CHICAGO/NEW YORK, April 28 (Reuters) – Saudi Arabia and the
International Energy Agency presented differing views on
current oil prices on Wednesday, highlighting the potential for
a new schism to emerge between consumers and producers as crude
tops $80 a barrel.
Oil Minister Ali al-Naimi reiterated that current prices
were “more sustainable” as the worst of the economic crisis had
passed. He has hailed as “beautiful” an oil price between $70
and $80 that, he says, benefits both producers and consumers.
NEW YORK (Reuters) – U.S. oil fell below $85 a barrel on Monday as the U.S. dollar rose against the euro on the back of lingering doubts over Greece’s debt crisis.
U.S. crude for June delivery fell 36 cents to $84.76 a barrel by 11:04 am EST (1504 GMT), after settling up $1.42 on Friday.
NEW YORK (Reuters) – Oil prices fell below $80 a barrel on Friday after data showed the U.S. economy grew less than expected last quarter, and a plan to bail out Greece from a fiscal crisis failed to quell concern over fragile economic recovery.
“You had the GDP revised lower and there’s still concern about the euro and the euro zone economy,” said Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago.
NEW YORK (Reuters) – Oil fell more than $1 a barrel on Wednesday after U.S. Energy Department data showed a larger-than-expected rise in crude stocks, but gasoline demand figures helped stem the price decline.
U.S. crude oil futures for May fell $1.15 to $80.76 a barrel after touching a session low of $79.88 a barrel.
NEW YORK (Reuters) – Oil slipped more than 1 percent to below $81 a barrel on Friday, as data showing a drop in consumer confidence brought back investor concerns about energy demand.
The front-month U.S. crude fell $1.12 to $80.99 a barrel by 1:42 p.m. EDT (1842 GMT), reversing earlier gains. The contract had climbed as high $83.16, the highest since $83.95 on January 11.
NEW YORK (Reuters) – Oil prices settled higher on Wednesday in choppy trading after a government report showed that gasoline stocks in the United States dropped unexpectedly.
But after reaching a fresh eight-week high of $83.03, oil prices pared some of their gains on profit-taking.
NEW YORK (Reuters) – Oil prices slipped back from eight-week highs on Tuesday, pressured by a stronger dollar and uncertainty about an economic recovery.
U.S. crude futures for April fell 13 cents to $81.74 a barrel by 12:15 p.m. EST, after reaching a low of $80.16 a barrel earlier. In London, North Sea Brent crude oil futures slipped 24 cents to $80.23 a barrel.
NEW YORK (Reuters) – Oil rose toward $82 a barrel on Monday in choppy trade as a firmer dollar and improved economic optimism tugged prices back and forth.
Crude oil futures reached an eight-week high above $82 a barrel, but also traded as low as $80.75 a barrel.
NEW YORK (Reuters) – New York Fashion Week is the place to spot new trends and, if this season’s event is any indication, going green is definitely in style.
Sponsor Mercedes-Benz aimed for the semi-annual event to be carbon neutral for the first time, and several of the designers unveiling fall and winter 2010 collections emphasized organic materials and sustainable designs.
NEW YORK (Reuters) – Oil pared gains in late Thursday trade after the U.S. Federal Reserve announced it was raising the interest rate it charges banks for emergency loans.
The Fed said it was raising the discount rate to 0.75 percent from 0.50 percent, citing improvement in financial market conditions, sending U.S. stock markets lower on concerns about thinning liquidity.