Archive for February, 2009
Oil Plummets on U.S. Stimulus Doubts
Posted on11. Feb, 2009 by admin.
The price of Crude Oil dropped by $1.80 a barrel, or 4.5%, to $38.04 in yesterday’s trading as investors lost confidence due to the weak statements made by U.S. Treasury Secretary Timothy Geithner regarding the U.S. banking rescue package. Additionally, even though the U.S. Senate passed the economic stimulus plan, the House of Representatives and [...]
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Oil Settles below $40 Ahead of Inventory Data
Posted on10. Feb, 2009 by admin.
The price of Crude Oil settled below the $40 mark yesterday as traders await Crude Oil inventory data due Wednesday. Many have predicated a rise in the price as the U.S. economic stimulus package inches closer to Congressional approval; however, the commodity has been range trading between $39-43 for the past 10 days, unable to [...]
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Oil Producers have High Hopes that Oil has Hit Bottom; But Has It?
Posted on09. Feb, 2009 by admin.
After a short-lived spike in the price of Crude Oil last Friday, the commodity has apparently returned to its previous holding pattern and now trades around the $40 price level. Traders may actually be seeing the price of Crude Oil reach a stable price level. For the first time in months, the price of Light [...]
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Crude Oil Declines on U.S. Fuel Inventory Gain
Posted on05. Feb, 2009 by admin.
Crude Oil prices settled near $40 a barrel on Wednesday, down slightly after the U.S. stock market fell and a government report showed U.S. oil inventories jumped more than twice the amount previously forecast. Fuel demand during the past four weeks averaged 19.5 million barrels a day, down 2.8% from a year earlier, the Department [...]
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Crude Oil Expected to Climb on Middle East Tensions
Posted on04. Feb, 2009 by admin.
The price of Crude Oil rose by about $0.68, or nearly 2%, to $40.86, as the Israel-Gaza tensions reappeared on the forefront. Crude prices were expected to fall in yesterday’s trading; however, the resurrection of the conflict prevented this from happening. It is likely that Crude prices will remain unstable in the coming weeks as [...]
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Crude Oil Prices Expected to Dip
Posted on02. Feb, 2009 by admin.
After a couple days of trading around the $41 price range, the price of Crude Oil appears to be preparing for a week of downward movement. Recent recessionary fears carry the potential to push the price of this commodity below $40 a barrel for the first time since March contracts began trading. A few Middle [...]
