December 2009 Archives

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LONDON (Dow Jones)--Oil prices were higher in London Thursday, hovering just below $80 a barrel on the last trading day of the year. "We don't expect to see much in terms of direction over the course of the shortened trading day," said MF Global analyst Ed Meir. "Next week should get more interesting, as not only will we get additional macro-economic numbers out of the U.S., but more liquid markets could give the complex more direction." Meir anticipated oil prices could have trouble breaking above firmly established $80-$82 a barrel resistance ...

Full Story: OIL FUTURES: Crude Closes 2009 Heading Towards $80/Bbl - Wall Street Journal

SINGAPORE, Dec 31 (Reuters) - Oil traded higher onThursday, up for a seventh consecutive day and trading just shyof $80 a barrel, propelled higher by a drawdown in oil stocksand cold weather across the U.S Northeast.

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FUNDAMENTALS * U.S. crude for February delivery CLc1 rose 24 cents to$79.52 a barrel by 0031 GMT, having settled 41 cents higher onWednesday at $79.28, with the market eyeing an annual closeabove $80. * Data from the U.S. Energy Information Administrationshowed crude oil stockpiles across the world's top energyconsumer fell by 1.5 million barrels in the week to Dec. 25,just shy of a forecast 2 million-barrel drawdown. [EIA/S] * Temperatures were expected to remain unseasonably coldfor the next 48 hours, according to forecaster Meteorlogix.[WEA] * Oil has risen almost 80 percent this year and with just afew hours of trading left for 2009, crude is set for itsstrongest annual performance in a decade, recovering from afive-year low below $33 at the start of the year.

Full Story: NYMEX-Oil up near $80/bbl as strongest year since 1999 closes - Reuters UK

NEW YORK (CNNMoney.com) -- Oil prices dropped slightly Wednesday on a stronger dollar and ahead of a weekly government report on crude inventories.

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Crude for February delivery fell 30 cents to $78.57 a barrel, after touching a five-week high in the previous session of $79.39 a barrel. A firmer dollar halted oil's 5-day rally as the buck rose to a two-month high against the yen. Crude oil, like other commodities, is priced in dollars, and a stronger greenback weighs on prices.

Full Story: Oil dips ahead of inventory report - CNNMoney.com

Dec. 30 (Bloomberg) -- Crude oil snapped five days of gains as investors sold contracts to lock in profits at the end of the year and the dollar traded near a two-month high against the yen.

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Oil had climbed 8.8 percent in the past five days and surged 77 percent this year on signs of a global economic recovery. U.S. consumer confidence improved in December for a second month and the dollar is forecast to strengthen against the euro for a third day, reducing the appeal of commodities as an inflation hedge. “After strong gains over the past year, there’s a propensity to lock in profits and reposition for 2010,” said Mark Pervan, a senior commodity strategist at ANZ Banking Group Ltd. in Melbourne. “Now, I think you’re going to see sideways movement.” Crude oil for February delivery fell as much as 35 cents, or 0.4 percent, to $78.52 a barrel in electronic trading on the New York Mercantile Exchange, and traded at $78.80 at 9:43 a.m. Singapore time. Futures, which have tripled in the past decade, closed yesterday at the highest settlement since Nov. 18.

Full Story: Crude Oil Snaps Five Days of Gains as Investors Lock in Profits - BusinessWeek

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NEW YORK (Dow Jones)--Crude futures rose Tuesday as the market awaited new data on U.S. oil inventories while a crackdown on opposition in Iran raised questions about the major oil producer's stability. Light, sweet crude for February delivery recently traded 57 cents, or 0.7%, higher at $79.34 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 67 cents higher at $77.99 a barrel.

Full Story: OIL FUTURES: Nymex Crude Up On Tighter Supplies, Iran Unrest - Wall Street Journal

Signs of economic recovery, unrest in Russia and Iran and cold weather combine to push crude oil futures to a four-week high. Gas prices jump two cents a gallon.

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A price posted in San Francisco exceeds the state average of $2.933 for a gallon of regular gas. Oil futures edged toward $80 a barrel Monday, and retail gasoline prices jumped about two cents a gallon nationwide and in California.

