Washington and National Oil Marketers Associations Decry Energy Speculators Pushing Oil Prices Up 5.4 Percent in a Day to $121.18 a Barrel

“Today’s 5.4 percent crude oil price increase to $121.18 a barrel despite decreased demand and increased supply is a clear sign that speculators continue to dominate the commodities markets hurting our national economy,” said Lea Wilson, executive director of the Washington Oil Marketers Association (WOMA). “There is absolutely no economic reason for prices to increase the way they did today,”... 

Energy Dept. and IEA Lower Oil Demand Outlook

The Energy Department and the Paris-based International Energy Agency both lowered their global oil consumption forecasts for this year amid surging prices, but said demand for oil and petroleum products is accelerating in parts of the developing world. In its monthly short-term Energy outlook, the Energy Department’s Energy Information Administration said oil consumption is falling more than... 

Oil Recoups Week’s Losses

Oil prices rose back above $128 a barrel after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates. At the pump, meanwhile, gas prices rose to a new record near $3.99, and are likely to hit $4 soon. Light, sweet crude for July delivery rose as high as $128.26 before retreating slightly to settle up $5.49 at $127.79... 

Oil Heading for $130 a Barrel

Oil prices surged to a new trading record above $129 a barrel Tuesday amid continuing concern about global supply. U.S. light crude for June delivery reached $129.58 a barrel in electronic trading, surpassing the previous intraday mark of $127.82 hit Friday as it smashed through the $128 barrier in a matter of minutes. At 11 a.m. ET, the contract was up $2.09 at $129.14 on the New York Mercantile Exchange. One... 

Oil hits another record high as dollar tumbles to record low

Oil prices hit all-time highs above $115 a barrel Thursday with reports that oil and gasoline stocks in the United States were lower than expected and as the dollar hit record lows. Light, sweet crude for May delivery rose as high as $115.52 a barrel in electronic trading on the New York Mercantile Exchange. It eased back to $115.23 a barrel by midday in Europe, up 30 cents. On Wednesday, the contract... 

British Gas cuts energy prices

British Gas lowered its residential electricity and gas prices on Thursday in the latest salvo of a price war. British Gas parent, utility Centrica, said the business was cutting electricity prices by 6 percent and gas prices by 3 percent. Coupled with cuts earlier this year this would reduce the average annual dual fuel bill by 207 pounds, it said. Rivals Npower, owned by Germany’s RWE, Powergen,... 

Oil prices hover above $59 a barrel

Oil prices slipped but remained above $59 a barrel Thursday ahead of a U.S. government report that is expected to show crude oil inventories rose last week. Traders were also watching developments in the Middle East, with the stage being set for a fresh showdown between Iran and Western powers over the nation’s nuclear program. Light, sweet crude for April delivery on the New York Mercantile... 

Crude oil prices drop below $58 a barrel

Crude oil prices dipped Friday on forecasts for warmer weather in the U.S. northeast, the world’s largest heating oil market. The market also appeared to be reacting to news that OPEC output had dropped but was still above agreed cutbacks. Light, sweet crude for March delivery dropped 19 cents to $57.80 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. The... 

FTSE nudges down as mining stocks weigh

The FTSE 100 index edged lower by mid-session on Friday after hitting a new six-year closing high in the previous session, as mining and oil stocks were weighed down by weaker commodity prices. Oil stocks led the FTSE 100 losing sector with crude prices easing below $58 a barrel as some investors focussed on forecasts for milder weather in the world’s top energy consumer, the United States,... 

Oil prices rebound amid cold weather

Oil prices rebounded Friday amid cold weather in the United States, a major consumer of heating oil, and as traders watched for signs that OPEC members were cutting output. Concerns were also stoked by a threat from the two main Nigerian oil workers’ unions to strike next week in protest of rising violence in the country’s petroleum-producing southern region. Light, sweet crude for March...