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falling oil posts

Oil Prices Continue to Slide

Posted May 6th 2010 5:00PM by Michael Fowlkes (RSS feed)
Filed under: Major Movement, International Markets, Bad News, Middle East, Market Matters, Commodities, Oil, Financial Crisis

Oil prices have been under a lot of pressure this past week, and are down again today, dropping another 4.5% and falling to a nine week low.

One reason for the recent sell off is the strength that we have been seeing in the dollar recently. While oil was trading at its nine week low, the dollar, on the other hand, was sitting at a one year high against the euro.

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Oil drops under $40 on employment data

Posted Feb 6th 2009 5:30PM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Bad News, Middle East, Employees, Economic Data, Oil, Recession, Financial Crisis

While the markets may have been able to move higher today, despite a weak jobs report, oil was not so lucky, with traders pushing oil prices down below $40 a barrel.

By the end of the session, oil had inched back slightly higher, and closed the day at $40.17, after breaking through the psychological $40 barrier and hitting an intraday low of $38.60. Traders pushed oil prices lower on the news of deep job cuts in January.

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Oil down sharply following bearish inventory report

Posted Jan 7th 2009 3:00PM by Michael Fowlkes (RSS feed)
Filed under: Major Movement, International Markets, Forecasts, Russia, Middle East, Oil, Eastern Europe, Recession, Financial Crisis

Oil prices have dropped sharply today as traders focus on increased demand concerns following this week's oil inventory report.

Going into today's inventory report, analysts were expecting to see an increase in oil reserves of around 1.5 million barrels. However, the market was shocked to see that the actual increase last week was well above that figure, as the Energy Information Agency announced that inventories grew by 6.7 million barrels.

The result? Oil prices have dropped over 9% in today's market, falling $4.54, down to $44.04.

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Oil falls under $100

Posted Mar 20th 2008 11:35AM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Forecasts, Consumer Experience, Middle East, Economic Data, Commodities, Oil

Yesterday, we took a look at falling oil prices, and that trend has continued today, sending prices below the $100 mark. As we mentioned yesterday, the selling was coming as traders have turned their attention to demand, and that is the same story that we are seeing again today.

Right now prices are trading just slightly higher than the psychological $100 barrier, at $100.31, but only a short time ago prices had retreated all the way down to $98.65.

One thing that we always like to keep track of is the weekly inventory reports from the U.S. Department of Energy. These reports are typically issued each Wednesday, and going into yesterday's report analysts had been looking to see a rise of 2.3 million barrels. While the market was given news of rising inventories, the numbers were actually much lower than had been expected, with an increase of 200,000 barrels.

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