OPEC President Chakib Khelil said over the weekend that he expects the price of crude oil to range between $80 and $110 per barrel in 2008.
By Tom WhippleIn India, strong demand growth and high profit margins have given the country the leeway to absorb a part of input cost hikes in the past.
Commodity Online SYDNEY: Oil prices fell by $1.50 to near the $100 a barrel mark on Monday, extending last week's deep losses as funds sought to lock in first quarter profits.
Commodity Online KUWAIT CITY: The oil rich tiny gulf state of Kuwait on Tuesday announced that its revenue collection has reached a staggering $63.6 billion until February this fiscal.
Crude oil futures prices dropped as traders sold contracts to gain profits from a record high near $106. Other investors bought oil to compensate for a falling dollar.
Gold futures closed with strong gains, after briefly soaring to a new record just below $1,000 an ounce after the dollar tumbled lower and crude oil continued to rally, boosting the metal's appeal as hedge against inflation.
Corn increased on Wednesday amid speculations that investors will boost holdings of commodities to overcome inflation following the gain of crude oil and other commodities.
U.S. crude prices rose to a record above $104 today after OPEC held oil production steady at a meeting in Vienna and U.S. fuel inventories declined for the first time in eight weeks.
Oil prices fell above $3 on Tuesday as the Organization of Petroleum Exporting Countries will keep crude output unchanged at its meeting tomorrow.
Crude oil futures rose to another record on Monday on the falling dollar, a decreased chance for an OPEC output hike, and downbeat U.S. manufacturing and spending reports.
Oil fell more than $1 to stand under $102 a barrel on Friday, stepping back from a record high reached due to supply disruptions and as a weak dollar encouraged investors to buy commodities.
Oil futures surged to a new record on Thursday as reports showed more signals of an economic slowdown in the U.S., the dollar fell against the euro and Nigeria reported a partial shutdown in production.
Oil surged more than 3 percent to an all-time high on Thursday after news that a fire struck a major European natural gas terminal.
Oil rose towards $101 a barrel on Thursday, trading within sight of its record high, as the U.S. dollar sank to a new low and after a supply cut in Nigeria, Africa's top exporter.
Crude oil futures fell from a record of $102.08 a barrel on Wednesday after the U.S. Government reported that crude inventories rose, exceeding forecasts.
U.S. crude oil futures climbed above $100 a barrel on Tuesday, approaching a recent record high of $101.32 reached last February 20, the highest since trading began 25 years ago.
Oil prices slumped from a $101.32 record high on Thursday after the U.S. government reported crude inventories rose last week for their sixth straight increase.
Oil prices fell back on Wednesday from a record of $100.10 a barrel on speculation U.S. crude stockpiles will rise.
Oil retreated on Wednesday, a day after hitting a record high above $100 a barrel, as investors focused on a U.S. inventory report expected to show crude stockpiles rose for a sixth week.
Crude oil prices rose on Tuesday above $100 a barrel to set a new record before falling slightly on speculation that the Organization of Petroleum Exporting Countries may diminish oil output next month and after an explosion shut off operations in a U.S. refinery.
Oil prices surged more than 4 percent on Tuesday to hit a record over $100 a barrel on expectations OPEC will keep production levels steady when it meets next month. News Nigerian oil delta rebel leader Henry Okah had died raised worries about supplies from the OPEC country, but a spokesman for the government later said he was alive and in custody.
Crude rose on Monday for a fourth day as Venezuela's dispute with Exxon Mobil Corp. and comments from an Iranian OPEC official increased concern of a shortage of oil supplies in the United States.