Full Story: Oil and gasoline prices continue to climb - Los Angeles Times

By Jim Jelter , MarketWatch SAN FRANCISCO (MarketWatch) -- Oil stocks kicked off the abbreviated trading week watching modest gains at the open slip away, but further erosion was checked by firmer oil prices Monday.

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February crude-oil futures were last up 70 cents at $78.75 a barrel in New York, extending recent gains into a fourth consecutive session. Riots in OPEC-member Iran, where at least 15 anti-government demonstrators died in clashes Sunday with security forces, were partly to blame for the gains in crude. Unexpectedly strong U.S. holiday sales and what that says about the underlying economy also contributed to the advance.

Full Story: Oil stocks slip off opening highs - MarketWatch

Oil prices extended gains above $78 a barrel Monday in Asia ahead of inventory figures later in the week that could send it through the $80 mark.

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Benchmark crude for February delivery rose 48 cents to $78.53 at midday Singapore time in electronic trading on the New York Mercantile Exchange. Trading was thin due to the holiday season. The contract rose $1.38 to settle at $78.05 on Thursday, the first time in more than a month that it closed above $78. Oil markets were closed on Friday for Christmas.

Full Story: Oil Extends Gains Above $78 in Asia - ABC News

Just a few years ago, gasoline in the U.S. cost $4 a gallon and there were worries the nation did not have enough oil refining capacity. Now the recession and more emphasis on fuel efficiency has driven down demand while refineries have been built and expanded in China, India and the Middle East.

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For the oil refinery business, particularly in Delaware and southern New Jersey, that means drastic cutbacks. More than 1,000 oil refinery workers in that area around Philadelphia have lost their jobs in the last few months. Analyst Anne Kohler of Caris & Co. says she expects more refineries will be idled in the East, on the Gulf Coast, and in Europe. Download: Keeping Talented Employees Download this White Paper for 10 key actions that will help keep talent around.

Full Story: Refinery struggles bruise NJ communities - BusinessWeek

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NEW YORK (Dow Jones)--Crude futures are higher Thursday, underpinned by a firmer opening for U.S. stock markets and a weaker dollar. Light, sweet crude for February delivery recently traded 48 cents, or 0.6%, higher at $77.15 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 48 cents, or 0.6%, higher at $75.84 a barrel.

Full Story: OIL FUTURES: Crude Rises; Equities, Weaker Dollar Support - Wall Street Journal

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Oil falls from 3-week high Daily Times LONDON: Oil fell towards $76 in relatively light trade on Thursday, after briefly touching a three-week high on equity gains and falls in inventories in key ... OIL FUTURES: Crude Rises; Equities, Weaker Dollar SupportWall Street Journal Oil falls slightly, heading for weekly gainMarketWatch Oil Pares Gains After Rallying Yesterday on US Inventory DropBloomberg Reuters -Calgary Herald -RTT News all 916 news articles »

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Full Story: Oil falls from 3-week high - Daily Times

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LONDON (Dow Jones)--Crude futures were steady in Europe Thursday, clutching at gains inspired by U.S. oil inventory draws and a sliding dollar Wednesday. However, amid the bullish sentiment analysts were keen to point out that oil market fundamentals remain bearish overall, with bulging onshore and offshore stocks persisting along with weak refining margins.

Full Story: OIL FUTURES: Crude Steady As Market Mulls US DOE Data - Wall Street Journal

Dec. 24 (Bloomberg) -- Oil rose for a third day in New Yorkafter a government report showed a larger-than-expected declinein U.S. stockpiles.

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Futures jumped 3.1 percent to $76.67 yesterday after theDepartment of Energy said crude supplies had their biggest dropsince September. American consumers’ spending and incomesclimbed in November. “The story has been the big drawdown in oil productsovernight,” Ben Westmore , a minerals and energy economist atNational Australia Bank Ltd. in Melbourne, said by phone.“Around $75 is a reasonable mark given the fundamentals.” Crude oil for February delivery climbed as much as 81 cents,or 1.1 percent, to $77.48 a barrel in electronic trading on theNew York Mercantile Exchange. It was at $77.35 at 10:51 a.m.Singapore time. Oil has risen 74 percent this year, poised forthe biggest annual gain in a decade.

