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Oil drops as GDP shrinks to record low, market expects output cut

Crude oil futures dropped more than 3 percent on Friday for the decline in four days after U.S. data showed economic activity had the largest quarterly decline since 1982.

Oil jumps 6 percent on OPEC, U.S. demand

U.S. oil prices jumped more than 6 percent to above $45 a barrel on Thursday on expectations OPEC will cut output again and on signs of a rebound in gasoline demand in top consumer the United States.

Oil rises 5 percent on OPEC, U.S. demand

U.S. oil prices jumped more than 5 percent to over $44 a barrel on Thursday on expectations OPEC will cut output again and on signs of a rebound in gasoline demand in top consumer the United States. U.S. crude for April delivery gained $2.20 to trade at $44.70 a barrel by 1:45 p.m. EST. London Brent crude rose $1.60 to $45.89 a barrel. Support also came from U.S. government data released on Wedn...

Oil rises above $44 after UAE cuts Asia supply

Oil rose above $44 a barrel on Thursday after the United Arab Emirates announced deeper cuts in crude supply to Asia for April in a possible signal that OPEC will cut output further at its next meeting in March.

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Oil steady above $42 after 6 percent surge

whether Obama's package is able to put a floor to the slide in the broader economy.

Oil jumps 6 percent on U.S. gasoline stock draw

Oil prices jumped 6 percent to above $42 a barrel on Wednesday, after a U.S. government report showed a sharp drop in gasoline inventories in the world's top consumer.

Oil below $40 after 4 percent bounce

Oil shed on Wednesday some of the previous session's 4 percent gains but held above $39, after President Obama balanced his message of hope for the U.S. economy with a warning and ahead of data on U.S. oil stocks. Obama told Congress the United States would emerge stronger from its deepest economic slump in decades but said America faced a day of reckoning for its past excesses. The preside...

Oil edges up on OPEC cut after Wall St. slump

Oil ticked up above $38 on Tuesday as investors took a fresh look at OPEC's greater than expected success in cutting supplies. Prices had tumbled earlier following Monday's fall in U.S. stocks to a 12-year low. The plunge on the Wall Street on Monday overshadowed figures from Petrologistics that OPEC producers were likely to pump less oil in February than January. A Reuters calculation based ...

Oil falls to $38 after Wall Street plumbs 12-year low

Oil fell toward $38 on Tuesday as global markets tumbled, dragged down by Monday's fall in U.S. stocks to a 12-year low. Economic worries grew after Wall Street sank on Monday as news the U.S. government was set to raise its stake in Citigroup failed to offset fears that a number of embattled U.S. banks could be nationalized. European stocks fell on Tuesday and Asian shares hit a th...

Oil falls towards $38 after Wall Street plumbs 12-year low

Oil prices extended declines on Tuesday, sliding toward $38 on growing economic worries after U.S. stocks slumped to a 12-year low at the previous day's close. Wall Street shares tumbled on Monday as optimism over reports that the U.S. government could take a bigger stake in Citigroup gave way to fresh questions about whether Washington is doing enough to stabilize the ailing banking...

Oil rises above $40, Citi stake report supports

Oil rose above $40 a barrel on Monday, recovering from earlier losses, after sentiment was lifted by a report the U.S. government was in talks on increasing its stake in Citigroup.

Oil rises above $40 on Citi stake report

Oil rose above $40 a barrel on Monday, recovering from earlier losses after sentiment was lifted by a report that the U.S. government could end up owning as much as 40 percent of Citigroup.

U.S. oil rises above $40 on report of U.S. stake in Citi

U.S. oil rose above $40 a barrel on Monday, recovering from earlier losses, after a report that said the U.S. government could end up owning as much as 40 percent of Citigroup sparked relief among investors and lifted sentiment. But persistent worries about the health of the global economy and its impact on world energy demand continued to rank high on investors' concerns, keeping oil prices ran...

