Oil prices rebounded Wednesday, jumping back to $116 a barrel after the government reported a bigger-than-expected drop in U.S. gasoline supplies. But more signs of dwindling U.S. demand cast doubt on the rally's longevity.
Traders bid oil moderately higher Wednesday amid mixed signals on the strength of the U.S. dollar and ahead of weekly U.S. crude inventory data expected to show a slight increase in oil supplies.
Oil prices fell again Tuesday, dampened by a stronger U.S. dollar and more evidence that developed countries such as the United States are cutting back on their energy use.
Oil prices fluctuated Tuesday as a stronger dollar and weakening crude demand from China balanced concerns about the Russia-Georgia conflict and its potential to disrupt crude supplies in the region
Oil prices will remain high despite their recent drop and are weighing on demand, especially in developed countries, the International Energy Agency said Tuesday.
Speculation by financial traders is causing a substantial boost in crude oil prices, according to a group of big consumers of oil now asking Congress to impose limits on commodity markets.
Some of the Democratic lawmakers leading the campaign to crack down on oil traders appeared Wednesday before the House Committee on Agriculture to explain their proposals.
Oil prices rebounded Wednesday, jumping back to $116 a barrel after the government reported a bigger-than-expected drop in U.S. gasoline supplies. But more signs of dwindling U.S. demand cast doubt on the rally's longevity.
Traders bid oil moderately higher Wednesday amid mixed signals on the strength of the U.S. dollar and ahead of weekly U.S. crude inventory data expected to show a slight increase in oil supplies.
Oil prices fell again Tuesday, dampened by a stronger U.S. dollar and more evidence that developed countries such as the United States are cutting back on their energy use.
Oil prices fluctuated Tuesday as a stronger dollar and weakening crude demand from China balanced concerns about the Russia-Georgia conflict and its potential to disrupt crude supplies in the region
Oil prices will remain high despite their recent drop and are weighing on demand, especially in developed countries, the International Energy Agency said Tuesday.
Speculation by financial traders is causing a substantial boost in crude oil prices, according to a group of big consumers of oil now asking Congress to impose limits on commodity markets.
Some of the Democratic lawmakers leading the campaign to crack down on oil traders appeared Wednesday before the House Committee on Agriculture to explain their proposals.
As crude soared to a new record, the head of the International Energy Agency declared that the world was in the grip of an "oil shock," and the president of OPEC acknowledged he could not say whether prices would flatten out or continue to soar
Crude prices settled higher Tuesday after an energy advisory group reduced its estimate on the amount of oil that will reach the market in the coming years.
An influential oil-policy group released a report Tuesday arguing that the increase in oil-market speculation is not driving up crude prices. But the study far from ends the debate.
The International Energy Agency lowered its forecast for global oil
demand this year amid surging prices, but said Tuesday that global
hunger for oil is knocking markets out of kilter
The world needs to invest $45 trillion in energy in coming decades,
build some 1,400 nuclear power plants and vastly expand wind power in
order to halve greenhouse gas emissions by 2050
A leading global energy monitor said Thursday it is worried that demand for oil will outstrip world supply and is preparing a landmark revision of its closely watched forecasts
The sun, we are frequently told, is the best source of energy there is -- so much so that in just one hour it can provide the earth with all the energy its inhabitants demand in a year. Not only can the sun provide us with all of our energy needs (10,000 times over in fact, according to Greenpeace) but it can also apparently do this without any of those unpleasant side effects that you get from fossil fuels such as air pollution or ozone depletion. And best of all, this resource will never run out -- or at least, not in the next 5 billion years or so.
Oil prices fell Wednesday after a weekly report showed that U.S. supplies fell less than expected, although crude still remained within striking distance of $100 a barrel.
Oil prices jumped almost $2 a barrel Thursday, and neared a new record high, following a surprise drop in U.S. crude inventories, a strike at Chevron's operations in Nigeria and a fire at BP's Alaska oil field.
The first forays in solar technology began in the 19th century, yet today solar power remains on the fringes of society in terms of how much it serves our energy needs.
Oil prices hit a fresh intraday record high Wednesday, passing $80 a barrel for the first time ever, after the government said supplies of crude oil fell far more than expected.
The subprime crisis engulfing world stock and credit markets weighed on oil prices again Friday, but declines were limited as market fundamentals continued to buttress prices.
OPEC said on Monday that world oil demand in 2008 will grow moderately while supply from rival producers will expand, reducing the need for crude from the exporter group.
World oil demand will rise faster than expected to 2012 while supply lags, leading to a tighter market than previously anticipated, the International Energy Agency said on Monday.
Oil surged above $69 a barrel Monday to a 9-month high as a general strike loomed in Nigeria and attacks on oil installations cut more supply from the world's eighth largest exporter.
Investors wavered in the first moments of trade Thursday as strong March same-store sales from big retailers competed with surging weekly jobless claims.
Oil prices steadied near $58 Wednesday after government said supplies of crude oil rose less than expected but the fall in gasoline stocks was less than thought.
Oil prices closed higher Wednesday, near $75 a barrel, after teetering for much of the session following a government report that said supplies of crude oil were far below estimates.
Oil prices tumbled nearly $2 Tuesday to back where they were before Hurricane Katrina slammed into oil facilities and forced most production in the Gulf of Mexico to shut down last week.
A Bush administration official said the International Energy Agency "has agreed to make 60 million barrels of product available" to help the United States weather the economic problems caused by Hurricane Katrina.
Energy Secretary Samuel Bodman said Friday that an international oil agency will make 60 million barrels of oil and gasoline available to the marketplace.
German Chancellor Gerhard Schroeder on Friday said he supported a U.S. request for the release of international oil reserves in the aftermath of Hurricane Katrina.
NEW YORK (Reuters) - Oil prices dropped 3 percent Wednesday after the International Energy Agency said growth in world demand was weakening and the U.S. government reported an increase in crude inventories to six-year highs.
Stock futures drifted early morning Thursday after a government report showed jobless claims fell from the previous week and oil resisted a fall below the $50 a barrel mark.
Oil prices fell on Tuesday on the possibility of an OPEC output rise, but the weakness was tempered by Saudi Arabia's projection of a substantial demand increase later this year.
Oil prices settled flat Tuesday after rallying early in the day following a cold spell in the U.S. Northeast, then falling on reports that the Organization of the Petroleum Exporting Countries (OPEC) would forgo planned production cuts if crude remained near $50 a barrel.
Oil prices have slipped after Venezuela's President Hugo Chavez won a referendum on his rule, but other supply worries are keeping crude near record highs.
Oil prices are down from record highs after Venezuela's President Hugo Chavez won a referendum on his rule, but other supply worries are keeping prices near $46 a barrel.
Oil prices are trading record levels as a growing rebellion in Iraq's southern oil region outweighs assurances by Saudi Arabia that it could increase production to ease any supply crunch.
Oil prices remain near record levels over concerns about the stability of supplies from Iraq and fears that Russia's largest oil company may be forced to halt production.
LONDON -(Dow Jones)- World oil demand is slowing down led by weaker economic growth in the U.S. and China, the International Energy Agency said Wednesday.
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