Full Story: Oil Rises After a Larger-Than-Expected Drop in US Stockpiles - Bloomberg

Dec. 23 (Bloomberg) -- Crude oil rose to a two-week highafter a U.S. Energy Department report showed a larger-than-forecast drop in U.S. stockpiles.

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Supplies fell 4.84 million barrels to 327.5 million lastweek, the biggest decline since September, the department said.Inventories were forecast to decrease by 1.6 million barrels,according to a Bloomberg News survey. Stockpiles of gasoline anddistillate fuel, a category that includes heating oil anddiesel, dropped as demand increased. “These numbers took analysts by surprise,” said SeanBrodrick , natural resource analyst with Weiss Research inJupiter, Florida. “We are now set to march up to the $80 level.It looks like the consumer is coming back even if the economicgrowth isn’t as strong as people wanted.” Crude oil for February delivery rose $2, or 2.7 percent, to$76.40 a barrel at 10:47 a.m. on the New York MercantileExchange. Futures are up 71 percent this year.

Full Story: Crude Oil Rises After Larger-Than-Forecast US Supply Decline - Bloomberg

Dec. 23 (Bloomberg) -- Crude oil traded near a two-weekhigh in New York as positive housing and fuel-inventory datasignaled a recovery in the U.S., the world’s largest energy user.

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Oil climbed above $74 a barrel yesterday after the NationalAssociation of Realtors reported November sales of existinghomes increased at the highest annual rate since February 2007,indicating the industry at the center of the recession hasstabilized. Separately, the American Petroleum Institute saidthe country’s crude oil and refined-product stockpiles declined. Oil, which lost 54 percent in 2008, has gained 67 percentthis year on speculation global demand for fuels will increasewith the economic rebound.

Full Story: Oil Is Near a Two-Week High on Signs of US Economic Recovery - Bloomberg

Dec. 22 (Bloomberg) -- Crude oil fell after the U.S.economy expanded at a slower pace than anticipated in the thirdquarter and OPEC agreed to maintain production targets.

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Oil slipped after the Commerce Department said that thegross domestic product grew 2.2 percent from July throughSeptember, down from a 2.8 percent gain previously reported. TheOrganization of Petroleum Exporting Countries will hold quotasat 24.845 million barrels a day. “This was a significant revision,” said Jason Schenker ,president of Prestige Economics LLC, an Austin, Texas-basedenergy consultant. “This should weigh on prices.” Crude oil for February delivery dropped 21 cents, or 0.3percent, to $73.51 a barrel at 12:15 p.m. on the New YorkMercantile Exchange. Prices are up 65 percent this year.

Full Story: Oil Falls as US Growth Revised Lower, OPEC Maintains Quotas - Bloomberg

Dec. 22 (Bloomberg) -- Crude oil traded little changedbefore the Organization of Petroleum Exporting Countries meetstoday in Angola, where the group is expected to maintainproduction targets.

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Oil was above $73 a barrel as OPEC, which pumps 40 percentof the world’s oil, will “absolutely not” change its outputquotas, Saudi Arabia’s Oil Minister Ali al-Naimi said yesterday.Distillate fuel inventories in the U.S., the world’s largestenergy user, probably fell as colder weather moved across thecountry’s north, according to a Bloomberg News survey. “The hope is of course that oil demand is strong,” Johannes Benigni , chief executive officer of JBC Energy GmbH inVienna, said in an interview on Bloomberg Television. “With oilprices at $75, everyone is happy and no one really needs totouch the hot iron.” Crude oil for February delivery was at $73.85, up 13 cents,in electronic trading on the New York Mercantile Exchange at3:13 p.m. Singapore time. The January contract, which expiredyesterday, fell 89 cents, or 1.2 percent, to $72.47 a barrel.

Full Story: Oil Trades Above $73 as OPEC Is Set to Maintain Output Targets - Bloomberg

Dec. 21 (Bloomberg) -- Crude oil declined as the dollarclimbed against the euro, reducing demand for commodities as analternative investment.

