Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Kuwaiti Oil Minister reportedly says OPEC won't increase production until prices hit $100/barrel]]>http://www.autoblog.com/2009/06/11/opec-well-let-oil-get-to-100-a-barrel-before-we-increase-prod/http://www.autoblog.com/2009/06/11/opec-well-let-oil-get-to-100-a-barrel-before-we-increase-prod/http://www.autoblog.com/2009/06/11/opec-well-let-oil-get-to-100-a-barrel-before-we-increase-prod/#commentsFiled under: , , ,



America might get most of its oil from Canada, but the moves that OPEC makes still reverberate here. Thus, a statement by the Kuwaiti Oil Minister Sheikh Ahmed al-Abdullah al-Sabah to reporters yesterday probably won't help decrease domestic gasoline prices any time soon. OPEC's al-Sabah said that the organization will not consider increasing production until the price of a barrel of oil reaches $100.

Currently, the price is around $70 a barrel - up almost 60% this year - but way, way down compared to the highs of 2008. Oh, and when the $100 price per barrel threshold is reached, only then will OPEC "maybe" consider putting more supply into the market. The organization sees the recent rise in prices as the result of investors looking for good places to put their money, not because demand for the product is rising. Over the middle-to-long term, many expect forecasters expect prices to easily surpass $100 a barrel once again.

[Source: Bloomberg | Image: David McNew/Getty]

Kuwaiti Oil Minister reportedly says OPEC won't increase production until prices hit $100/barrel originally appeared on Autoblog on Thu, 11 Jun 2009 16:57:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>al-sabahbarrel of oilBarrelOfOilgas pricesGasPricesKuwaitKuwaitioil priceoil pricesOilPriceOilPricesOPECSheikh ahmed al-abdullah al-sabahSheikhAhmedAl-abdullahAl-sabahThu, 11 Jun 2009 16:57:00 EST<![CDATA[Oil back below $88 on Monday]]>http://www.autoblog.com/2008/10/07/oil-back-below-88-on-monday/http://www.autoblog.com/2008/10/07/oil-back-below-88-on-monday/http://www.autoblog.com/2008/10/07/oil-back-below-88-on-monday/#commentsFiled under: ,

Simply put, the U.S. economy is in the crapper. Stocks are yoyoing and our mortgages are a fraction of what they were even a year ago. For all that's fiscally wrong here in the States, there is one pleasant side effect: the price of a barrel of oil is dropping faster than Kimbo Slice against a two bit hack. Oil dropped 6% in trading on Monday, bringing down the price of a barrel of crude to $87.81. Black Gold has been on a downward trajectory since July 11, when it peaked at $147 per barrel. Since then, demand has weakened both in the U.S. and China, with demand slacking so badly that the Communist government hasn't purchased any oil in two months, and it's even selling some of its stockpiles.

While demand for oil is down to where it was eight months ago, OPEC is watching with a wary eye. The oil consortium, which on several occasions has increased oil production over the past year, is likely to slash production when it meets again in December. In the short term, industry experts are predicting that gas prices will drop below the $3 mark by November 1, which will make for one piece of good news in an otherwise lousy news cycle.

[Source: Reuters]

Oil back below $88 on Monday originally appeared on Autoblog on Tue, 07 Oct 2008 07:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>barrel of oilBarrelOfOileconomygas pricesGasPricesoil pricesOilPricesus economyUsEconomyTue, 07 Oct 2008 07:58:00 EST<![CDATA[One dude caused oil to hit $100/barrel]]>http://www.autoblog.com/2008/01/03/one-dude-caused-oil-to-hit-100-barrel/http://www.autoblog.com/2008/01/03/one-dude-caused-oil-to-hit-100-barrel/http://www.autoblog.com/2008/01/03/one-dude-caused-oil-to-hit-100-barrel/#commentsFiled under:

It was reported here yesterday that the price of a barrel of oil hit $100 for the first time ever. What actually happened was that one guy bought oil slightly above market price just so he could say "I was the first schmuck to buy oil at $100 a barrel!" The trader hasn't been identified, but after buying the minimum lot of 1,000 barrels from a colleague, he then sold them right back at a loss. It isn't clear what oil was trading at when he bought the barrels, but for his $100 per barrel order, he got $99.40 per barrel return. That means his moment of worldwide fame cost him $600, along with a few hours of jittery markets. Even if it was artificially induced, he was the first, and it probably won't be long before people are spending that much for real: Goldman Sachs predicts oil to be at $105 by year's end.

[Source: Daily Mail]

One dude caused oil to hit $100/barrel originally appeared on Autoblog on Thu, 03 Jan 2008 16:33:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>$100 a barrel$100ABarrelbarrel of oilBarrelOfOilcrude oil pricescrude priceCrudeOilPricesCrudePriceThu, 03 Jan 2008 16:33:00 EST<![CDATA[Oil hits $100 a barrel for first time ever]]>http://www.autoblog.com/2008/01/02/oil-hits-100-a-barrel-for-first-time-ever/http://www.autoblog.com/2008/01/02/oil-hits-100-a-barrel-for-first-time-ever/http://www.autoblog.com/2008/01/02/oil-hits-100-a-barrel-for-first-time-ever/#comments

I'm not an investor nor into playing the markets, but I'm staring at a graph right now showing that the price of a barrel of crude oil on the New York Merchantile Index hit $100 shortly after noon EST today, and even I know that's kind of a big thing. This is for the price of crude oil futures for February delivery, which we hope a business major will explain in the comments, but nevertheless marks a new all-time high for the cost of crude oil and that's news. It's been close to $100 a barrel a couple of times in the past few months, so passing this "symbolic level" for the first time doesn't really change anything overnight, especially since it stayed that high for just a bit before falling again. $100 a barrel, though, isn't far off from the all-time inflation-adjusted high of $102 a barrel we were paying for crude oil back in 1980 after the Iranian Revolution.

[Source: International Herald Tribune, Photo by ADEK BERRY/AFP/Getty]

Oil hits $100 a barrel for first time ever originally appeared on Autoblog on Wed, 02 Jan 2008 14:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>$100 a barrel$100ABarrel100 a barrel100ABarrelbarrel of o ilbarrel of oilBarrelOfOIlcost of crude oilcost oilCostOfCrudeOilCostOilcrude oilCrudeOilWed, 02 Jan 2008 14:27:00 EST