oil prices

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Consumer Prices Jump Most in 2 Years

CPI surge on rising energy costs sparks inflation worries

(Newser) - November’s consumer price index spiked 0.8%—the biggest rise since September 2005—as soaring energy costs pushed up prices on an array of  goods and services. The increase, higher than the 0.6% anticipated, reignites inflation worries, causing experts to predict that further Fed rate cuts are unlikely,...

Oil Slips Under $88 as US Economy Fuels Concern

Dropping prices come as Fed set to meet Tuesday

(Newser) - Weaker than anticipated US job growth reported Friday helped extend a decline in crude oil prices today, with futures dipping below $88 on Asian markets, reports the AP. Fears of a slowing economy and reduced demand are driving the decline. Investors had bet better employment figures would prompt the Fed...

In '08, It's Really the Economy, Stupid

Worried over job, credit, health woes, voters put Iraq on back burner

(Newser) - With gas prices stratospheric, the housing market tanking, and recession looking likely, voters aren't too worried about Iraq, reports the Wall Street Journal. Job concerns have transformed illegal immigration and health care into major issues. “You have to have a health plan even in the Republican primary,” says...

Oil-Price Surge Fuels Global Investing Binge

Producers' deep pockets evident in Abu Dhabi's Citigroup outlay

(Newser) - Petrodollars have fueled an investing binge in companies ranging from chipmaker AMD to private-equity giant Carlyle Group to Citigroup. And, with nearly $5 billion in oil revenue gushing weekly into Persian Gulf nations, the spree won’t likely slow, the New York Times reports. “The oil-producing countries simply cannot...

All Eyes on OPEC for Oil Price Relief

Saudis expected to boost output as prices close in on $100

(Newser) - With oil prices poised to pass the $100 mark any day now, a pair of reports speculates that OPEC will cool the overheated market by boosting oil production, the Wall Street Journal reports. One consulting firm said OPEC, spurred by Saudi Arabia’s increased deliveries to the US, could up...

Oil Tops $99 as Dollar Sinks
Oil Tops $99 as Dollar Sinks
Nov 21, 2007 4:05 AM CST

Oil Tops $99 as Dollar Sinks

Weak greenback and strong demand could send crude over $100 a barrel today

(Newser) - The price of oil hit a record high mere pennies from $100 a barrel and the dollar sunk to a new low in early trading today. Oil hit $99.29 but slipped back to $98.64. With cold weather hitting the US, and OPEC supplies limited, some analysts think oil...

Greenback Assaulted at OPEC meeting
Greenback Assaulted at
OPEC meeting
Nov 18, 2007 9:52 PM CST

Greenback Assaulted at OPEC meeting

Dollar a 'worthless piece of paper,' Iran's president says

(Newser) - Calling it a "small and worthless piece of paper,” Iran’s president today urged OPEC's members to drop the depreciating US dollar as its official currency. Mahmoud Ahmadinejad blamed President Bush for the dollar’s decline and its adverse effects. The comments highlight mounting tension among OPEC members,...

Chavez Warns of $200 Oil if US Strikes Iran

But call to make OPEC 'geopolitical agent' rejected by Saudis

(Newser) - Crude oil prices could hit $150-$200 a barrel if Bush is “mad enough” to strike Iran, Venezuelan President Hugo Chavez warned today at the OPEC summit. “The basis of all aggression is oil,” said Chavez, arguing that OPEC should set itself up as “an active geopolitical...

Thanksgiving Travel to Increase
Thanksgiving Travel to Increase
Nov 15, 2007 3:51 PM CST

Thanksgiving Travel to Increase

Gas prices 90 cents higher than a year ago aren't expected to keep Americans home for the holiday

(Newser) - Some 38.7 million Americans are expected to travel 50 miles or more from home this Thanksgiving, despite a spike in gas prices of 90 cents over last year, travel group AAA announced today. Of those hitting the road to visit friends and family, 31.2 million will drive, a...

Oil Drops to $91 as Rush to $100 Stalls

Saudi oil minister blames speculators, says $60 is more like it

(Newser) - After gushing toward $100 a barrel, oil traded as low as $90.13 yesterday, closing at $91.17. Analysts said the downward pressure could continue as demand for oil slows and OPEC increases production, reports the Wall Street Journal. Saudi Arabia's oil minister, meanwhile, told the Globe and Mail that...