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Oil fell as much as 0.8 percent after the U.S. currencyrebounded. Futures rose earlier as Nigeria’s main militant groupclaimed its first assault on oil infrastructure in the countryin five months, and Iraq shut its northern export pipeline toTurkey after an explosion. OPEC, meeting in Angola tomorrow,said it expects to hold production targets. “The market is looking to the dollar and the stock marketfor direction,” said Carl Larry , president of Oil Outlooks &Opinions LLC in Houston. “Oil is moving on what’s happening inthe financial markets, not because of anything to do with thefundamentals.” Crude oil for January delivery slipped 63 cents, or 0.9percent, to $72.73 a barrel at the 2:30 p.m. close of floortrading on the New York Mercantile Exchange. Futures climbed asmuch as 96 cents, or 1.3 percent, to $74.32, earlier today.Prices are up 63 percent this year.

Full Story: Crude Oil Falls as Stronger Dollar Curbs Appeal of Commodities - Bloomberg

By ALEX KENNEDY(AP)– 15 minutes ago SINGAPORE — Oil prices hovered above $73 a barrel Monday in Asia ahead of an OPEC meeting where investors expect the cartel to keep production levels unchanged.

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Benchmark crude for January delivery was down 19 cents to $73.17 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The January contract, which expires later on Monday, rose 71 cents to settle at $73.36 on Friday. Traders have begun to also watch the February contract, which rose 11 cents to $74.53 on Monday.

Full Story: Oil hovers above $73 ahead of OPEC meeting - The Associated Press

By Kadhim Ajrash and Zahraa Alkhalisi Dec. 21 (Bloomberg) -- Iranian troops withdrew from adisputed Iraqi oil well in the East Maysan field after an armedconfrontation at the deposit, Iraqi government officials said.

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The Iranian forces left the al-Fakah well late Dec. 19,Iraq’s deputy minister of oil Abdul Kareem al-Luaibi toldreporters in Baghdad yesterday. Iranian control of the well was“a violation of the Iraqi border,” al-Luaibi said. “The issueat the al-Fakah well was resolved diplomatically.” The Iranian flag was been taken down from the well, thoughIranian soldiers remained in Iraqi territory, Ali Al-Dabbagh , anIraqi government spokesman, said in comments on Iraqi televisionand to reporters in Cairo yesterday. Iranian tanks entered thearea on Dec. 17, triggering the dispute with its neighbor thatdrove up oil prices. Iran has said the well is on its territory. Clashes between the two countries over disputed oil fieldsnear the border have occurred previously, caused by “the lackof a formally demarcated border between the two countries,” Stratfor , an Austin, Texas-based intelligence-consulting group,said in an e-mailed statement Dec. 18.

Full Story: Iranian Troops Leave Disputed Iraq Oil Field After 'Violation' - Bloomberg

By LARA JAKES(AP)– 1 hour ago BAGHDAD — Officials say Iraqi oil workers are back at a disputed oil well in southern Iraq that was seized by Iranian forces earlier this week.

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Two Iraqi government officials and a worker at the site say Iraqi army troops escorted the workers Sunday morning to well No. 4, about 50 meters from the Iranian border. All four spoke on condition of anonymity because they were not authorized to discuss the issue publicly.

Full Story: Officials: Iranian troops leave disputed oil well - The Associated Press

Iraq is protesting an Iranian military incursion and occupation of an Iraqi oil well on its side of the border between the two countries.

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A border row has erupted between Iraq and Iran, following the incursion of Iranian troops into Iraqi territory and the occupation of an Iraqi oil well in Maysan province, close to Iran. US forces commander in Iraq, Gen. Ray Odierno, indicated that the Iranians had withdrawn their troops as of Saturday morning, but an Iraqi oil company employee stated that the Iranians left five men inside the facility along with an Iranian flag flying over it.

Full Story: Iraq Calls on Iran to Withdraw from Fakka Oil Well Along Common Border - Voice of America

By ALEX KENNEDY(AP)– 27 minutes ago SINGAPORE — Oil prices fell to near $72 a barrel Thursday in Asia as investors mulled whether recent signs of recovering crude demand can be sustained next year.

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Benchmark crude for January delivery was down 37 cents to $72.29 at midday Singapore time in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract surged by $1.97 to settle at $72.66 after the Energy Information Administration said that crude supplies and distillate fuels including heating oil dropped by more than analysts expected.

