Subscribe to Money Morning get daily headlines subscribe now! Money Morning Private Briefing today's private briefing

Oil

Article Index

Oil Heads For $100 a Barrel, While Some Speculators Brace for a Correction

By Jason Simpkins Staff Writer Oil prices may be headed for $100 a barrel by the end of the year, after speculators successfully pushed crude oil prices through the $90 a barrel level late last week. But many Contrarian Investors believe that – despite the continued strong worldwide demand for oil – prices are already […]

Read More…

The One Russian Emerging Market With the Most Profit Promise

By Martin Hutchinson Director of Global Investing Research Readers may well have missed the news that Ukraine is currently putting together a new coalition government led by reformist Julia Tymoshenko. “So what?” you may ask. “I can’t know everything. And besides, how do you ever expect me to make a buck out of Ukrainian politics, […]

Read More…

Record Oil Prices Continue to Push Canada’s Dollar, Inflation

From Staff Reports Surging oil prices have pushed inflation in Canada to its highest rate since May 2006, Bloomberg reported Friday. And right behind it, not surprisingly, Canada’s dollar hit a 33-year high of $1.0344 (one dollar equals 96.67 Canadian cents) — quelling U.S. hopes the Bank of Canada would cut interests rates. The Canadian […]

Read More…

U.S. Economic Woes Prompt IMF to Cut its World Growth Forecast for 2008

By Jason Simpkins Staff Writer In part because of the U.S. market's economic malaise, the International Monetary Fund (IMF) cut its global growth projections for next year from 5.2% to 4.8%, Bloomberg News reported. In its semiannual World Economic Outlook, the IMF scaled its prediction for U.S. economic growth back to 1.9% from 2.8%. Declining […]

Read More…

Exxon Mobil Set to Sue Canada Over NAFTA Infraction

From Staff Reports Alleging that Canada has violated the North American Free Trade Agreement with unlawful restrictions, Exxon Mobil Corp. (XOM) has announced its intention to sue Canada in early November for more than $40 million. Arkansas-based Murphy Oil Corp. (MUR) has also warned Canada of its intent to sue for more than $10 million. […]

Read More…

Soaring Oil Prices, Debt Concerns Send Stocks Skidding Yesterday; Oil Spikes in Asia Today

By Jason Simpkins Staff Writer Stocks tumbled yesterday (Monday) as oil prices soared and three major U.S. banks announced a plan to revive the asset-backed commercial paper market. The Dow Jones Industrial Average fell 108.20 points, or 0.77%, to close at 13,984.80. The broader Standard & Poor's 500 Index closed at 1,548.71, down 13.09 points, […]

Read More…

PetroChina Surpasses GE as Worlds Second Most Valuable Company; Sets Sights on Exxon

By Mike Caggeso Staff Writer Record oil prices and strong sales and profits have vaulted PetroChina Co. Ltd. (PTR) past General Electric Co. (GE) as the world's second-biggest company by market value. PetroChina also said it had completed procedures for its $5 billion A-share initial public offering and expects to list its shares on China's […]

Read More…

A Lackluster Inventory and Political Strife Drive Oil to a Record High

By Jason Simpkins Staff Writer Oil prices touched another record high Friday, hitting $84.05 per barrel on the New York Mercantile Exchange. The price was spurred on by Thursday's lackluster inventory report, and the prospect of more violence in Northern Iraq. The U.S. Energy Department reported Thursday that U.S. crude oil inventories declined by 1.67 […]

Read More…

Oil Prices Slip, but a Rebound Could Be On the Way

By Jason Simpkins Staff Writer With worries mounting that the global credit crunch will squeeze the worldwide demand for petroleum-based products, oil prices dropped below the $81 a barrel level yesterday (Monday), according to The Associated Press. Light, sweet crude for November delivery fell 44 cents to $80.78 a barrel in Asian electronic trading on […]

Read More…

Gold Climbs to 27 Year High, Oil Eclipses the $83 Level

By William Patalon III And Jason Simpkins Money Morning Gold prices rallied to their highest level in 27 years Friday, fueled by the continued decline of the U.S. dollar. Meanwhile, crude oil surrendered early price gains, but still managed to stay above the $82 level. Friday marked the close of a quarter that saw pricing […]

Read More…

Chevron Prepares $15 Billion Buyback

From Staff Reports Chevron Corp. (CVX), the second largest U.S. oil company, yesterday (Wednesday) announced a three-year, $15 billion share buyback program, according to the Associated Press. The company has already spent $15 billion buying back shares over the past three years and is backing the market, doing it again. "We believe it is appropriate […]

Read More…

China Covets Crude

By Jason Simpkins Staff Writer China's top oil producer, PetroChina Co. Ltd. (PTR), has raised its production estimate for the Jidong Nanpu oil field. The field is located in the Bonhai Bay area and is one of China's biggest discoveries in recent history. "We estimate that, eventually, we could have proven reserves of as much […]

Read More…

Dutch Saudi Joint Project Soon to be the Largest U.S. Oil Refinery

From Staff Reports Royal Dutch Shell PLC (RDS.A RDS.B) and Saudi Arabia's Saudi Aramco have announced the $7 billion expansion of a refinery in Port Arthur, Tex., which will make it the largest facility in the United States, according to Forbes.com. The refinery's output will be beefed up from 275,000 barrels of crude per day […]

Read More…

Oil Surges Toward $85 A Barrel

By Jason Simpkins Staff Writer Crude oil spiked to a new all-time intra-day high of $82.51 a barrel – finally closing at a record $81.93 a barrel, up 42 cents – on the New York Mercantile Exchange yesterday (Wednesday), thanks to continued concerns over refinery outages and after a U.S. Energy Department report showed a […]

Read More…

Global Business Roundup: BoE Injects $20B, Steel Prices Surge, Arcelor on the Prowl, Mitsubishi Plugs Into Russia, H-P is Taken With Taiwan, Hyundai Eyes China, and More

In other top business and financial stories from around the world: The Bank of England said yesterday (Wednesday) that it would inject  $20 billion into the long-term money markets next week because of the ongoing worldwide credit crunch. The British central bank is addressing liquidity issues in the so-called “Interbank” market – where commercial banks […]

Read More…