Will the loonie lead crude this time?

2010-03-19T19:15:37Z

<div id="subtitle">Recent strength in the Canadian dollar may portend a rally in crude prices.</div><div><p>Historically, the CAD/USD exchange rate has tracked crude prices reasonably well. Using weekly data going back to 1983, the two series have a 67% correlation. In recent weeks, however, the Canadian dollar loonie has broken out and is powering toward parity with its American counterpart. In contrast, crude oil pri...

Oil prices tumble, driven by strong dollar

2010-03-19T09:16:11Z

<div><p>Oil prices plunged on Friday as the strengthening US currency dented investor enthusiasm for dollar-priced crude, analysts said.</p><p>New York's main contract, light sweet crude for April delivery, slumped 1.91 dollars to 80.29 dollars a barrel, extending earlier losses.</p><p>London's Brent North Sea crude for May delivery dived 1.83 dollars at 79....

Oil prices drop, driven by strong dollar

2010-03-19T07:45:19Z

<div><p>World oil prices fell further on Friday as a strong US currency dented investor enthusiasm for dollar-priced crude, analysts said.</p><p>New York's main contract, light sweet crude for April delivery fell 59 cents to 81.61 dollars a barrel.</p><p>London's Brent North Sea crude for May delivery was down 65 cents to 80.83 dollars.</p><p>"To...

Oil prices climb on back of OPEC output freeze

2010-03-17T13:15:53Z

<div><p>Oil prices climbed sharply Wednesday after OPEC, the cartel that produces 40 percent of world crude, held current output quotas unchanged despite a recent runup in prices.</p><p>New York's main contract, light sweet crude for April delivery rose 1.23 dollars to close at 82.93 dollars a barrel.</p><p>London's Brent North Sea crude for May delivery leapt 1.43 dollar...

Oil prices rise as OPEC holds output

2010-03-17T11:16:45Z

<div><p>World oil prices rose slightly on Wednesday as OPEC members agreed as expected to hold the cartel's output, while the weekly US energy inventory report was broadly in line with forecasts.</p><p>New York's main contract, light sweet crude for April delivery rose 51 cents to 82.21 dollars a barrel.</p><p>London's

OPEC decides leave output unchanged

2010-03-17T09:30:23Z

<div id="subtitle">OPEC oil ministers decide to keep production targets steady</div><div><p>OPEC oil ministers on Wednesday opted to keep their output targets unchanged in a bid to keep prices at present levels and send a message of stability to energy-hungry economies struggling to emerge from recession.</p><p>Even before the formal decision, influential members of the Organization of the Petroleum Exporting Countries h...

OPEC holds oil output steady: source

2010-03-17T06:16:25Z

<div><p>OPEC formally decided Wednesday to hold oil output steady at its meeting here, according to an OPEC source.</p><p>"It's a rollover," the source said following a ministerial meeting of Organization of Petroleum Exporting Countries in the Austrian capital.</p><p>Ministers would then reconvene again in Vienna on October 14 to review the situation, the s...

OPEC set to freeze oil output

2010-03-17T05:16:30Z

<div><p>OPEC was set Wednesday to formally announce a freeze in the cartel's oil output ceiling in the face of recovering crude prices and uncertain economic recovery, member countries said.</p><p>Ahead of an official announcement on output levels by the Organization of Petroleum Exporting Countries, Saudi Oil Minister Ali al-Nuaimi said the cartel had reached agreement on leav...

OPEC to freeze oil output target as prices near 82 dollars

2010-03-16T10:17:34Z

<div><p>OPEC members on Tuesday prepared to announce a freeze in the cartel's oil output ceiling here as crude prices jumped to near 82 dollars.</p><p>The Organization of Petroleum Exporting Countries was widely expected to maintain its official oil output quota of 24.84 million barrels a day when it meets in the Austrian capital on Wednesday.</p><p>"This is going to be an easy meeting,"

Oil firms on eve of OPEC meeting

2010-03-16T06:16:27Z

<div><p>World oil prices rebounded slightly on Tuesday, after recent heavy losses, with traders on tenterhooks on the eve of a key production meeting of the OPEC cartel.</p><p>New York's main contract, light sweet crude for April delivery rose 32 cents to 80.12 dollars a barrel.</p><p>London's Brent North Sea crude for April delivery was up 39 cents to 78.28 dollars. The ...

