Crude Oil // Current

The Oxen Report: Fed Report Making Stock Direction Murky, Stay on the Sidelines?

The Oxen Report continues to make strong single day trades. Today, we are looking at... more

TheOxenGroup
added this
4 months ago
|
0 comments

Crude prices follow stock market up

Paula Dittrick Senior Staff Writer HOUSTON, July 31 – US crude oil futures... more

seancarnahan
added this
4 months ago
|
0 comments

Rebels in the Pipeline

Current's Mariana van Zeller travels to one of the most unstable regions in the world... more

MarianaVanZeller
added this
1 year ago
|
55 comments

Crude oil is getting cheaper; so why isn't gas?

Crude oil prices have fallen to new lows for this year. So you'd think gas prices... more

Future_America
added this
9 months ago
|
8 comments

Oil prices drop for fourth straight session; 3.5 year low.

Crude oil prices have plunged almost two-thirds since striking record highs above 147... more

elsonwvu
added this
1 year ago
|
4 comments

OPEC Agrees to Cut Production Quotas as Price Slumps

The Organization of Petroleum Exporting Countries cut oil production targets for the... more

Hawkmang
added this
1 year ago
|
0 comments

Gas prices may go as low as $2.50 a gallon by the holidays, experts say

CONCORD — Bay Area gas prices dropped below $3 a gallon for regular at some stations... more

bonemachine
added this
1 year ago
|
28 comments

Brown Urged To Cut Duty As Oil Prices Fall

Petrol retailers are calling for a freeze on fuel duty to help push down prices at the... more

TravG73
added this
1 year ago
|
0 comments

Brazil passes on Saudi Invite to Join OPEC

Brazil has declined a recent invitation from Saudi Arabia to join OPEC, citing plans to refine, not export, crude oil from its recently discovered deep water reserves, top energy officials said Monday.

Mines and Energy Minister Edison Lobao said Brazil determined it doesn't need the cartel, because it plans to boost oil income by refining crude into products like gasoline for export abroad, the state's Agencia Brasil news agency reported.

Paulo Roberto Costa, a high-ranking executive with Brazil's state-run Petroleo Brasileiro SA oil company, confirmed the government had decided not to join OPEC.

"Brazil won't be a big exporter of oil, that's already defined," Costa told Agencia Brasil at the Rio Oil & Gas Expo 2008 industry conference in Rio de Janeiro. "Brazil was invited to participate in OPEC and did not accept because our priority is refining here and exporting derivatives."

Analysts say the reserves — found in the last year thousands of feet under the ocean floor and several hundred miles off the Rio de Janeiro coast — may contain 55 billion barrels of oil, enough to catapult Brazil to superpower oil status.

By refining its own oil, instead of shipping it abroad to be refined, Lobao said Brazil will generate more money and jobs at home. The country is undergoing an economic boom but still has one of the world's deepest divides between rich and poor.

Under orders from President Luiz Inacio Lula da Silva, a commission of government ministers is examining possible changes in the nation's oil law. Silva insists profits from the new oil discoveries be used to fight poverty and improve education.

Agencia Brasil said the Saudi OPEC invite came at a "recent" meeting of oil producing nations, but gave no other details. OPEC met last week in Vienna.

Brazil last month declined an invitation extended by Iran to join the Organization of Petroleum Exporting Countries. Lobao did not specify why at the time, saying only that Brazil had "other priorities."

Also Monday, Petrobras said it awarded contracts to build 10 new floating production, storage and offloading units to develop its new fields.

Petrobras will rent two units to produce 100,000 barrels a day by 2014, and will build eight others to produce up to 120,000 barrels a day by 2016, according to a company statement. A spokesman declined to give disclose how much the contracts were worth or with whom they'd been signed.

U.S. traded shares of Petrobras plunged 11.7 percent to $40.35 in New York on Monday, amid a global stock meltdown and oil prices that closed below $100 a barrel for the first time in six months.Brazil has declined a recent invitation from Saudi Arabia to join OPEC, citing plans... more

Moopak
added this
1 year ago
|
0 comments

Sea Water - Powered Car

Take a look at this. While trying to create a cure of Cancer, came up with a method of... more

petarro
added this
1 year ago
|
14 comments

OPEC to cut oil production, tackling falling oil prices

OPEC ministers headed for Vienna on Monday to wrestle with the issue of falling oil... more

Moopak
added this
1 year ago
|
14 comments

Cameron criticises 'bully' Russia

David Cameron could not express more exactly how I feel about this incident. -----... more

petarro
added this
1 year ago
|
13 comments

The pipeline war: Russian bear goes for West's jugular

"Georgia has today withdrawn its troops from the capital of South Ossetia, according... more

petarro
added this
1 year ago
|
3 comments

'This is the dirtiest oil in the world'

What happens when the world's biggest oil companies target a northern wilderness?

merasyad
added this
1 year ago
|
0 comments

Venezuela’s Chavez says oil could reach $300

Venezuelan President Hugo Chavez said on Sunday oil prices could hit $300 per barrel... more

bansheewail
added this
1 year ago
|
19 comments

Bush lifts offshore drilling ban

George W Bush has lifted an executive ban on drilling for oil in most US coastal... more

merasyad
added this
1 year ago
|
8 comments

New Iranian Oil Field Discovered?

