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 nearly $3 to top $80 a barrel Thursday after news that the U.S. economy returned to growth in the third quarter, reviving expectations of an increase in fuel consumption.
Oil fell more than 2% Wednesday on worries about demand in the world's largest fuel consumer after data showed a surprise build in U.S. gasoline inventories and weak U.S. new home sales.
Oil prices rose for the second session straight Wednesday after a government report showed crude inventories fell more than expected, and the dollar continued to weaken.
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 nearly $3 to top $80 a barrel Thursday after news that the U.S. economy returned to growth in the third quarter, reviving expectations of an increase in fuel consumption.
Oil fell more than 2% Wednesday on worries about demand in the world's largest fuel consumer after data showed a surprise build in U.S. gasoline inventories and weak U.S. new home sales.
Oil prices rose for the second session straight Wednesday after a government report showed crude inventories fell more than expected, and the dollar continued to weaken.
Oil prices have surged more than 50% from the start of the year, but don't expect a return to triple digits anytime soon -- worries about the pace of an economic recovery will continue to drive near-term volatility.
Gasoline prices, which have surged 19 cents in the past 20 days, are not far from the highest level industry analysts expect this summer, but they remain well below last year's record.
Oil prices plunged 6% Wednesday after the government reported a surprise increase in oil stockpiles, U.S. and Asian stock markets fell, and a report on durable goods came in much weaker than expected.
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.
Gas prices are creeping towards $3 a gallon and consumers are getting squeezed. That has many analysts worried that another painful summer driving season will stifle an economic recovery.
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 rose above $65 a barrel Thursday after OPEC decided to leave the group's crude production unchanged and an inventory report showed an unexpected decline in supply.
Oil prices rose Friday as the dollar lost ground on growing woes over the creditworthiness of the U.S. and as a report showed that demand for oil is recovering in China.
Oil prices sank Thursday, retreating from six-month highs reached in the previous session, as all three major U.S. stock indexes fell hard and the U.S. dollar gained ground.
Oil rose Tuesday, although it eased from an earlier six-month high over $60 a barrel, as investors digested a tepid advance on Wall Street and waited for a supply report expected to show a dip in inventories.
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 held their gains Tuesday, after climbing to a six-month high, as investors weighed signs of economic stabilization against weak energy demand and record-high crude inventories.
The price of oil is back towards $60 a barrel for the first time since November. Prices have shot up more than 70% since hitting their low point for the year in mid-February.
Oil prices fell Monday, after hitting a high for the year in the previous session, as optimism about an economic recovery was tempered by ongoing concerns about weak demand and record-high inventories.
Oil prices ended above $53 a barrel Friday for the first time in more than a month as new economic reports showed that the nation's recession may be easing.
The price of oil fell nearly 3% Monday as concerns about the potential economic repercussions of a swine flu pandemic weighed on the stock market and lifted the U.S. dollar.
Ever since crude hit a record high of $147 per barrel last July, owning oil stocks has been a little like bungee jumping - a long, terrifying plunge that you pray will be followed by a life-affirming bounce. Well, it may finally be time to exhale.
Oil prices ended the session higher on Tuesday, just shy of the $50 a barrel threshold, as a Wall Street rally picked up steam late in the trading day.
Oil prices fell Friday but managed to close above $50 a barrel for the second day in a row as investors mulled the trillion dollar U.S. plan that is aimed at thawing credit markets.
Oil prices jumped Thursday, closing above the $50 threshold for the first time since late November, as the dollar weakened significantly after the government announced it would spend another $1 trillion.
Oil prices rose more than 14% Thursday after the government reported that the nation's supplies of crude fell last week for the first time in two months.
Oil prices plummeted Wednesday after an international report said global demand for crude will continue to fall in 2009, re-igniting oversupply concerns.
Oil prices fell Monday, erasing earlier gains, as the market remains confined to a narrow trading range by concerns about waning demand and ongoing production cuts.
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 fell nearly $2 a barrel Thursday, to the lowest close since Christmas Eve, as global economic weakness and falling demand continued to weigh on the market.
The price of oil rose Tuesday, ending five days of declines, after Saudi Arabia signaled additional production cuts and Fed chairman Ben Bernanke said stimulus plans could aid an economic recovery.
The price of oil fell Monday as investors remained focused on last week's bad economic news and bet that demand for petroleum products will continue to decline.
Oil prices fell Wednesday in one of the biggest single-day declines in history, after a woeful supply report gave previously bullish investors little reason to believe oil would sustain a rally anytime soon.
