The price of crude oil surged back above $71 (£42.66) a barrel on Monday as fresh militant attacks on oil facilities across Nigeria exerted upward pressure on the market.US crude for August delivery settled at $71.76 a barrel - up $2.60, or nearly four per cent, on the previous day. London Bren... More
The price of crude oil fell back below $70 (£42.46) a barrel on Friday as a weak day on the US stock market helped reverse the previous day's gains.US crude for August delivery settled down $1.07 at $69.16 a barrel, while London Brent crude fell 86 cents to close at $68.92 a barrel.Oil prices h... More
Crude oil prices bounced back from recent losses on Thursday as hopes of economic recovery and tightening stockpiles helped push prices above $70 (£42.49) a barrel.The US government published a new report which showed that the country's economy retracted by an annual 5.5 per cent between Januar... More
Crude oil prices slipped below $69 (£42.17) a barrel on Wednesday, despite a steep drop in US stockpiles.A report by the Energy Information Administration revealed that inventories in the world's biggest consumer country fell by more than one per cent last week, exceeding most expectations.Howe... More
Crude oil prices are unlikely to continue rising unless there is a significant recovery in world energy demand, the International Monetary Fund (IMF) has claimed.The IMF's chief economist Olivier Blanchard said on Wednesday that the recent rally has been based on speculative bets from traders and is... More
The price of crude oil slumped to less than $67 (£41.10) a barrel on Monday as the World Bank raised doubts over the likelihood of any potential economic recovery in the near future.US crude for July delivery fell by $2.62, or 3.8 per cent, to settle at $66.93 a barrel - its lowest point for mo... More
UK prime minister Gordon Brown has called for international action to help tackle the rising price of crude oil and ensure it does not derail the country's economic recovery.According to the Guardian, Mr Brown believes that the G20 meeting in London earlier this year did not do enough to help stabil... More
Crude oil prices edged higher on Thursday amid rising hopes that the worst of the economic crisis may be coming to an end.Latest figures from the US showed that the country's leading economic indicators posted their biggest increase in five years in May, while unemployment also dropped.The market wa... More
Crude oil prices held steady around $70 (£42.56) a barrel on Wednesday as US stockpiles continued to fall, boosting hopes that demand is beginning to pick up as the recession shows signs of easing.The US Energy Information Administration's weekly report revealed that inventories fell by nearly ... More
The price of crude oil slipped further from recent eight-month highs on Tuesday as concerns over the faltering world economy continued to weigh heavy on the market.A fall in the strength of the US dollar had helped push prices up towards $72 (£44) a barrel in early trading, before fresh demand ... More
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