Full Story: Oil slips to near $72 as traders eye crude demand - The Associated Press

NEW YORK (CNNMoney.com) -- Oil climbed above $73 a barrel Wednesday after a government inventory report showed crude supplies fell almost twice as much as analysts expected.

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Crude oil for January delivery rose $2.22, or 3.14%, to $72.91 a barrel. On Tuesday, oil rebounded from a nine-day retreat, rising $1.18 to settle at $70.69 a barrel. "Inventories usually start to fall late in the year, but people have gotten used to them growing so this [report] took them by surprise," said James Cordier, president of Liberty Trading Group.

Full Story: Oil climbs 3% on inventory drop - CNNMoney.com

NEW YORK (MarketWatch) -- Crude-oil futures fell Friday for an eighth straight session, the longest losing streak in more than six years, after better-than-expected U.S. retail sales and consumer sentiment data boosted the dollar and weighed on commodities that are priced in the U.S. currency.

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The decline erased oil's gains from earlier in the session, when crude prices climbed after the International Energy Agency raised its forecast for next year's global oil demand and China said its industrial production accelerated in November to the fastest rate this year. Crude oil for January delivery ended down 67 cents, or 0.9%, at $69.87 a barrel on the New York Mercantile Exchange. The eight-session losing streak is the longest since October 2003.

Full Story: Oil extends losing streak to eight - MarketWatch

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SINGAPORE (Dow Jones)--Crude oil futures remained above the psychological $70-a-barrel level Friday in Asia, but prices were poised to head lower, driven by a strengthening U.S. dollar and supply-demand fundamentals. "The fundamentals have enjoyed an almost major renaissance over the last week or so, as traders have been allowed to revalue (mostly devalue) oil prices--without continuous interruptions by the plunging U.S. dollar or soaring equities prices," said Peter ...

Full Story: OIL FUTURES: Crude May Struggle To Stay Below $70/Bbl - Wall Street Journal

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NEW YORK (Dow Jones)--Crude oil futures prices closed weaker for a seventh straight day, ending at a two-month low Thursday amid renewed worries over oil supplies outstripping demand. Light, sweet crude oil for January delivery on the New York Mercantile Exchange settled down 13 cents, or 0.2%, at $70.54 a barrel, after trading in a range of $69.81 to $71.39 a barrel. The settlement price was the lowest since Oct. 7, while the intraday low was the weakest since Oct. 8. On the ICE, January North Sea Brent crude oil ...

Full Story: OIL FUTURES: Crude Settles Down For 7th Day On Oversupply - Wall Street Journal

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NEW YORK (Dow Jones)--Crude oil futures prices were staging an early modest recovery after six straight declines early Thursday. Prices held on to small gains after the Labor Department said jobless claims in the week ended Dec. 5 rose by 17,000, or more than twice the expected 8,000 level.

Full Story: OIL FUTURES: Crude Holds Small Gains After US Jobs Data - Wall Street Journal

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NEW YORK (Dow Jones)--Crude futures plunged nearly 3% Wednesday as U.S. oil product inventories rose and oil consumption remained weak. Light, sweet crude for January delivery settled $1.95, or 2.7%, lower at $70.67 a barrel on the New York Mercantile Exchange, the lowest level since Oct 7. Brent crude on the ICE futures exchange closed $2.80, or 3.7% lower, at $72.39 a barrel.

Full Story: OIL FUTURES: Oil Plunges On US Stock Build, Demand Worries - Wall Street Journal

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NEW YORK (Dow Jones)--U.S. crude inventories unexpectedly fell sharply amid big builds in gasoline and distillates stocks last week, according to data released Wednesday by the U.S. Department of Energy. Crude oil stockpiles declined by 3.8 million barrels to 336.08 million barrels for the week ended Dec. 4, compared with an average survey estimate of a 600,000-barrel ...

Full Story: US OIL INVENTORIES: Crude Stocks Drop Amid Big Product Builds - Wall Street Journal

SINGAPORE (Reuters) - Oil moved up above $73 a barrel on Wednesday, after falling more than $1 the previous day, supported by industry data showing an unexpectedly large drop in U.S. crude stocks, but gains were curbed by the steady dollar.

