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Tag Archives: Oil Prices

American Oil Prices Rise as Summer Driving Season Commences

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OILSummer is here, not only causing the temperatures outside to rise, but also the price of oil. The warmer months mean vacations and increased driving, which in turn drives up oil prices as demand climbs. The rise is for American oil; internationally prices were kept down by increased output in the Middle East, which caters to customers in Asia.

West Texas Intermediate (WTI) crude oil futures were up 17 cents/barrel to reach $49.50 on Tuesday.

“Investor positioning points to further support for commodity prices as bearish bets continue to be reduced,” ANZ bank said on Tuesday.

Middle Eastern crude exports increased, causing prices to decline. Brent crude futures lost 11 cents from their last close, closing at $49.65 per barrel.

Oil Prices Plunge After Iran Announcement

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In the wake of a report stating that Iran intends to increase oil imports when economic sanctions are lifted, global oil prices plummeted by about 3 percent overall. North America’s main oil blend benchmark price fell by over 3 percent, going for $37 per barrel on Monday. As a result, the Canadian dollar fell under… Continue Reading

Gas Prices May Have Reached Rock Bottom

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The price of gasoline has been falling, falling and falling some more over the past several months, finally reaching its lowest price since April, 2009. The latest price dive, 13.3 cents during the last two weeks, may be the end of the slide, according to a survey by Lundberg released on Sunday. The average price… Continue Reading

Oil Prices Drop as Stock Markets Falter

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Oil prices dropped below $91 per barrel this week, mirroring the falling stock markets as economic outlook takes a turn for the worst. According to BusinessWeek, “Benchmark crude was down 59 cents to $90.78 a barrel by midmorning London time in electronic trading on the New York Mercantile Exchange. The contract dropped 56 cents to… Continue Reading

IMF Warns Global Economy in Face of Rising Oil Prices

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As debt crisis and economic turmoil sweep across Europe, the International Monetary Fund has identified another looming threat to global economy; rising oil prices. The fund strongly suggests monitoring tension between Iran and the Western world. The United States have sanctioned Iran’s oil consumers, and the EU is considering an embargo as well. Seeing as… Continue Reading

Democrats Scramble as Oil Prices Rise

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Iran’s recent oil trade threats have pushed oil prices to a six month high, up more than 30% since September. Obama’s advisors and other White House officials are bracing for a Republican onslaught strengthened by consumer concerns just as a cautious optimism reaches the economy. The Democratic party worries that oil and gasoline prices, bringing… Continue Reading