New York Mercantile Exchange

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 Goes Below $50 Per Barrel, Makes Small Rebound — VIENNA, Austria — A rebound in world stock markets supported oil prices Friday, with crude creeping off a 3-year low to trade above $50 a barrel. The bounce reflected how tightly oil prices are tied to trading in equities and left open the likelihood of further volatility in the crude sector. "At this point, all we can say with any degree of confidence is that crude oil ... will not trade below zero," wrote trader and analyst Stephen Schork in his Schork report in a tongue-in-cheek analysis of the market's unpredictability. Light, sweet crude for January delivery was up 66... [Tags: analyst estimates, asian stock markets, dow jones, dow jones industrial, dow jones industrial average]

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 Output Cut Fails To Stop Oil From Sliding Below $62 — VIENNA, Austria — Growing evidence of a severe global economic slowdown drove oil prices to below $62 a barrel Monday, as investors brushed off a sizable OPEC output cut. Traders were taking their cues from world markets, which slumped again Monday with the Nikkei index in Japan closing at its lowest in 26 years, down 6.4 percent. Hong Kong, and European markets followed suit, closing or trading substantially lower. The Dow Jones industrial average fell 3.6 percent Friday. Light, sweet crude for December delivery declined $2.23 to $61.92 a barrel in electronic trading on the New York Mercantile Exchange by... [Tags: bank of australia, commonwealth bank of australia, credit squeeze, dow jones, dow jones industrial]

Oil trades below $65 despite OPEC cuts output — LONDON — Oil fell sharply and traded below $65 a barrel Friday amid weakening global demand for crude _ despite a decision by the OPEC cartel to cut production quotas by 1.5 million barrels a day from next month. Light, sweet crude for December delivery fell $3.44 to $64.40 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. The contract overnight rose $1.09 to settle at $67.84. The size of the OPEC cut reflected concerns within the Organization of Petroleum Exporting Countries, which accounts for 40 percent of global oil supply, that the bottom... [Tags: dramatic collapse, economic turmoil, iranian oil, light sweet crude, nation organization]

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 plunges to 13-month low on global slowdown — NEW YORK — The stunning collapse in oil markets accelerated Friday, sending a barrel of crude plunging below $78 as investors grow more pessimistic about resolving a mushrooming global economic crisis. Oil hasn't been this cheap in 13 months _ a rare silver lining for consumers amid a rapidly imploding financial landscape. Crude prices have almost been cut in half since surging to a record near $150 barrel over the summer. Energy experts believe prices could go even lower. Friday's steep losses came as Wall Street capped its worst weekly drop ever with another wild session. The Dow Jones industrial... [Tags: central banks, credit crisis, dow jones industrial, dow jones industrial average, energy experts]

Oil plummets below $83 on global slowdown fears — LONDON — Oil prices plummeted to a one-year low below $83 a barrel Friday in European trading as investor fears of a severe global economic downturn caused by the crisis in credit markets sparked a panicked sell-off of both crude and equities. Light, sweet crude for November delivery was down $3.85 to $82.74 a barrel in electronic trading on the New York Mercantile Exchange by midmorning in Europe, the lowest since October 2007. The contract fell $1.81 overnight to settle at $86.62. "The whole market has lost confidence in everything," said Mark Pervan, senior commodity strategist with ANZ Bank in... [Tags: all european stock markets, central banks, credit crisis, credit markets, dow jones]

Oil Prices Drop To 1-Year Low — NEW YORK — Oil prices closed at their lowest level in a year Thursday, falling below $85 a barrel even after OPEC signaled it may try to slow crude's downward spiral by cutting production. At the pump, retail gas prices kept falling, with a gallon of regular shedding 4.4 cents overnight to a new national average of $3.403, according to auto club AAA, the Oil Price Information Service and Wright Express. In Oklahoma, regular gas dropped to an average of $2.987 a gallon, the first time average prices have fallen below $3 in any state since Feb. 21, said Fred... [Tags: dependent economies, downward spiral, extraordinary meeting, futures exchange, light sweet crude]

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]

Oil Prices Hit Eight-Week Low — Oil prices fell to an eight-month low below $90 a barrel Monday on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil. Significant gains by the U.S. dollar against the euro also contributed to slumping oil prices. By midday in Europe, light, sweet crude for November delivery was down $4.03 to $89.85 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, the price fell as low as $89.07 a barrel before recovering slightly. On Friday, the November contract lost 9 cents to close at $93.88... [Tags: bailout package, brent crude, debt crisis, energy analyst, european governments]

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]