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Crude inventories in the world's largest oil consumer fell 5.8 million barrels last week, bucking expectations for an increase, as refiners boosted fuel production, the American Petroleum Institute (API) said. U.S. crude for January delivery rose 50 cents to $73.12 a barrel by 0258 GMT, after falling by $1.31 on Tuesday. NYMEX crude hit its lowest level since late November at $72.43 in the previous session, and has lost 7.3 percent since prices last rose on December 1.

Full Story: Oil recovers to above $73 on surprise inventory drop - Reuters

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NEW YORK (Dow Jones)--Crude futures fell Tuesday as a strengthening dollar made $75 a barrel oil increasingly difficult to justify. Light, sweet crude for January delivery recently traded 82 cents, or 1.1%, lower at $73.11 a barrel on the New York Mercantile Exchange, after settling below $75 a barrel for the first time since October on Monday. Brent crude on the ICE futures exchange traded 62 cents lower at $75.81 a barrel.

Full Story: OIL FUTURES: Nymex Crude Drops On Stronger Dollar - Wall Street Journal

Oil prices lingered near $74 a barrel Tuesday in Asia after a strengthening U.S. dollar extended a four day sell-off in crude to two-month lows.

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Benchmark crude for January delivery was up 23 cents to $74.16 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.54 to settle at $73.93 on Monday. The dollar, boosted by a better than expected U.S. jobs report last week, helped push oil prices out of a two-month range of between $75 and $82.

Full Story: Oil Lingers Near $74 as Traders Watch US Dollar - ABC News

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NEW YORK (Dow Jones)--Crude futures fell Monday after the dollar rose to its highest level against the euro in a month. Light, sweet crude for January delivery recently traded 77 cents, or 1%, lower at $74.70 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 60 cents, or 0.8%, lower at $76.92 a barrel.

Full Story: OIL FUTURES: Nymex Crude Falls As Dollar Gains Strength - Wall Street Journal

Dec. 7 (Bloomberg) -- Crude oil dropped for a fourth day asEuropean equity markets declined amid concern the U.S. FederalReserve may start raising interest rates.

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HannesLoacker , an analyst at Raiffeisen Zentralbank Oesterreich, saidby phone from Vienna. “There are fears that interest ratesmight go up, this is helping the dollar.” Crude oil for January delivery fell as much as 47 cents, or0.6 percent, to $75 a barrel in electronic trading on the NewYork Mercantile Exchange. The contract was at $75.05 a barrel at8:54 a.m. London time. Futures have gained 68 percent this year. Crude oil prices are in “the right range” and there is noneed to reduce inventories, Saudi Arabian Oil Minister Ali al-Naimi said on Dec. 5.

Full Story: Crude Oil Drops for a Fourth Day as European Equities Decline - Bloomberg

There he goes again. Our clairvoyant and sage Saudi oil minister Ali al-Naimi proclaiming for all to hear that "The price is perfect" referring to the current price of oil ahead of OPEC's scheduled meeting later this month. Then in chorus like lockstep other similarly inclined oil ministers of various OPEC persuasions lend their voice to Saudi Arabia's lead as Libya's oil minister "...we don't expect any change in the quota." All this from members of a cartel that has managed to cut more than 4 million barrels production a day from the world's oil supply.

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Indeed Mr. Ali al-Naimi and his OPEC cartel brethren should be very pleased. Since December of last year they have been able to manipulate the price of oil by 258%, from $31/bbl last December to $80/bbl a few days ago (last at $75+/bbl). By contrast over the same time frame the price of gold has increased some 45% in value while the dollar has retreated some 15 percent. Correlation? Yes, but minimal at best, and certainly not the driving force behind oil's price increase as presented by endless talking heads. OPEC, in conspiring to hold back over 4 million barrels of oil a day from the market is thereby clearly colluding to impact oil's price. It is a willful policy seemingly tolerated by our governments as they do not have the willingness to confront this egregious exercise in market manipulation.

Full Story: When Saudi Oil Minister Call Oil Prices 'Perfect', Ladies Better Secure Your ... - Huffington Post (blog)

(Adds background) DUBAI, Dec 6 (Reuters) - OPEC will not change itsproduction target when its ministers meet later this month asoil prices are at the desired levels, Saudi Arabian OilMinister Ali al-Naimi said in remarks published on Sunday.

