oil prices

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Oil Prices Reverse Monthlong Decline

Crude reaches nearly $37 after UAE's cuts

(Newser) - Oil prices rose today—after dropping more than 30% this month alone—as the United Arab Emirates joined Saudi Arabia in curbing crude supplies, reports Reuters. Crude oil rose as much as $1.55 a barrel, or 4.4%, to $36.90 in New York this morning. The UAE cut...

Oil Skids; Dow, Off 219, Follows
 Oil Skids; Dow, Off 219, Follows 
MARKETS
Dec 18, 2008 3:36 PM CST

Oil Skids; Dow, Off 219, Follows

Weak data, contract expirations stoke selloff

(Newser) - Stocks fell today as oil futures declined, the jobs picture remained grim, and two of the Detroit’s Big Three announced production stops due to lack of funds, MarketWatch reports. The imminent expiration of options and futures contracts also bedeviled the markets, and the Dow closed down 219.35 at...

OPEC Slashes a Record 2.2M Barrels

(Newser) - OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will...

OPEC Prepares to Slash Output
 OPEC Prepares to Slash Output 
Dec 17, 2008 1:46 AM CST

OPEC Prepares to Slash Output

Saudis lead push for record cut to pump prices to $75 a barrel

(Newser) - OPEC ministers are expected to back the biggest reduction in oil production in the history of the cartel when they meet today, Reuters reports. The exporters widely support a cut of 2 million barrels a day. Oil prices neared $43 per barrel yesterday, down over $100 from July. Officals from...

Bank Woes Push Dow Down 196
 Bank Woes Push Dow Down 196 
MARKETS
Dec 11, 2008 3:23 PM CST

Bank Woes Push Dow Down 196

JPMorgan Chase, Bank of America, Citigroup all see big drops

(Newser) - The markets slid today as JP Morgan’s CEO made pessimistic comments about home prices, the Wall Street Journal reports. Adding to investor malaise was a Labor Department report that unemployment insurance claims are at a 26-year high, and continued uncertainty about the Detroit bailout. The Dow was down 196....

Global Demand for Oil Expected to Plummet

Consumption will drop in consecutive years; first time in 3 decades

(Newser) - The price of oil continued its descent today, settling at $42.07 a barrel amid new signs of collapsing demand worldwide, the Financial Times reports. Global consumption will shrink by 50,000 barrels a day in 2008 and by a whopping 450,000 barrels a day in 2009, the Energy...

Dow Up 299 on Stimulus, Autos
 Dow Up 299 on Stimulus, Autos 
MARKETS
Dec 8, 2008 3:17 PM CST

Dow Up 299 on Stimulus, Autos

Industries likely to benefit from Obama building plan see gains

(Newser) - Stocks rallied today, led by automakers, which look ever likelier to get a federal bailout, and industrial firms expected to benefit from President-elect Barack Obama’s proposed public-works programs, MarketWatch reports. The Dow gained 298.76 to close at 8,934.18. The Nasdaq rose 62.43, closing at 1,...

Oil Prices Plunge to 5-Year Low
Oil Prices Plunge
to 5-Year Low 
Dec 5, 2008 2:43 AM CST

Oil Prices Plunge to 5-Year Low

OPEC expected to slash production to push up prices

(Newser) - Oil prices continue to plunge as demand slackens amid the global economic downturn. Oil has dropped 19% drop this week, the biggest weekly decline in five years, reports Bloomberg. Prices have tumbled 70% since reaching a record $147.27 in July, and  some predict prices may dip as low as...

Not Yet Sworn In, and Already Flip-Flopping?
Not Yet Sworn In, and Already Flip-Flopping?
ANALYSIS
Dec 4, 2008 8:26 AM CST

Not Yet Sworn In, and Already Flip-Flopping?

Blogger: Obama's backing off promise to tax oil companies

(Newser) - Barack Obama vowed on the campaign trail to slap oil companies with a windfall tax, but, blogs Kevin Drum at Mother Jones, it might've all just been old-fashioned populist bluster that's led to Obama’s first breach of a campaign promise. The American Small Business League has noted, and decried,...

After 10 Years, Chavez Faltering
 After 10 Years, Chavez Faltering 
Analysis
Nov 28, 2008 12:34 PM CST

After 10 Years, Chavez Faltering

But still blustering

(Newser) - After 10 years in power, Hugo Chavez is as blustery as ever. He’s predicted the end of “the evil capitalist mode,” told the IMF to “commit suicide,” and this week invited Dmitry Medvedev and a flotilla of Russian warships down for joint exercises. But beneath...

