Oil Pushes Above $83

Crude oil prices moved above $83 Monday -- from just above $70 only two months ago. There are a number of causes for the increased price of crude, among them the growth in demand for oil in China.

Iraq Raises Proven Oil Reserves 24%

Iraq raised its level of proven oil reserves by 24% in the first revision since Saddam Hussein was toppled from power. The country has 143.1 billion barrels of known and extractible oil, compared with 115 billion barrels at the end of Saddam Hussein%u2019s reign, BBC News reported

U.S. Trade Deficit Unexpectedly Rises in May

May%u2019s unexpected rise in the U.S. trade deficit to $42.3 billion isn%u2019t likely to resolve the tug-of-war between the economic bulls and bears. Imports and exports both grew, but imports grew marginally faster.

Econ Note: OPEC Sees Flat Demand and No Need for More Oil Supplies

In OPEC's June report, released today, the oil cartel doesn't see global demand changing much. It's sticking with its 0.9 million barrels per day increase (1.1%) for the remainder of 2010. It notes that demand rose a "marginal" 0.4 mbd in the first quarter, so it's already trending a bit behind its yearly forecast.

In This Market, Crude Oil Is as Good as Gold

Oil demand is still soft following the recession, but prices remain high. Why? Investors' use of oil as an alternative investment and a hedge against a declining dollar are as much to blame as OPEC's manipulations.

With Oil Up 25%, the Recovery Could Falter

With crude oil prices sloshing around near $85 a barrel, a new reality may be setting in that could threaten the recoveries of the world's major economies, according to the International Energy Agency. Crude oil futures hit 18-month highs in April as expectations rose for stronger demand.

OPEC's Business Model: Sit Back and Let the Money Flow In

The U.S.'s inability to lower its oil consumption has helped put OPEC in an advantageous position, again. Worse, the U.S. economy remains vulnerable to another quest by OPEC to explore the market's maximum price for oil -- which could tip the U.S. economy into another recession. OPEC, producer of about 40% of the world's oil, is in the catbird seat, once again.

OPEC: Oil Prices Are in a Sweet Spot

The Organization of the Petroleum Exporting Countries signaled it will not adjust its oil output targets, sending prices of crude futures above $82 per barrel on Wednesday, just a day after crude futures fell below $80 per barrel.

Saudi Arabia gives oil price thumbs up

OPEC might as well have just one member. Saudi Arabia is the largest crude producer in the cartel. If it does not go along with an increase or cut in...

OPEC to hold supply steady, again

OPEC has been fairly quiet recently. There have not been the usual comments from members that prices are too low for their economies to prosper. That...

Has BP's luck finally changed?

BP Plc, which reported a 53 percent drop in quarterly profit in July, announced much happier news Wednesday -- a gigantic oil discovery in the Gulf...

Will oil reach above $100 in 2011?

On Monday, Bernstein Research boldly predicted that oil prices would surpass $100 per barrel in two years as part of what the research outfit called...

OPEC minister predicts $75 oil

Will oil keep going higher? The oil minister of Saudi Arabia thinks so, even though OPEC does not appear ready to change its production targets in...

Are speculators pushing up oil again?

Is the price of oil being artificially boosted again by speculators and investors? Driven to dizzying heights near $150 in 2008 during the recent...

OPEC cuts its oil forecast again

Anyone counting on a rapid turnaround in the U.S. and global economies may be in for a rude reality. Or perhaps, a crude reality. OPEC cut its 2009...

Think tank expects oil demand to crash

There are two schools of thought on oil prices. The first is that the recession will not last long and that exploration by major oil companies has...

Russia pushing for higher crude prices

Russia is one of the largest oil producing nations in the world. The falling price of crude has clearly hurt its economy, but the country has seemed...

Are oil prices dangerously low?

As the immortal Larry King would say, "This, we don't need." One of the few benefits of the recession has been the drop in oil prices. Global oil...

Will oil keep rising?

Oil has been hovering above $50 for over a week. The argument that it won't go higher is simple: The recession will keep demand down. But the case...