Archive for December, 2008
Crude Oil Shows Signs of a Comeback
Posted on12. Dec, 2008 by admin.
Crude Oil saw a substantial appreciation in the price yesterday with gains greater than 3%. The jump in Crude was supported by increasing expectations that OPEC will reach an agreement to reduce Oil production the following week. Crude Oil rose more then $ 3.00 a barrel, trading above $ 47.00. Oil also found support from [...]
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Crude Oil Receives Support from Saudi Arabia
Posted on11. Dec, 2008 by admin.
Saudi Arabia is taking the responsibility to prop up Crude Oil prices on its own. It has been reported that the world’s largest Oil producing nation will cut supplies to customers next month. In addition, it is widely expected that OPEC will cut output when it meets on December 17th in Algeria.
Because of the Saudi [...]
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Crude Attempts to Reverse its Price Plunge
Posted on09. Dec, 2008 by admin.
Crude Oil rose 3% on Monday after falling almost 25% last week, the most since 1991. Crude has previously declined as a result of U.S economic data showing a worsening recession. The U.S. economy lost 533,000 jobs in November, bringing job losses this year to 1.91 million. Oil prices briefly firmed on speculation that the [...]
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OPEC's Announced Production Cut Lends Support to Oil Prices
Posted on08. Dec, 2008 by admin.
Starting today’s trading off with the first sustained upward movement in weeks, the price of Crude Oil received proper support this weekend from the Organization of Petroleum Exporting Countries (OPEC). After OPEC announced that the upcoming meeting of oil ministers may have already produced a consensus on cutting oil production, the price began a slow [...]
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Price of Crude Oil Set to Sink Until the Mid-December OPEC Meeting
Posted on05. Dec, 2008 by admin.
The Interest Rate cuts made by the European Central Bank (ECB) and the Bank of England (BoE) confirm worries that the economic slump is likely to reduce energy demand. Oil prices dropped more than 6% yesterday, to its lowest level in nearly 4 years to about $43.80 a barrel.
According to analysts, the recent decline in [...]
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The Price for a Barrel of Crude Oil Drops beneath $46
Posted on04. Dec, 2008 by admin.
Crude Oil prices have continued to fall since the beginning of the week, and have now dropped beneath $46 a barrel. It was recently reported that fuel demand in the U.S. has dropped 7.9% further than this same time period last year, causing the psychological wheels to turn faster and faster. The price of $40 [...]
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OPEC May Cut Production in December
Posted on03. Dec, 2008 by admin.
The price of Crude Oil fell a small amount during yesterday’s trading session and closed just under $48.00 a barrel. Oil suffered a sharp drop in price during the last several months. It went down almost $100 from the record high seen in mid-July as the growing global economic crisis lowered demand in the United [...]
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Crude Oil Prices Shrink as OPEC Delays its Decision to Cut Production
Posted on02. Dec, 2008 by admin.
Crude Oil prices descended bellows $49.00 a barrel yesterday after the Organization of Petroleum Exporting Countries (OPEC) delayed their decision on new supply cuts until later this month. Crude prices have tumbled since July as the economic crisis reduced demand in the United States, and other large energy consuming nations. Following their meeting last week, [...]
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Non-OPEC Producers asked to Lower Crude Oil Output
Posted on01. Dec, 2008 by admin.
As anticipated, the Organization of Petroleum Exporting Countries (OPEC) has asked that non-OPEC Oil producing countries, such as Russia and Mexico, to reduce production in order to contain the downward moving price of Crude Oil.
Prior to the close of trading last Friday, the price of Crude Oil jumped $3.00 a barrel to end the trading [...]
