• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 1 hour Shale Oil will it self destruct?
  • 2 hours NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 2 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 5 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 4 hours U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 5 hours South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 6 hours Starlink Internet Courtesy of Tesla
  • 2 days Panama revoked registrations of tankers flying under their flag that have not complied with sanctions. Most are Iranian tankers. Vessel seized in Gibraltar, Grace I, flying under Panamanian Flag. Registration revoked in May. England seizing justified
  • 1 day Oil Price Could Fall To $30 If Global Deal Not Extended
  • 1 day Rising air pollution and green house effect
  • 1 hour Germany exits coal: A model for Asia?
  • 1 day Is This The End of BBQ?
  • 23 hours U.S. Economic Expansion: Rich Get Richer
Alt Text

Oil Barely Budges On Slew Of Bullish News

A surprisingly strong US jobs…

Alt Text

Oil Prices Set For Worst Weekly Drop In Five Weeks

Concerns about weakening global economy…

Darrell Delamaide

Darrell Delamaide

Darrell Delamaide is a writer, editor and journalist with more than 30 years' experience. He is the author of three books and has written for…

More Info

Premium Content

Oil Prices Buffeted in Narrow Range But End Week Little Changed

Oil Market Summary for: 08/30/2010 to 09/03/2010.

Oil prices continued to move basically sideways as bullish and bearish news buffeted prices up and down in a narrow range.

The benchmark West Texas Intermediate futures contract settled Friday at $74.60 a barrel, off its lows for the day, and slightly lower than the $75.17 close a week earlier.

While stocks welcomed the new month with four days of gains, oil prices rose and fell depending not only on economic data but also on weather reports and another oil rig fire in the Gulf of Mexico.

Hurricane Earl developed into a Category 4 storm before weakening as it hit the U.S. East Coast. As the possible disruption to oil supply waned, crude oil prices fell.

However, a fire Thursday on a shallow-water oil drilling platform reawakened concerns that new government measures could restrict offshore drilling, pushing prices up, even though all workers were rescued and there were no immediate signs of an oil spill.
But the dominant influence on markets this week was the expected rise in the U.S. unemployment rate amid fears that the economic recovery is running out of steam. When the figures were finally released on Friday, markets reacted positively because the job loss was not as severe as forecast even though the jobless rate did rise to 9.6% from 9.5%.

Earlier in the week, the Institute for Supply Management’s index of manufacturing activity showed a rise in August, alleviating concerns that all economic news was showing a downward trend. The positive U.S. news on Wednesday, echoed by a key manufacturing index in China, enabled oil prices to recover from a dive below $72 a barrel at the beginning of the week.

Moving into the long holiday weekend, it looked like the main effect of Hurricane Earl would be to dampen demand for gasoline as motorists shunned the rain and wind brought by the storm. Labor Day traditionally marks the end of the driving season and comes this year with unusually high inventories of both oil and gasoline.

Analysts surveyed by Bloomberg said that refineries closing for seasonal maintenance in September and October could further dampen demand for oil and weigh on prices starting next week.

By. Darrell Delamaide for OilPrice.com




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Anonymous on September 06 2010 said:
    Why should there be a big change, Darrell. OPEC wants $75/b or thereabouts, and they have the juice to get it. Of course, if the oil price takes another dive, the OPEC bosses might be so heavily involved in my favorite Vienna gin joint that they don't notice it, and the oil price collapses to 65. I wouldn't cry about that.,

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play