Airfares Dip on Last-Minute Holiday Trips

Ugly economy pushes demand down, along with price of fuel

(Newser) - With many consumers too concerned about their wallets to make pricey trips, airlines are, for the first time in memory, lowering prices before the holidays, the Chicago Tribune reports. The reversal of convention is allowing late buyers to scrounge tickets for as much as $200 less than travelers who locked...

How Cheap Gas Hurts Green Initiatives, Feds' Bottom Line

Driving less not great for gov't coffers

(Newser) - Americans are driving less and burning less fuel, but it could be too soon for conservation fans to celebrate. That dip, and global economic gloom, has sent oil and gas prices spiraling down, Joseph White writes in the Wall Street Journal, depriving the government of taxes it needs for transportation...

Gas Prices Plummet Below $2
 Gas Prices Plummet Below $2 
Nov 21, 2008 5:41 AM CST

Gas Prices Plummet Below $2

But low cost fuel isn't getting more people on the road

(Newser) - As crude oil sank below $50 for the first time in years, gas prices in America continued their precipitous fall, with the average cost of a gallon below $2 today for the first time since 2005. The turnabout is the sharpest since the government began tracking prices in 1980. Suddenly,...

Dow Plummets 400+ Again
 Dow Plummets 400+ Again 
MARKETS
Nov 20, 2008 3:32 PM CST

Dow Plummets 400+ Again

Hopes dim for auto industry bailout

(Newser) - Stocks continued yesterday’s slide today as Congress dashed hopes for quick aid to the Detroit automakers, MarketWatch reports. Henry Paulson also undermined investor confidence by again changing the terms of TARP. The Dow fell 444.99 points to close at 7,552.29. The Nasdaq shed 70.30, closing...

World Stocks Jump on China Spending Spree

Asia, Europe advance after Beijing announces $6B stimulus package

(Newser) - China's announcement yesterday that it would spend nearly $600 billion to stimulate its economy gave a much-needed jolt to worldwide markets today. The Nikkei in Tokyo and Hang Seng in Tokyo both gained around 6%, while European exchanges also opened higher. China's spending spree also pushed up the price of...

Oil Dips Below $60 a Barrel
 Oil Dips Below $60 a Barrel 
Nov 6, 2008 8:26 PM CST

Oil Dips Below $60 a Barrel

(Newser) - Oil prices dipped below $60 a barrel tonight for the first time in about a year and a half, as a growing number of economic reports point to a long and painful recession. Light, sweet crude for December delivery fell to $59.97 in New York trading, the lowest level...

Dow Off 400+ Again, Below 9K
 Dow Off 400+ Again, Below 9K 
MARKETS
Nov 6, 2008 3:30 PM CST

Dow Off 400+ Again, Below 9K

Worrisome news on retail, jobs sink stocks

(Newser) - Stocks added to yesterday’s deep declines with the major indices registering falls of 4%-5% today, MarketWatch reports. A string of poor retail reports soured confidence ahead of tomorrow’s October unemployment report, expected to be grim. The Dow fell 443.48, dropping below the 9,000 mark to 8,...

$100 Oil Will Return Soon Enough: Study

Price will rebound with economy, likely to hit $200 a barrel in 2030

(Newser) - If today’s price of $60 per barrel of oil seems too good to be true, that’s because it is. Oil prices will rebound to $100 a barrel once the economy recovers, and climb toward $200 by 2030, the market’s most comprehensive review predicts. Output is declining at...

Texas Energy Boom Goes Bust
Texas Energy Boom Goes Bust
Nov 5, 2008 10:28 AM CST

Texas Energy Boom Goes Bust

High oil, gas prices insulated state from economic turmoil, but no longer

(Newser) - Oil’s tumbling price is causing the Texas economy to slip, narrowing the economic gap between it and the rest of the US as unemployment flares and tax revenues and housing prices slide, reports the Wall Street Journal. “Until 30 days ago, there was no feeling at all that...

Stocks Flat; Oil Falls $3.90
 Stocks Flat; Oil Falls $3.90 
MARKETS
Nov 3, 2008 3:37 PM CST

Stocks Flat; Oil Falls $3.90

Energy concerns take a hit as crude plunges

(Newser) - Stocks held steady today, with the indices ending the session only a few points removed from their opening marks, MarketWatch reports, with General Motors and Ford reporting mammoth October sales drops, and crude plunging $3.90 to $64.25. The Dow fell 5.18 to 9,319.83. The Nasdaq...

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