The International Energy Agency has rejected reported allegations from a whistleblower that world oil reserves have been exaggerated to avoid panic buying in the oil market.
Oil rose above $80 a barrel on Wednesday, extending the previous session's near 2% gain, following a U.S. industry report showing an unexpected fall in crude stocks and supported by a weaker dollar.
Ask a group of oil analysts about the recent surge in crude costs and here's the consensus answer you'll get: Prices have run up too far, too fast and they aren't supported by the fundamentals.
Oil jumped near $73 a barrel on Thursday after the International Energy Agency raised its estimate for 2009 oil demand for the first time in 10 months.
Oil prices rose modestly Thursday, recovering from earlier losses, as investors looked past a grim outlook for world oil demand to focus on Wall Street gains.
Oil prices plummeted Wednesday after an international report said global demand for crude will continue to fall in 2009, re-igniting oversupply concerns.
The International Energy Agency has rejected reported allegations from a whistleblower that world oil reserves have been exaggerated to avoid panic buying in the oil market.
Oil rose above $80 a barrel on Wednesday, extending the previous session's near 2% gain, following a U.S. industry report showing an unexpected fall in crude stocks and supported by a weaker dollar.
Ask a group of oil analysts about the recent surge in crude costs and here's the consensus answer you'll get: Prices have run up too far, too fast and they aren't supported by the fundamentals.
Oil jumped near $73 a barrel on Thursday after the International Energy Agency raised its estimate for 2009 oil demand for the first time in 10 months.
Oil prices rose modestly Thursday, recovering from earlier losses, as investors looked past a grim outlook for world oil demand to focus on Wall Street gains.
Oil prices plummeted Wednesday after an international report said global demand for crude will continue to fall in 2009, re-igniting oversupply concerns.
Recent world events have shown in stark relief how financial speculators hype industries up, only to scare and scatter when a bubble bursts leaving the value of stocks and shares to tumble.
Oil prices ended higher Friday after seesawing following a major world energy report that projected demand for crude would continue to decline through 2009.
Oil prices eased Wednesday - ending at a 5-month low - as heightened worries over slumping demand and a stronger dollar offset a weekly government report showing a bigger-than-expected decline in gasoline and crude inventories.
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
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
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.
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.
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.
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.
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 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.
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.
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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