Stories related to: oil prices

After five straight days of record-breaking, oil prices smashed the $90-a-barrel mark in after-hours trading overnight, pumped up by the weakening dollar and fears that Turkish military strikes across the border in Iraq could disrupt supplies. Investors pushed the price of light, sweet crude to $90.02 before it fell back to $89.44 by midafternoon today in Singapore. More »

Stocks mostly finished where they began today, despite the dollar hitting a record low against the euro and continued record-busting oil prices ($89.45 a barrel). Weak Bank of America profit figures started off the day badly, the Wall Street Journal reports. The Dow was down 3.58 to 13888.96, the Nasdaq up 6.64 to 2799.31, and the S&P down 1.16 to 1540.08. More »

A grim financial sector and ever-rising oil prices cancelled  an encouraging tech rally during a so-so day in the markets. Yahoo and Intel reported sunny profits, but news of oil clearing the $89 mark doused the rally. The Dow finished down 20.4 to 13,892.54, the S&P rose 2.71 to 1,541.24, and the Nasdaq was up 28.76 to 2,792.67. More »

Stocks slid today for a second consecutive session following an ambiguous speech by Ben Bernanke and record-busting oil prices that topped $88. The Fed chairman offered a so-so assessment of the markets but no clues about rate cuts. The Dow fell 71.86 to 13,912.94, the S&P dropped 10.18 to 1,538.53, and the Nasdaq lost 16.14 to close at 2,763.91. More »

Crude oil hit yet another record today, trading near $88 a barrel over fears that a looming Turkish attack on Northern Iraq would disrupt pipelines in the world’s third-largest oil producer. Turkey’s PM said he expected parliament to approve an incursion to root out PKK militants in the Kurdish region, through which Iraq ships most of its crude. More »

Stocks fell more than they had in over a month today after Citigroup reported a 57% third-quarter loss. Of the S&P's 10 industry groups, only energy advanced, with oil closing at a record $86.13 a barrel. The Dow lost 108.28 to close at 13,984.80, the S&P 500 fell 13.09 to 1,548.71, and the Nasdaq finished at 2,780.05, down 25.63. More »

Crude oil hit nearly $80 a barrel today—its highest price ever—thanks to dwindling supply. US inventories fell by 7M barrels last week, much more than the 2.7M analysts predicted. OPEC announced a production increase of only 500K barrels, which Bloomberg reports will not meet seasonal demand increases. Storms in the Gulf of Mexico also contributed to rising prices. More »

OPEC surprised traders today by boosting oil production for the first time in a year, Bloomberg reports. Concerns over the U.S. market crisis dragging down the world economy inspired the spike of 500,000 barrels a day. The US reportedly prodded Saudi Arabia to overcome the opposition of other OPEC members and lead them to set a new target of 27.2 million barrels a day. More »