Oil prices fall on economic concerns

Oil prices fell on Friday as the deteriorating global economic outlook continued to weigh on the market. U.S. crude futures for March delivery, which expired on Friday, settled at $38.94 a barrel, down 54 cents, after posting the biggest settlement gain since December 31 in the previous session. April Brent crude settled at $41.89 a barrel, down 10 cents. Right now, oil is being driven by the...

U.S. stance on OPEC oil cut unclear: Energy Sec. Chu

U.S. Energy Secretary Steven Chu on Thursday could not say whether the Obama administration was against another oil output cut by OPEC when the producer group meets on March 15, and that he would have to find out the administration's position.

Oil falls below $38 as economic outlook worsens

and would likely continue to worsen for the time being. Japan has been hit particularly hard by the global slump, triggered by the U.S. housing market meltdown, due to its heavy dependence on exports and chronically weak domestic consumption. Crude inventories in the United States, the world's top consumer, fell slightly last week on lower imports and higher demand, the U.S. Energy Information...

Oil falls below $39 as economic outlook worsens

Oil falls towards $38, ahead of March contract expiry

Oil falls below $39 after surge on U.S. stock draw

Oil prices fell below $39 a barrel on Friday as front-month contracts near expiry, paring a 14-percent gain a day earlier on government data showing an unexpected draw in U.S. crude stocks. U.S. crude futures for March delivery, which expire later in the day, fell 76 cents to $38.72 a barrel by 0206 GMT, after posting in the previous session the biggest settlement gain since December 31. April d...

Oil jumps 14 percent on U.S. inventory drop

Oil prices jumped 14 percent to top $39 a barrel on Thursday after U.S. government data showed an unexpected fall in crude inventories last week due to lower imports and higher demand. The draw snapped a seven-week streak of crude builds in the world's top consumer, where the slumping economy has dragged down fuel use. U.S. crude futures for March delivery, which expires on Friday, rose $4.86 t...

Oil jumps 12 percent on U.S. inventory drop

Oil prices jumped more than 12 percent to near $39 a barrel on Thursday after U.S. government data showed an unexpected fall in crude inventories last week due to lower imports. The draw snapped a seven-week streak of crude builds in the world's top consumer, where the slumping economy has dragged down fuel demand. U.S. crude futures for March delivery, which expires on Friday, rose $4.24 to $3...

U.S. energy secretary blames his OPEC remark on naivete

Just hours after he said urging OPEC not to cut oil production was not in my domain, U.S. Energy Secretary Steven Chu said that remark reflected more of my naivete than anything else and he would encourage OPEC members to promote stability in crude oil prices.

Oil prices fall further on economic gloom

NEW YORK - Oil prices fell nearly 1 percent to below $35 a barrel on Wednesday as dealers bet that slumping fuel demand in top consumer the United States has forced crude inventories to an 11-year high. U.S. crude for March delivery slipped 31 cents to settle at $34.62 a barrel, while U.S. crude for April delivery fell $1.13 to $37.41 and London Brent for April delivery fell $1.48 to $39.55. Th...

U.S. oil slides below $35, stocks build in focus

LONDON - U.S. oil prices fell below $35 a barrel on Wednesday, continuing Tuesday's nearly 7 percent slide on renewed economy concerns, slumping demand and bloated inventories. U.S. crude for March delivery fell 4 cents to $34.89 a barrel by 10:53 a.m. EST, while London Brent crude for April delivery was down 92 cents to $40.11 a barrel. The crude market is still hanging on to the low end of...

U.S. oil falls toward $36 on demand concerns

SINGAPORE - U.S. oil prices fell toward $36 a barrel on Tuesday as bleak economic indicators in Asia returned focus to the worldwide oil demand slump. Following Monday's news that Japan's economy shrank by the most in 35 years, a Reuters poll showed confidence among manufacturers remained mired near record lows and service sector sentiment fell to its poorest ever. Concerns over weak oil co...

U.S. oil falls to $37 on demand concerns

Oil in New York fell to around $37 a barrel on Tuesday as bleak economic indicators turned the focus back to the worldwide slump in demand, outweighing lower supplies due to OPEC cutbacks.