New York Mercantile

Oil prices tumble; gas falls to 2004 levels — COLUMBUS, Ohio — Oil prices fell nearly 7 percent Tuesday and gasoline prices fell to levels not seen since 2004 as a raft of lousy news about the economy, housing and the consumer state of mind suggested the U.S. is headed toward the worst recession in decades. The government reported that the nation's gross domestic product in the United States shrank 0.5 percent in the third quarter, which was worse than expected. It was the worst showing since the economy contracted 1.4 percent in the third quarter of 2001, during the last recession. Consumers and businesses have pulled back on... [Tags: brent crude, consumer confidence, economic cooperation, economic output, expre]

Oil Falls To Lowest Price Since 2005 — COLUMBUS, Ohio — Oil prices on Thursday hit levels not seen in more than three years and retail gasoline prices are now below $2 across nearly half of the country on dour economic reports suggesting a painful economic pullback. Benchmark crude fell as low as $48.50 a barrel on the New York Mercantile Exchange, levels last seen on May 18, 2005, when oil hit $46.80 a barrel. Meanwhile, prices at the pump fell again overnight nationally close to $2 a gallon, with the average price in 23 states even less than that. "After this summer, this is wonderful ... wonderful,"... [Tags: cab driver, crude prices, economic reports, free gasoline, jobless benefits]

Oil at 3-year lows; gas below $2 in 23 states — Benchmark crude fell as low as $48.50 a barrel on the New York Mercantile Exchange. Oil prices today hit levels not seen in more than three years and retail gasoline prices are now below $2 across nearly half of the country on dour economic reports suggesting a painful economic pullback.... [Tags: economic reports, lows, new york mercantile, new york mercantile exchange, oil prices]

Crude Oil Drops to January 2007 Levels — Light, sweet crude for December delivery fell 77 cents to settle at $53.62 a barrel on the New York Mercantile Exchange.... [Tags: crude oil, light sweet crude, new york mercantile, new york mercantile exchange, york mercantile exchange]

Crude Follows Wall Street's Wild Ride — Light, sweet crude for December delivery rose $2.08 to settle at $58.24 on the New York Mercantile Exchange.... [Tags: light sweet crude, new york mercantile, new york mercantile exchange, wall street, wild ride]

OPEC president: Oil cuts likely if no price rally — ALGIERS, Algeria — OPEC nations could further reduce oil output if moves last month to slash production do not bolster plummeting oil prices, OPEC president Chakib Khelil said Saturday. Khelil, who is also Algeria's energy minister, said an OPEC report would show by the end of the month whether all cartel members have enforced the daily 1.5 million barrel reduction decided in October. He said he hoped the production cut would raise and stabilize prices at a level manageable for both oil-exporting countries and consumer nations. Reasonable prices should range "between $70 and $90 per barrel," said Khelil, who currently... [Tags: african nation, algerian town, algiers algeria, chakib khelil, current cut]

Crude Oil Prices Tick Lower — Near-term oil futures were recently down 84 cents at $65.12 a barrel at the New York Mercantile Exchange.... [Tags: crude oil prices, new york mercantile, new york mercantile exchange, oil futures, term oil]

Crude Oil Prices Tick Lower — Near-term oil futures were recently down 84 cents at $65.12 a barrel at the New York Mercantile Exchange.... [Tags: crude oil prices, new york mercantile, new york mercantile exchange, oil futures, term oil]

OPEC Cuts Output After Meeting To Keep Oil Prices Up — VIENNA, Austria — OPEC said Friday it will slash oil production by 1.5 million barrels a day to stop tumbling crude prices, but the cost for a barrel of crude plummeted 7 percent to prices last seen in June of 2007. Demand for crude has evaporated amid a global economic spiral, and the supply levers held by the Organization of Petroleum Exporting Countries appears to have little influence in the current climate. Crude is selling for 50 percent less than this year's historic heights and has fallen $40 in the last month. Benchmark crude futures fell $4.57 to $63.27 a... [Tags: chakib khelil, crude futures, crude prices, dramatic collapse, electronic trading]

Oil Prices Tumble, Hit 16-Month Lows — NEW YORK — Oil prices tumbled below $67 a barrel to 16-month lows Wednesday after the government reported big increases in U.S. fuel supplies _ more evidence that the economic downturn is drying up energy demand. The Energy Information Administration said crude inventories jumped by 3.2 million barrels last week, above the 2.9 million barrel increase expected by analysts surveyed by energy research firm Platts. Gasoline inventories rose by 2.7 million barrels last week, and inventories of distillates, which include heating oil and diesel, rose by 2.2 million barrels. Over the last four weeks, the EIA said, motor gasoline demand... [Tags: crude inventories, distillates, dow jones, dow jones industrials, economic downturn]

Oil falls below $90 per barrel — SINGAPORE (AP) — Oil prices fell to an 8-month low below $90 a barrel on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil. Light, sweet crude for November delivery was down $4.69 to $89.19 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.... [Tags: ap oil, crude oil, electronic trading, financial crisis, global economic slowdown]

