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Oil prices hit a 6 week high today, as cold weather gripped most of the country.
Energy/oil billionaire T. Boone Pickens wants those investors who are expecting oil's price to drop amid an oil supply glut to know they are likely to be on the wrong side of history, and fairly soon.Continue reading T. Boone Pickens sees average oil price above $80 in 2010
Oil prices have risen sharply today, despite news that oil inventories rose more than expected last week. 
Oil prices dropped a bit today, as investors weigh news that consumer confidence took a hit in September.Continue reading Oil prices fall as consumer confidence drops
Commodities in general and oil and gold specifically are considered a good hedge against inflation, a weak dollar and flat trending stocks. However, these markets can also be very volatile as oil and gold traders are finding out this week.The oil industry has been working hard to find new oil reserves, and so far this year the efforts have been paying off.Traders are selling oil off today after a government report that showed inventories rose last week. Oil traders have been flocking into the precious crude today as the U.S. dollar fell to a new yearly low against the euro.
Oil traders have been selling off the precious crude Monday, as a steep sell-off of China's benchmark index raised concerns over the current state of both the Chinese and U.S. economies.Where does oil head from here? Well, short-term it heads up, but the price rise will have little to do with supply/demand fundamentals. Oil prices are moving strongly higher today following a government report that showed inventories dropped dramatically last week.
When we looked at oil prices yesterday, we noted that the market was going to pay close attention to today's inventory report from the Depart of Energy.Continue reading Oil prices drop sharply on inventory report
Oil firm ConocoPhillips (NYSE: COP) reported second-quarter earnings of 87 cents per share this morning, barely edging the consensus estimate calling for 85 cents per share. Despite topping the consensus estimate, the results fell well short of last year's same-quarter earnings of $3.50 per share. Continue reading ConocoPhillips barely tops second-quarter expectations
Oil prices headed lower today following a bearish inventory report from the Energy Information Administration.Continue reading Oil prices lower following weekly inventory report
Another stock leveraged to the oil market is Dupont (NYSE: DD). Because many of the company's products are derived from crude oil, rising oil prices negatively impact profit margins. The only recourse, then, is to raise the price for consumers. But doing so in this environment is unlikely given the weakness in the economy.
As a result, the dynamics of the market are such that profits for DD will be lower in the near term.
That puts the company in a bit of a Catch-22.
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