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"Nothing will happen, no change in production as oil pricesare at the desired positions and markets are calm," Saudi-ownedal-Hayat newspaper quoted Naimi as saying on the sidelines ofan Arab oil exporters' conference in Cairo. OPEC has held its formal output targets steady all yearfollowing a decision announced last December to cut supplies bya record 4.2 million barrels per day compared with September2008.

Full Story: Saudi oil min sees no change at OPEC meet -report - Reuters UK

    CAIRO, Dec. 5 (Xinhua) -- Oil ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) said Saturday that international investment in petroleum has shrank 20 percent due to the global financial crisis.

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    They made the remarks at the 83rd OAPEC ministerial meeting, during which a chorus of satisfaction over the current oil prices and production quota, set one year ago by Organization of Petroleum Exporting Countries (OPEC) in Oran, Algeria, was heard.     "The international companies have reduced their investments by 20 percent in 2009, compared to 2008, especially in the area of research and exploration," said Egyptian Minister of Petroleum Sameh Fahmi.

Full Story: Int'l oil investment shrinks 20% amid financial crisis: OAPEC - Xinhua

NEW YORK -- Oil prices ended the week tumbling to a seven-week low as massive crude supplies and a surging U.S. dollar overshadowed encouraging job numbers.

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The U.S. dollar, which is used to price crude contracts, has had an especially heavy influence on oil trading this year. It's helped oil double in price from $40 US to more than $80 US a barrel in the past several months despite weak consumer demand and bloated supplies. Benchmark crude for January delivery lost 99 cents US to settle at $75.47 US a barrel on the New York Mercantile Exchange. The contract slumped as low as $74.85 US earlier in the day.

Full Story: US dollar, massive supplies send oil down - London Free Press

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NEW YORK (Dow Jones)--Crude oil futures ended at their lowest point in nearly two months as falling U.S. unemployment shored up support for the dollar. Light, sweet crude for January delivery settled 99 cents, or 1.3%, lower at $75.47 a barrel on the New York Mercantile Exchange, after reaching an intraday low of $74.85 a barrel. Brent crude on the ICE futures exchange settled 84 cents, or 1.1%, lower at $77.52 a barrel.

Full Story: OIL FUTURES: Crude Ends Near 2-Month Low On Stronger Dollar - Wall Street Journal

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NEW YORK (Dow Jones)--Crude futures turned negative Friday as a stronger dollar reasserted its influence in the oil market. Light, sweet crude for January delivery recently traded 38 cents, or 0.5%, lower at $76.08 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 12 cents lower at $72.24 a barrel.

Full Story: OIL FUTURES: Crude Drops As Dollar Continues To Strengthen - Wall Street Journal

By ALEX KENNEDY(AP)– 2 hours ago SINGAPORE — Oil prices slipped below $76 a barrel Friday in Asia ahead of U.S. unemployment figures that will provide an important guide to the strength of the economic recovery and demand for crude.

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Benchmark crude for January delivery was down 59 cents to $75.87 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract gave up 14 cents to settle at $76.46 on Thursday The Labor Department announces later Friday the November unemployment rate and how many jobs the U.S. economy lost last month. The jobless rate rose to 10.2 percent in October, a 26-year high. The much awaited employment report will likely determine if oil finishes the week with a sell-off, Galena, Illinois-based Ritterbusch and Associates said in a report. "A bearish surprise within the jobless data could easily trigger a run at the $75 level." Crude prices have hung in the upper $70s for most of the last two months as investors wait for more evidence about how strong the U.S. economic recovery will be. In recent months, demand for oil and products such as gasoline has remained weak.

Full Story: Oil skids below $76 ahead of US jobs report - The Associated Press

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NEW YORK (Dow Jones)--Crude futures are flat Thursday, paring earlier losses as the dollar reversed direction and weakened while concerns over high oil stocks continue to weigh. Light, sweet crude for January delivery recently traded 11 cents, or 0.1%, lower at $76.49 barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 34 cents, or 0.4%, higher at $78.22 a barrel.

