OPEC oil producers are consulting about a supply boost but many in the group remain sceptical, saying high prices are due to fears of shortage and world supply is comfortable despite the loss of Libyan crude. Get the full story »
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U.S. oil holds near $100 a barrel
Oil prices held near $100 a barrel Wednesday amid investor concern that the unrest in Libya could spread across the Middle East. The benchmark U.S. oil contract, West Texas Intermediate, was up 39 cents to $100.02 a barrel for April delivery. Get the full story »
Obama confident oil prices will stabilize
President Barack Obama said Thursday he’s confident that markets will be able to ride out the situation in Libya and the price of oil will stabilize.
Obama made the brief comments during a discussion with a new council of business and labor leaders he’s appointed to work on economic competitiveness. He said that energy costs are generally a source of uncertainty for businesses. But as for the spike in oil prices, the president said: “We think we’ll be able to ride out the situation in Libya and it will stabilize.”
Oil prices rose again Thursday as the rebellion in Libya appeared to have shut down even more crude production than previously estimated. At the pump, gas prices rose more than 2 cents to a new national average of about $3.23 per gallon. Get the full story »