Oil extends rise on eve of OPEC meeting

2010-03-16T05:16:09Z

<div><p>World oil prices rebounded slightly on Tuesday, after recent heavy losses, with traders on tenterhooks on the eve of a key production meeting of the OPEC oil cartel in Vienna.</p><p>New York's main contract, light sweet crude for April delivery rose 42 cents to 80.22 dollars a barrel.</p><p>London's Brent North Sea crude for April delivery was up 48 cents to 78.37...

OPEC members happy with oil output quota

2010-03-15T17:15:58Z

<div><p>Key OPEC members on Monday said there was no need for the cartel to change its official oil output target owing to the current supply, demand and price situation amid a world economic recovery.</p><p>The Organization of Petroleum Exporting Countries has no need to "disturb" a balanced oil market, Saudi Oil Minister Ali al-Nuaimi told reporters ahead of the cartel's late...

Oil prices slump ahead of OPEC talks

2010-03-15T13:17:07Z

<div><p>Oil prices slumped Monday amid a rising US dollar and concerns over energy demand as traders eyed the OPEC cartel's output meeting this week.</p><p>New York's main contract, light sweet crude for April delivery, slid 1.44 dollars to 79.80 dollars a barrel.</p><p>London's Brent North Sea crude for April plunged ...

Toreador 4Q loss narrows as oil prices rebound

2010-03-15T10:46:21Z

<div id="subtitle">Toreador 4Q loss narrows as oil prices rise, offsetting production decline</div><div><p>French energy company Toreador Resources Corp. said Monday that its fourth-quarter loss narrowed to $5 million as rising oil prices partially offset falling production.</p><p>Toreador said the average price of oil rose 34 percent in its fiscal fourth quarter, helpi...

Oil prices dive under 80 dollars

2010-03-15T10:17:38Z

<div><p>World oil prices sank under 80 dollars on Monday, hit by the falling US currency and energy demand concerns, as traders eyed the OPEC cartel's output meeting due later this week.</p><p>New York's main contract, light sweet crude for April delivery, tumbled 1.82 dollars to 79.42 dollars a barrel.</p><p>London's Brent North Sea crude for April plunged 1.77 dollars t...

Oil prices sag, as focus turns to OPEC

2010-03-15T06:16:07Z

<div><p>World oil prices weakened on Monday, hit by concerns over Chinese demand, as traders also turned their attention towards this week's crucial output meeting of the OPEC oil cartel.</p><p>New York's main contract, light sweet crude for April delivery, fell 61 cents to 80.63 dollars a barrel.</p><p>London's Brent North Sea crude for April retreated 58 cents to 78.81 ...

Sector Snap: Airline stocks mixed

2010-03-12T08:45:20Z

<div id="subtitle">Airline stocks mixed as oil prices climb above $82 a barrel</div><div><p>Airline stocks, which rallied strongly earlier this week, were mixed in Friday trading as oil prices surged, raising the prospect of higher costs for jet fuel.</p><p>The Amex airline index was up a fraction with seven of its 13 components — including several of the foreign carriers in the index — trading higher.</p><p>Oil prices rose above $82 a barrel after...

Oil prices climb towards $83 on upbeat IEA report

2010-03-12T08:15:47Z

<div><p>World oil prices rose toward 83 dollars a barrel on Friday as the International Energy Agency reported strong growth in world energy demand, led by China.</p><p>New York's main contract, light sweet crude for April delivery, added 31 cents to 82.42 dollars a barrel.</p><p>Brent Nor...

Oil prices near $83 on upbeat IEA report

2010-03-12T05:15:48Z

<div><p>Oil rose close to 83 dollars a barrel on Friday as the International Energy Agency reported unexpectedly strong growth in world energy demand, led by China.</p><p>New York's main contract, light sweet crude for April delivery, added 49 cents to 82.60 dollars a barrel.</p><p>Brent N...

Oil prices mixed in holding pattern

2010-03-11T13:15:34Z

<div><p>Oil prices traded narrowly mixed Thursday as the market weighed prospects for global economic recovery ahead of an OPEC meeting next week.</p><p>New York's main contract, light sweet crude for April delivery, inched up two cents to close at 82.11 dollars a barrel.</p><p>London's Brent North Sea crude for April shed 20 cents to settle at 80.28 dollars a barrel.<...

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