US Crude Eases Below $96
US Crude Eases Below $96
Nov 12, 2007 7:52 AM CST

US Crude Eases Below $96

Oil prices drop as Saudi Arabia says OPEC will discuss hiking output

(Newser) - Oil prices paused in their headlong rush to $100 a barrel today on news from the Saudis that OPEC will discuss raising output when the group's heads of state and oil ministers meet in Riyadh this week. US crude, which reached a record $98.62 Nov. 7, traded below $96...

$100 a Barrel Oil Triggers Crisis

New energy shock caused by runaway demand

(Newser) - The planet is headed for the third major energy crisis in a generation, but this one may be more serious and last longer than the others, the New York Times reports. Energy crises in the '70s and '80s were triggered by interruptions in supply from the Middle East....

China to Top US in Energy Use, Pollution

Demand will double in 20 years, says new report

(Newser) - China will bypass the US to become the world’s top energy consumer by 2010, a new study says. Spurred by increased demand for natural resources, the country’s energy consumption will double in just 20 years to satisfy its booming economy, the BBC reports. To quench its thirst for...

Big Industries Joust Over Energy Prices

Companies strive to suit their own ends in tug-of-war over green policies

(Newser) - US industries are at each other’s throats over energy policy as each sector tries to protect its own interests. A prime example came last year, when Dow Chemical's push for tougher automobile fuel-economy standards—which would help keep a lid on Dow's oil expenditures—ran afoul of automakers, who...

Oil Breaks $98 in Advance of Supplies Report

Pipeline attack in Yemen and weak dollar contribute to prices

(Newser) - Oil prices continue to break records, busting beyond $98 a barrel before settling at $97.98 in Singapore today, reports AP. Short-term effects like Monday’s attack on a Yemen pipeline contributed to the hike. Last week’s storms reduced Mexican exports to the US, and traders expected this winter’...

Oil, Gold Lift Markets
Oil, Gold Lift Markets
Nov 6, 2007 3:37 PM CST

Oil, Gold Lift Markets

Record highs fuel late rally

(Newser) - Stocks closed up today, buoyed by surging oil and gold prices. Oil hit $97 a barrel, and gold is at a 27-year high, Bloomberg reports. Energy and metals producers, including Exxon Mobil and Newmont Mining—the world's second-largest gold-mining company—led the rally. The Dow was up 117.54 to...

Oil Touches Record $97 a Barrel
Oil Touches Record $97 a Barrel
Nov 6, 2007 2:24 PM CST

Oil Touches Record $97 a Barrel

Weak dollar and expected supply drop push crude to another record

(Newser) - Crude oil hit $97 a barrel today on the New York Mercantile Exchange, helped along by a weak dollar and an expected drop in supply—an especially impressive jump considering the 2% price drop yesterday. "What a difference a day makes," one analyst told MarketWatch. "This volatility...

Oil May Break $100 Barrier This Week

Some see 'violent correction' once $101.70 is shattered

(Newser) - With oil prices poised to break $100 a barrel this week, potentially punching through the inflation-adjusted record of $101.70 in 1980, speculation shifts to how long it will stay there. The steep rise—27% in 3 months—could set the stage for a dramatic fall. "We probably are...

China Hikes Domestic Oil Prices 10%

Move to lower demand spurs crude prices to record highs

(Newser) - China raised its domestic oil prices 10% yesterday, one of the key factors in crude’s surge to over $95 per barrel. The move was actually designed to decrease global oil prices, the Wall Street Journal explains, by lowering demand. But Chinese refineries, usually stuck with low government-set prices for...

Oil Jumps Again, Cracks $96 a Barrel

Supply shortage spooks market into 'unknown territory'

(Newser) - The price of oil smashed yet another record yesterday, rising more than $96 a barrel after a surprise announcement of diminished US crude stockpiles. The unexpected shortfall in American petroleum before winter worried investors and sent prices soaring. The Fed's rate cut also helped push prices higher, since a drop...

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