price of oil

'Cliff' Deal Sends Stocks Up, But Problems Lurk

The "fiscal cliff" compromise, even with all its chaos, controversy and unresolved questions, was enough to send the stock market shooting higher Wednesday, the first trading day of the new year.

Oil Prices Rise as Americans' Confidence Improves

Benchmaark crude is up 48 cents to $85.57 around noon EST; the Thomson Reuters/University of Michigan consumer sentiment index reveals that Americans feel better about the state of the world's largest economy than any point in the last five years.

U.S. May Soon Become World's Top Oil Producer

U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer. "Five years ago, if I or anyone had predicted today's production growth, people would have thought we were crazy," says one expert.

Obama Seeks to Confront Oil Market Manipulation

Under pressure to take action on rising gasoline prices, President Barack Obama wants Congress to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.

Oil Rises on Bullish US Manufacturing Data

The price of oil is climbing on reports that U.S. factories have cranked into a higher gear. Benchmark U.S. crude increased Monday by $1.07 to $104.09 per barrel in New York while Brent crude rose by 68 cents to $123.56 per barrel in London.

Oil Prices Fall as Greece Debt Talks Continue

Oil prices fell Friday as Greece's debt negotiations sparked new concerns about Europe's financial problems. Greece officials said that they are confident a deal will be reached with private creditors who are being asked help ease the country's debt load. An agreement is necessary for Greece to receive a new round of bailout money to prevent a default on its debt.

Oil Falls Below $93 Amid Slowing Global Economy

Oil prices fell below $93 a barrel Monday in Asia as investors mulled whether slowing global economic growth justified a surge in crude this month. Benchmark crude for December delivery was down 79 cents at $92.53 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 64 cents to settle at $93.32 in New York on Friday.