Full Story: OIL FUTURES: Oil Flat; Pares Losses As Dollar Weakens - Wall Street Journal

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SINGAPORE (Dow Jones)--Crude futures Thursday recovered slightly after heavy selling overnight. Rising stockpiles in the U.S. have yet to tear the bulls' focus away from a weak dollar and rosier macroeconomic outlook. On the New York Mercantile Exchange, light, sweet crude futures for delivery in January traded at $76.96 a barrel at 0643 GMT, up 36 cents in the Globex electronic session. January Brent crude on London's ICE Futures exchange rose 52 cents to $78.40 a barrel.

Full Story: OIL FUTURES: Crude Tad Up; Focus Back On Weak Dollar, Economy - Wall Street Journal

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NEW YORK (Dow Jones)--Crude oil futures ended lower Wednesday after government data showed a larger-than-expected rise in U.S. oil inventories and renewed worries about slumping demand. Light, sweet crude oil for January delivery on the New York Mercantile Exchange closed down $1.71 a barrel at $76.66 a barrel, after settling at its highest level since Nov. 18 on Tuesday.

Full Story: OIL FUTURES: Crude Ends Lower After Rise In US Oil Stocks - Wall Street Journal

Associated Press - December 2, 2009 5:24 AM ET SINGAPORE (AP) - Oil prices lingered around $78 a barrel today in Asia after U.S. crude supplies unexpectedly rose, suggesting demand in the world's largest economy remains weak.

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Benchmark crude for January delivery was flat at $78.37 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.09 to settle at $78.37 on Monday. Oil prices climbed in New York trading as the dollar weakened and new figures showed energy demand for crude may be growing in China.

Full Story: Oil lingers around $78 - WXVT

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Oil hovers near $78 amid US crude supply jump Economic Times SINGAPORE: Oil prices lingered near $78 a barrel on Wednesday in Asia after US crude supplies unexpectedly rose, suggesting demand in the world's largest ... OIL FUTURES:Crude Rises As Dubai Threat To Recovery WanesWall Street Journal Oil dips in electronic trade after API dataMarketWatch Oil eases to around $78, awaits EIA dataReuters Bloomberg -The Associated Press -AFP all 1,757 news articles »

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Full Story: Oil hovers near $78 amid US crude supply jump - Economic Times

By PABLO GORONDI(AP)– 5 hours ago Oil prices rose above $78 a barrel Tuesday, driven by positive economic data from China, the dollar's weakness against the euro and optimism on world stock markets.

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By early afternoon in Europe, benchmark crude for January delivery was up 85 cents to $78.13 in electronic trading on the New York Mercantile Exchange. A Chinese industry group released a survey showing manufacturing activity expanded in November for a ninth straight month, a sign oil demand in China may be on the rise.

Full Story: Oil rises above $78 on Chinese data, weaker dollar - The Associated Press

PERTH (Reuters) - Oil rose above $77 a barrel on Tuesday, after a rebound of 1.6 percent in the previous session, as Dubai debt default fears eased and cautious investors cast about for fresh clues to the pace of global economic recovery.

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With a series of key economic indicators due out in the United States later in the day, as well as a preliminary snapshot of the weekly U.S. fuel inventory report, traders are expected to stay on the sidelines until they get a clearer picture on the state of energy demand. U.S. crude for January delivery inched up 4 cents to $77.32 a barrel by 0322 GMT. The contract settled up $1.29 at $78.47 on Monday.

Full Story: Oil steadies above $77, market seeks fresh cues - Reuters

Nov. 30 (Bloomberg) -- Crude oil rose after a British yachtcrew was seized by Iran and a report showed that U.S. businessactivity gained for a second month.

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Oil advanced as much as 2.6 percent after the U.K.government said that the boat was stopped by Iranian navalvessels and that the crew members are being held in Iran. TheInstitute for Supply Management-Chicago Inc. said today itsbusiness barometer increased to 56.1, the highest level sinceAugust 2008. Readings above 50 signal expansion. “It looks like this is a knee-jerk reaction to the Iranianseizure of the British racing yacht,” said Stephen Schork ,president of consultant Schork Group Inc. in Villanova,Pennsylvania.

Full Story: Oil Rises as Iran Seizes UK Yacht, Business Activity Gains - Bloomberg