Price Of Oil Skyrockets Over 14% To $120 Per Barrel, End Of Days Draws Ever More Nigh [I Feel Gassy] — In case you don't have the ticker for oil prices set in your RSS feeder or a cerebral feed to the 24 hour news channels (I like CNBC for all the pretty colors! — Ed.), you might not know that the price on a barrel of light sweet crude jumped as much as 24% to above $130 per barrell at the New York Mercantile Exchange today, halting trading momentarily as prices exceeded the daily limit. The day ended with prices up 14.78% to a price of $120.00 for October contract expirations. Analysts are naming the cause as either confidence in... [Tags: bailout, banking system, cnbc, economic recovery, end of days]

Bailout Causes Oil To Soar — NEW YORK — Oil prices spiked more than $7 a barrel Monday, soaring above $111 as the government's proposed bailout plan weighed on the dollar and touched off frenzied buying of safe-haven investments. Light, sweet crude for October delivery jumped $7.11 to $111.66 in early afternoon trading on the New York Mercantile Exchange. Crude has gained about $20 in a dramatic four-day rally that has at least temporarily halted oil's steep two-month slide below $100. At the pump, retail gas prices fell as more Gulf Coast refineries ramped up operations following shutdowns forced by Hurricane Ike. A gallon of regular... [Tags: auto club, bailout plan, early afternoon, energy demand, energy traders]

Oil Prices Shoot Up More Than $6 A Barrel — NEW YORK — Oil prices shot up more than $6 a barrel Friday, breaking back into $100 territory as a sweeping government plan to rescue the imperiled U.S. financial system emboldened investors to re-enter the markets. Light, sweet crude for October delivery rose $6.67 to settle at $104.55 a barrel on the New York Mercantile Exchange, after earlier rising as high as $105.25. It was oil's first close above $100 in a week. Crude has climbed over $13 in the past three days as the government carries out a historic intervention into the financial system. But analysts say prices could... [Tags: banking institutions, crude prices, downward trend, energy consultancy, energy demand]

Oil Prices Dive As Wall Street Rages, Hurricane Ike Moves On — NEW YORK — Oil prices tumbled to a seven-month low Monday as the demise of Lehman Brothers and the sale of Merrill Lynch fed expectations of another big liquidation of commodities holdings. Crude's steep decline _ prices tumbled as much as $7 over the weekend _ also came as early signs suggested that Hurricane Ike delivered less damage than feared to the Gulf Coast energy oil and gas infrastructure. Light, sweet crude for October delivery fell $4.05, or 4 percent, to $97.20 a barrel on the New York Mercantile Exchange, after earlier dropping to $94.13, the lowest level since Feb.... [Tags: bank of america, bank of america corp, dramatic upheaval, gas infrastructure, global economic slowdown]

Ike Spikes Gas Prices As The Hurricane Threatens Texas Refineries — NEW YORK — Gasoline prices jumped to unprecedented levels in the wholesale markets Thursday as Hurricane Ike tore across the Gulf of Mexico, threatening to strike Texas and its refineries. The wholesale price of gasoline ranged from $4 to nearly $5 a gallon at the U.S. Gulf Coast on Thursday, said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J. That was up significantly from about $3 to $3.30 a gallon on Wednesday, Kloza said. "We're looking at the highest wholesale prices ever for a huge swath of the country," he said. "People... [Tags: excess production, gasoline futures, gasoline inventories, gasoline prices, global economy]

Oil falls ahead of OPEC meeting — By midday in Europe, light, sweet crude for October delivery was down $1.39 to $106.50 a barrel in electronic trading on the New York Mercantile Exchange. The contract overnight fell $1.46 to settle at $107.89.... [Tags: electronic trading, europe, light sweet crude, midday, new york mercantile]

Oil prices lowest in 5 months — WASHINGTON -- With news that the Gulf Coast region's energy infrastructure escaped serious damage from Hurricane Gustav, oil prices plunged to the lowest level in five months Tuesday, falling to within sight of $100 a barrel. Oil prices for October delivery fell to as low as $105.46 in early trading -- the lowest they've been since April -- before settling down $5.75 Tuesday to $109.71 on the New York Mercantile Exchange. Oil prices are almost 30 percent off their brief high of $147 a barrel in July.... [Tags: 5 months, barrel oil, energy infrastructure, five months, gulf coast region]

Oil prices dive as Gustav passes — With production and refining facilities in the Gulf of Mexico escaping major damage, weak demand rules oil markets. Crude oil futures tumbled today below $110 a barrel on the New York Mercantile Exchange as a weakened Hurricane Gustav mostly spared Gulf Coast petroleum installations.... [Tags: crude oil futures, gulf coast, gulf of mexico, hurricane gustav, new york mercantile]

Oil Prices Drop As Gustav Weakens — Oil prices tumbled to below $111 a barrel Monday as weather forecasters said Hurricane Gustav was weakening as it advanced toward Louisiana. A stronger dollar also helped reverse the course for oil prices, which had risen by nearly $3 to over $118 a barrel earlier in the session. Still, precautions due to Gustav prompted companies to shut down drilling and refining operations in the Gulf Coast region. By late afternoon in Europe, light, sweet crude for October delivery was down $4.70 to $110.76 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, it had... [Tags: brent crude, drilling platforms, energy analyst, energy risk management, futures exchange]