Archive for January, 2009
Crude Oil Floats on Weak U.S Economy and Strong Dollar
Posted on30. Jan, 2009 by admin.
The Crude Oil prices failed to strengthen on Thursday, due to the release of another round of gloomy U.S. economic data, the world’s top energy consumer. The failure of Oil to reverse recent losses was also owed to a strong U.S. Dollar in yesterday’s trading. This came about largely due to reports showing U.S. unemployment [...]
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Crude Supplies Drop the Price of Oil
Posted on29. Jan, 2009 by admin.
The price of Crude Oil dropped yesterday as U.S. Crude Oil Inventories were reported to be almost 2.5 times higher than forecasted. This helped to lower the price of Oil to end the day down at $41.51, though the drop in price was less significant than yesterday’s plunge.
The rising inventories are an example of what [...]
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Crude Oil Declines on Demand Concerns
Posted on27. Jan, 2009 by admin.
The price of a barrel of Crude Oil fell around half a Dollar, or 1.5%, yesterday as the Organization of Petroleum Exporting Countries (OPEC) fears that their production cut may not be adequate enough to support prices. The International Energy Agency (IEA) backed these claims, stating that demand for Oil will decline for a 2nd [...]
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Crude Oil Drops as Global Recession Deepens
Posted on23. Jan, 2009 by admin.
Yesterday the price of Crude Oil dropped as investors digested more poor economic data and looked to the new U.S. economic stimulus package for supporting Crude. The U.S. Energy Information Administration released U.S. Crude Oil inventories data showing inventories were more than 6 times the level forecasted by analysts. Later in the day, Crude showed [...]
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Oil Extends Gains from Speculation on Obama's Rescue Plan
Posted on22. Jan, 2009 by admin.
The price of Crude Oil jumped to above $43 a barrel on Wednesday as the Organization of the Petroleum Exporting Countries’ (OPEC’s) supply cuts outweighed additional evidence that a deepening global slowdown is crushing demand for fuel. In fact, the cartel has actually been enforcing its deepest oil supply cut, which should be enough to [...]
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Crude Oil Tumbles on Bullish Dollar and Gaza War Conclusion
Posted on20. Jan, 2009 by admin.
The price of Crude Oil tumbled $1.50 yesterday, to close at $40.85 as the Israel-Gaza crisis draws to a close. The reason why Crude has declined dramatically ahead of Barack Obama’s inauguration is due to the de-escalation of tension in the Middle East and the strengthening Dollar as of late. It is important to note [...]
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Crude Oil under Same Downward Pressure despite New Price Level
Posted on19. Jan, 2009 by admin.
With Crude Oil contracts for March delivery beginning this week, traders will notice a slightly different price level for this invaluable commodity. As February contracts came to a close, it is important to note that both contracts are in a price free-fall despite the difference in price level. While February contracts closed around $34 a [...]
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Oil Prices Could Go as Low as $35!
Posted on15. Jan, 2009 by admin.
Oil fell again during yesterday’s trading session due to rising inventories and flagging demand in the top energy consumer, the United States. U.S. distillate demand fell to the lowest level in five years as the economic recession battered industrial consumption, according to the Energy Information Administration.
Traders should be eyeing news of key U.S. economic indicators, [...]
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Crude Drops below $40
Posted on13. Jan, 2009 by admin.
Crude Oil continues to head lower for the 4th day in a row. The driving factor is concerns of the slowing global economy. Rising supplies and lower demand has pushed the price of Crude below the $40 level. This was a support line that many analysts said could not be broken.
The end to a gas [...]
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Weakened Global Energy Demand Returns Crude Oil to Previous Downtrend
Posted on12. Jan, 2009 by admin.
The sudden increase in the price of Crude Oil during the first days of the conflict in Gaza was more of a result of investor worries and speculation. Now, as commodity traders come to realize that the conflict between Hamas and Israel has very little influence over the production or shipping of oil, they start [...]