Oil prices fluctuated wildly Tuesday then settled slightly lower after a handful of dismal economic reports countered signs that OPEC nations were starting to comply with planned output cuts.
Gasoline prices rose for the sixth straight day Monday, according to a nationwide survey of gas station credit card swipes - a sign that oil companies expect higher demand later this year.
Oil prices rose nearly 4% on the first trading day of 2009, as fighting in the Middle East and Russia's energy dispute with Ukraine raised concerns about future supply disruptions.
Gas prices increased for the third straight day Friday, to an average of $1.626 for a gallon of regular unleaded gas, according to motorist group AAA. That's nearly a one-cent jump from the previous day's average of $1.618.
The price of oil jumped Wednesday, capping a volatile year with a swing of $7 from the session low to the close, as investors responded to news of a possible supply disruption in Europe.
The price of oil fell Tuesday, after a big rally in the previous session, as dour economic reports darkened the outlook for already weak demand for oil and gasoline.
Oil prices rose above $40 a barrel Monday as investors took a more subdued look at Middle East production in the wake of Israeli airstrikes against the Gaza Strip.
As 2009 approaches, plummeting oil prices have sent the price of gasoline to the lowest level in nearly five years, according to a daily survey of gas station credit card swipes.
Oil prices rose back above $37 a barrel Friday after OPEC member United Arab Emirates detailed how it would cut production as part of the trade group's pledge to reduce output by 2.2 million barrels a day in January.
Oil prices fell more than $3 a barrel or more than 9% - one of the largest percentage drops ever - on a shortened trading session Wednesday that brought more signs that demand continues to wane.
Gasoline prices declined for the fourth straight day on Tuesday, falling below the $1.66 per gallon mark, according to a national survey of credit card swipes at gasoline stations.
Oil prices fell Monday as investors continued last week's practice of falling prices leading up to the Christmas holiday, and the dollar earned back early losses against the euro.
Gasoline prices dropped for their second day in a row after four straight days of increases, according to a daily survey of gas station credit card swipes.
The Organization of Petroleum Exporting Countries, in a bold but not unexpected move to prop up falling oil prices, said Wednesday that it would cut production by 2.2 million barrels a day starting next month. The cut is the largest ever announced by OPEC.
Gasoline prices continued to drift upward Wednesday after breaking 86 straight days of declines over the weekend, according to a daily survey of gas station credit card swipes.
Oil prices tumbled Tuesday after the Federal Reserve lowered its key interest rate and said economic conditions remain weak, underscoring concerns about faltering demand for energy.
Gas prices posted gains this weekend for the first time in 86 days, according to a national survey of credit card swipes. But on Monday fuel prices began to retreat again.
New York on Friday joined the other 47 states in the contiguous United States with an average gasoline price below $2 a gallon, according to a motorist group's survey, leaving just Alaska and Hawaii above the milestone.
Oil prices rebounded Wednesday after Congress reached an agreement with the White House on a bailout for the U.S. auto industry. Prices had fallen earlier after a government report showed a bigger-than-expected buildup in gasoline supplies.
With oil now at $50 a barrel, you no longer hear Congress complaining about oil speculators. The irony is there's probably more real speculation going on today than there ever was back in June and July.
Gasoline prices continued their steady descent Friday, with the average national price in a motorist group's survey falling for the 79th consecutive day.
Oil prices fell to nearly a 4-year low Thursday, dipping below the $44-a-barrel mark, as concern about the economies of Europe and the United States continued to weigh on energy demand.
Gas prices have been in decline for the past 77 days as the slowing economy has driven down the price crude oil, according to a daily survey released Wednesday.
Oil prices continued falling on Tuesday, tumbling to 3-1/2 year low, as concern about the floundering global economy and falling demand again took center stage.
Gas prices fell for the 76th consecutive day and sold below $2 a gallon in all but three states and the District of Columbia, according to a daily survey of credit-card swipes at gas stations released Tuesday.
Oil prices fell back below $50 a barrel Monday, to its lowest level in more than 3-1/2 years, after OPEC said it would wait until its next scheduled meeting in mid-December to consider further production cuts designed to stabilize prices.
Gas prices fell for the 75th consecutive day on Monday, and sold below $2 a gallon in all but three states and the District of Columbia, according to a daily survey of credit-card swipes at gas stations.
Gas prices fell to their lowest level since 2005, coming within 4 cents of $1.80 a gallon, according to a daily survey of gas station credit card swipes by motorist group AAA.
Gasoline prices declined for the 70th straight day, falling below the $1.87 per gallon mark, according to a national survey of credit card swipes at gasoline stations.
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