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VIENNA, Austria --- After an emergency meeting in Vienna, OPEC announced plans to cut production by 1.5 million barrels a day in an effort to buoy crude oil prices, the Los Angeles Times reported.
Read More →NEW YORK --- Crude oil climbed more than $2 a barrel today on signs that the Organization of Petroleum Exporting Countries may cut output to stop a 50-percent drop in prices since July, Bloomberg reported.
Read More →NEW YORK --- Oil prices spiked more than $25 a barrel Monday, Sept. 22, the biggest one-day price jump ever, the Associated Press reported. The price surge was prompted by anxiety over the government's $700 billion bailout plan for the financial markets.
Read More →WASHINGTON, D.C. --- An independent study of oil markets concludes that speculation by large investors -- not supply and demand -- was a primary reason for the surge in oil prices during the first half of this year and for the subsequent price declines.
Read More →SAN FRANCISCO --- Crude futures fell from a high of nearly $110 per barrel Monday, amid a rally in the U.S. stock market and the strengthening of the U.S. dollar. However, energy traders are still weighing Hurricane Ike's potential to disrupt oil production.
Read More →SAN FRANCISCO --- Crude-oil futures fell below $106 per barrel Friday, in position to end the week with a loss of more than 8 percent with no immediate threat to U.S. energy output, a slowdown in global demand still a concern and uncertainty surrounding a meeting of key oil producers next week, Marketwatch reported.
Read More →NEW YORK --- Oil prices dropped more than $6.50 per barrel on Tuesday, September 2, representing the biggest drop in dollars since 1991, Reuters reported.
Read More →SAN FRANCISCO --- Crude-oil futures closed below $113 a barrel on Monday, Aug. 18, reflecting the sluggish demand for oil worldwide, MarketWatch reported.
Read More →NEW YORK --- Crude oil fell below $120 a barrel for the first time since May, after weather reports suggested that Tropical Storm Edouard will miss most offshore oil facilities as it approaches the coast of Texas, Bloomberg reported.
Read More →NEW YORK --- U.S. crude for September delivery climbed $1.47 to settle at $124.73 a barrel today on the New York Mercantile Exchange, after investors weighed signs of mounting geopolitical tensions in oil-supplying countries.
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