Prices

Oil

Oil zooms over $60 on drop in rig count

Source: 
Reuters

A pause in dollar gains and a drop in the number of rigs drilling for oil in the U.S. sent prices skyrocketing Friday. U.S. benchmark crude leaped 4.5 percent, or $2.62, to settle at $60.30 a barrel on the Nymex, while in London, Brent soared $2.98 - 4.8 percent - to $65.56, Reuters reports.

Fuel and potential fires for the US economy ahead

WASHINGTON (AP) — The U.S. economy shrank at the start of the year, but the road ahead looks brighter. Just how much brighter is what's up for debate.

Steady hiring and low gas prices should help power solid growth through the rest of 2015. The harsh winter and a labor dispute that slowed trade at West Coast ports are both over. Home sales and construction are rebounding, along with business investment.

Oil

Oil higher on inventory drop

Source: 
The Wall Street Journal

Oil was rising early Friday on the back of the Energy Information Administration reporting a drop in U.S. crude inventories. West Texas Intermediate crude for July delivery gained 64 cents to $58.32 a barrel in electronic trading on the Nymex, while in London Brent was up 59 cents to $63.17, The Wall Street Journal reports.

Oil

Oil gains on supply drops

Source: 
The Wall Street Journal

Larger than expected declines in crude and gasoline supplies helped support oil prices Thursday. U.S. benchmark crude gained 17 cents to settle at $57.68 a barrel on the Nymex, while in London, Brent ended 52 cents higher at $62.58, The Wall Street Journal reports.

Oil

Oil rises on dollar dip

Source: 
Reuters

Oil prices rose early Thursday on the back of a weaker dollar, reversing a two-day slide. U.S. benchmark crude gained 30 cents to $57.81 a barrel in electronic trading on the Nymex, while in London Brent was 65 cents higher to $62.71, Reuters reports.

Oil

Strong dollar drags oil prices lower

Source: 
The Wall Street Journal

Oil prices dropped as the dollar continued to gain on currency markets Wednesday. U.S. benchmark crude fell 52 cents to settle at $57.51 a barrel on the Nymex, while in London, Brent slid 2.6 percent, or $1.66, to $62.06, The Wall Street Journal reports.

Oil

Drilling cutbacks drag down job growth in oil patch

WASHINGTON (AP) — Hammered by cheaper oil, drilling firms have laid off workers and dragged job growth lower in states from Texas to North Dakota.

In Oklahoma, mining and logging jobs, which mostly include oil and gas drilling, fell for the fifth straight month in April. Texas lost 8,300 jobs in the sector, the most in six years, while Wyoming lost jobs in the industry for the fifth straight month.

Oil

Oil on rebound from slump

Oil was rebounding early Wednesday after slumping more than 2 percent a day earlier, a decline analysts were attributing to gains in the dollar.

“A strong USD along with disappointing US economic data weighed heavily on market sentiment and dragged crude prices lower,” said Myrto Sokou, senior research analyst at Sucden Financial in London. “It seems that the market overreacted; however, we continue to believe that crude oil prices remain very sensitive to USD dollar movements, at the moment.”

Oil

Oil dives on dollar rally

Source: 
Reuters

A jump in the value of the dollar pressured oil prices Tuesday. U.S. benchmark crude slid more than 2.8 percent, losing $1.69 to settle at $58.03 a barrel, while in London, Brent fell $1.80 - almost 2.8 percent - to $63.72, Reuters reports.

Oil

Oil drops on expected production push

Source: 
Reuters

A smaller decline in last week’s rig count and a prediction from Goldman Sachs that U.S. producers would start ramping up production at current price levels was pressuring oil early Tuesday. West Texas Intermediate crude lost 43 cents to $59.29 a barrel in electronic trading on the Nymex, while in London Brent fell 45 cents to $65.07, Reuters reports.

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