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Oil price drops below $80 for 1st time since October

  The price of oil has dipped below $80 a barrel for the first time since October.   Benchmark U.S. crude, which has been tumbling since May, hit a low of $79.25 per barrel in morning trading on the New York Mercantile Exchange. That’s the lowest level since Oct. 6. It rose slightly, to $79.53… Continue Reading Oil price drops below $80 for 1st time since October

Oil prices fall on growing U.S. supply

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Oil prices dropped Wednesday after the government said U.S. supplies grew more than expected last week. Benchmark West Texas Intermediate crude fell $1.42 to $102.78 per barrel in New York, while Brent crude lost $1.88 to $116.90 per barrel in London. The Energy Information Administration reported that U.S. crude oil supplies grew by 3.9 million… Continue Reading Oil prices fall on growing U.S. supply

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Oil falls to $100 on growth in U.S. supplies

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Oil is falling to around $100 per barrel after a U.S. government report shows supplies grew unexpectedly as demand for gasoline and other petroleum products dropped. Benchmark West Texas Intermediate on Wednesday fell $1.22 to $100.06 per barrel in morning trading in New York while Brent crude lost $1.23 to $109.28 in London. Prices dropped… Continue Reading Oil falls to $100 on growth in U.S. supplies

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Rising stock prices push oil near $88 a barrel

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Oil rose Wednesday on renewed optimism about the U.S. economy, as traders took their cue from higher stock prices. Benchmark West Texas Intermediate crude for September delivery rose $1.25 to $87.89 per barrel in midday trading on the New York Mercantile Exchange. Brent crude, which is used to price many international oil varieties, increased by… Continue Reading Rising stock prices push oil near $88 a barrel

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Construction material prices appear to be entering another period of double digit inflation, similar to what occurred during 2004 and 2008. The Bureau of Labor Statistics price index jumped 1.3 percent during March and is rising at a 10 percent-plus pace for the first three months of 2010. The same materials that caused the two… Continue Reading Building costs pushed up by soaring materials costs

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Home sales statistics for the Pikes Peak region seem to be improving slightly and are impressing a number of national real estate industry researchers. In its online real estate feature story, “Best Cities for a Housing Recovery,” Forbes.com listed Colorado Springs No. 3 on its top 10 list of cities most likely to return from the downturn, based… Continue Reading Prices soft, but local home market impressing researchers

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Low demand forces drop in oil prices

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Oil prices fell below $52 a barrel Friday, following a huge rally the previous day, as U.S. unemployment data showed the world’s largest economy is continuing to lose jobs. Benchmark crude for May delivery was down 86 cents to $51.78 a barrel by mid-afternoon in Europe in electronic trading on the New York Mercantile Exchange.… Continue Reading Low demand forces drop in oil prices

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