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80Oil posts

Oil Gives Back Some Gains

Posted Mar 10th 2010 5:00PM by Michael Fowlkes (RSS feed)
Filed under: Exxon Mobil (XOM), Chevron Corp (CVX), ConocoPhillips (COP), Oil

Oil is trading higher on the day, but prices have fallen a good bit from the high they hit immediately following this week's inventory report.

Prices rose as high as $83.03 a barrel, and are currently trading at $81.97, up $0.48.

The reason why prices spiked so much following the report was the initial reaction to the smaller than expected rise in crude reserves. Analysts had been looking to see a jump of 2.1 million barrels last week, but the report indicated that inventories rose by a much smaller 1.4 million barrels.

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Oil Closes Above $80

Posted Mar 3rd 2010 5:30PM by Michael Fowlkes (RSS feed)
Filed under: Middle East, Economic Data, Commodities, Oil, Currency

Over the past week, oil prices have been flirting with the psychological $80 barrier, and they were finally able to settle above $80 Wednesday. Oil traded up $1.26 a barrel to $80.94.

Earlier today, we got the weekly inventory report from the Department of Energy, which showed a greater-than-expected jump in reserves last week. The report showed that oil inventories grew by four million barrels, which was well above the one-million-barrel increase that analysts had forecast.

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