Archive for February, 2009
Crude Oil Rises Above $42.50 a Barrel
Posted on26. Feb, 2009 by admin.
Crude Oil climbed 6% to above $42 a barrel on Wednesday, after a U.S. government report showed a sharp drop in gasoline inventories in the world’s top energy consumer. The U.S. Energy Information Administration (EIA) reported a 1.7% rise in demand for fuel over the four weeks prior to February 20th. Further support for Oil [...]
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OPEC Producers asked to Lower Crude Oil Output
Posted on25. Feb, 2009 by admin.
Crude Oil prices rose again yesterday as the U.S. stock market advanced, signaling that fuel usage in the world’s biggest energy-consuming country may rebound. Moreover, the Organization of Petroleum Exporting Countries (OPEC) may begin to cut output by 3.8% a day in February in order to stabilize prices.
However, traders should be eyeing news of key [...]
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Crude Oil Tumbles on Falling Demand
Posted on24. Feb, 2009 by admin.
The price of Crude Oil tumbled $2.31 to $38.01 a barrel in yesterday’s trading, as OPEC foresaw demand falling faster than the cartel’s production cuts. OPEC has cut its oil production by several million barrels a day since September, and is expected to cut further when they meet again in March. One of the main [...]
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Stock Markets Trends Dictate Crude Oil Prices
Posted on23. Feb, 2009 by admin.
Crude Oil is continuing to trade around $40 a barrel. It appears that investors have correlated their investment on Crude Oil with the leading global stock markets. As long as the leading economies will continue to deliver worrying news that will damage equity markets, Crude Oil will probably retain its low price level.
In addition, Oil [...]
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Crude Oil Spikes on Better Inventory Data
Posted on20. Feb, 2009 by admin.
Oil prices went to as high as $40.23 in yesterdays trading. However, by the close of trading the black gold was trading near $39.466, holding gains of nearly $2 from Wednesday’s closes. One of the main factors contributing to Oil’s gains was the U.S. Crude Oil Inventories Data. Crude stocks declined by 0.2 million barrels [...]
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Crude Oil Traders Await U.S. Inventory Data
Posted on19. Feb, 2009 by admin.
Crude Oil prices experienced another day of depreciation as the oft-traded commodity dropped below $38 in this morning’s early trading session. Oil prices traded down for the second straight day. Much of the bearish movement in Crude Oil can be attributed to fears of a drop in fuel consumption due to poor economic outlook in [...]
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OPEC to Discuss Production Cuts; Oil Demand Falling
Posted on18. Feb, 2009 by admin.
The Organization of the Petroleum Exporting Countries (OPEC) is looking to reduce oil supply further if demand is insufficient to absorb supplies, oil ministers said on Tuesday. OPEC, supplier of more than a third of the world’s oil, has raced to cut supply to match falling demand from a slowing global economy. OPEC next meets [...]
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Crude Oil Fails to Rally with the Dollar
Posted on17. Feb, 2009 by admin.
Coming on the heels of a large rally this past Friday, Crude Oil looked for price direction but could only find itself range trading. The price rally as seen from the impending approval of President Obama’s economic stimulus plan was not strong enough to carry over into the new trading week. Surprisingly, today’s price rally [...]
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Crude Oil Trades Below $38 on Slowing Global Demand
Posted on16. Feb, 2009 by admin.
The price of Crude Oil broke through a number of significant barriers last Friday. Starting the day just above $36 a barrel, the price then cut through the $35 and $34 price barriers before climbing back up $3 higher by market close. This week, the price of Crude appears to be back on the downward [...]
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Price of Crude Oil Hits One-Month Low
Posted on12. Feb, 2009 by admin.
Oil prices slid 4.3% during yesterday’s trading session, the lowest in four weeks. This drop came after a U.S. government report showed Crude Oil inventories rose more than expected in the world’s top energy consumer, and after the International Energy Agency (IEA) said that global energy demand this year would post its biggest decline since [...]
