
Posted on29. Dec, 2008 by admin.
Investors almost witnessed the beginning of a price plummet for Crude Oil last week as most speculators were predicting that the Organization of Petroleum Exporting Countries’ (OPEC’s) production cut wouldn’t be enough to quell the storm. Falling to as low as $36 a barrel last Friday, the price of Oil appears to have found some [...]
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Oil Plunges to Below $40 a Barrel
Posted on23. Dec, 2008 by admin.
Crude Oil prices slid yesterday, approaching a four-and-a-half year low as the recent record production cuts from the Organization of the Petroleum Exporting Countries (OPEC) failed to spark a rally in the price of Crude Oil last week. The price of Crude ended the day at 39.71, and appeared to be holding below the $40 [...]
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OPEC Production Cut More Likely; Oil Prices Moving Up
Posted on22. Dec, 2008 by admin.
Realizing the lack of trust, many investors have in their ability to follow through with the production decision; the Organization of Petroleum Exporting Countries (OPEC) is now issuing strongly worded statements in which they express determination to stabilize the Crude Oil market. Traders may have begun to believe these claims as falling Oil prices have [...]
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Oil Prices Resume Sliding despite OPEC's Production Cut
Posted on19. Dec, 2008 by admin.
Oil prices have been on the fritz lately; inexplicably dropping in value after the Organization of Petroleum Exporting Countries (OPEC) announced its supply cut and then quickly rebounding during early trading hours the next day. More recently, the price of Crude Oil has resumed falling back towards $40 a barrel, dipping as low as $41.54 [...]
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OPEC's Slash in Output Sparks Oil Rally
Posted on18. Dec, 2008 by admin.
A massive production cut by OPEC help boost the price of Crude Oil yesterday. This was in reaction to the cartel agreeing to reduce Crude supplies by 2.2 million barrels per day. This was the largest cut announced in the cartel’s history. OPEC’s large output cut led to a 450 pip rise in Crude prices [...]
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OPEC Meeting Today Expected to Yield Significant Production Cut
Posted on17. Dec, 2008 by admin.
Despite a significantly weakened U.S. Dollar, the price of Crude Oil has remained relatively untouched. Floating near the $45 price range, Oil appears to be waiting in anticipation of the Organization of Petroleum Exporting Countries’ (OPEC) meeting later today.
The cartel is expected to discuss a significant decrease in oil production. A potential cut of 2-2.5 [...]
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Crude Oil Falls Below $45 ahead of Expected OPEC Production Cut
Posted on16. Dec, 2008 by admin.
Crude Oil prices fell almost 4% to settle at $44.51 a barrel yesterday as deepening economic worries countered expectations that the Organization of the Petroleum Exporting Countries (OPEC) would agree to its biggest supply cut ever when the group meets in Algeria this week. The OPEC ministers, who meet on Wednesday, are calling for the [...]
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OPEC's Production Cut and a Weakening Dollar Increase Price of Oil
Posted on15. Dec, 2008 by admin.
Crude Oil prices rose this past week as signs that the Organization of Petroleum Exporting Countries (OPEC) may begin to cut output from 2-2.5 million barrels a day in order to stabilize prices. Reducing Crude Oil output will be heavily debated as a possible way to increase Crude Oil’s price in the last month of [...]