Iranian state TV says the country is exploring a newly discovered oil field believed... more

TravG73
added this
1 year ago
|
2 comments

Crude Oil Jumps More Than $5

Crude oil rose more than $5 a barrel in the last hour of New York floor trading as... more

Psychedelic
added this
1 year ago
|
1 comment

Crude oil falls over $5

Crude oil for August delivery closed at $136.04 a barrel on the New York Mercantile... more

merasyad
added this
1 year ago
|
1 comment

$200 a barrel oil could happen this year

Oil's historic ascent from $100 to nearly $150 a barrel in just six months is lending weight to a far grimmer prediction: Crude could reach $200 a barrel by the end of the year.

Oil at that price would wreak deeper havoc on the world's airlines and automobile industries.

In the U.S., $200 crude would push the price of gasoline to well over $6 a gallon, causing commuters to alter their driving habits more sharply than they have already, while putting extreme strains on large sectors of the U.S. economy. In Europe, it would stir more political unrest and increase the clamor to cut the continent's stiff petrol taxes. In Asia, governments would be under pressure to cut fuel subsidies and risk a popular backlash.

U.S. benchmark crude prices leapt 3.6% last week, closing before the Independence Day holiday at a record $145.29 a barrel. Roughly halfway through the year, oil prices have soared 50% since Jan. 1 and have doubled since the same time last year. (Please see related article on page C8.)

Few oil watchers are now ready to bet that oil will hit $200 a barrel by New Year's Eve. But nearly all are wary of predicting how and when oil's upward stampede will be reversed.

What makes the market so unpredictable, analysts say, is that prices are being pushed by such a wide array of factors, while no single force has emerged with the power to throw them in reverse.

"Crude is going up," said Dave Pursell, an oil analyst at Tudor Pickering in Houston, "because there is nothing strong enough yet to push it down."

In Washington, deepening fears that oil prices will shoot still higher have stoked talk in Congress and within the Bush administration of using one of the last remaining cudgels to try to reverse the price rise: a sharp and sustained release of oil from the U.S. Strategic Petroleum Reserve.

Those discussions remain preliminary, though, while most senior administration officials remain opposed to such a move, because the oil stored in salt mines is meant for release in genuine supply emergencies.

The list of forces shoving prices upward is long: a weak dollar driving hot money into commodities; jitters over a possible military conflict with Iran; soaring costs and chronic project delays in the world's oil patch; concerns over scarce supplies and long-term production declines; and continued robust demand growth in much of the developing world.

For the rest of the story click link at top
Oil's historic ascent from $100 to nearly $150 a barrel in just six months is lending... more

pigmonkey
added this
1 year ago
|
25 comments

tagged w/ Crude Oil

The Oxen Report: Fed Report Making Stock Direction Murky, Stay on the Sidelines?

Crude prices follow stock market up

Rebels in the Pipeline

Crude oil is getting cheaper; so why isn't gas?

Oil prices drop for fourth straight session; 3.5 year low.

OPEC Agrees to Cut Production Quotas as Price Slumps

Gas prices may go as low as $2.50 a gallon by the holidays, experts say

Brown Urged To Cut Duty As Oil Prices Fall

Brazil passes on Saudi Invite to Join OPEC

Sea Water - Powered Car

OPEC to cut oil production, tackling falling oil prices

Cameron criticises 'bully' Russia

The pipeline war: Russian bear goes for West's jugular

'This is the dirtiest oil in the world'

Venezuela’s Chavez says oil could reach $300

Bush lifts offshore drilling ban

New Iranian Oil Field Discovered?

Crude Oil Jumps More Than $5

Crude oil falls over $5

$200 a barrel oil could happen this year

current videos

Sexiest Man Alive

Rockin' in the USA

The Obamas: After Dark

Five Favorite Films with John Woo

Girlfriend Texts During Football

People Eating Weird Things

about current

watch current

the people are talking

the basics

take us with you

tools

stay in touch

© 2009 Current TV, LLC
All Rights Reserved