Oil Price Spike Had Chilling Effect -Fed
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The recent spike in oil prices has had some negative impact on the US economy, but the futures markets suggest that this will be a temporary phenomenon, a top Fed official said on Sunday.
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Oil jumped to near $91 a barrel on Friday, lifted by a broad stock market rally amid optimism about a U.S. economic stimulus plan aimed at warding off a recession in the world's top energy consumer.
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Oil stood above $60 on Tuesday after forecasts of a cold spell in the U.S. Northeast buoyed heating oil, and as a weaker dollar and a Saudi warning of possible new output curbs bolstered the market.
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This year&#39;s oil price surge will not be a replay of the oil shocks of the 1970s and 1980s that sent the United States into a series of recessions, Federal Reserve Chairman Alan Greenspan said Friday.
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US stocks sank but bonds got a strong boost on Thursday, as oil spiked to a fresh record near $55 a barrel and downbeat data deepened worries about a possible US economic slowdown.
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The concern over inflation and weakening housing prices offset the salutary effects of a drop in the price of oil.
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The price of oil jumped back above 90 dollars on Friday, helped by a recovery in global stock markets on the back of plans for a stimulus package to prevent the US economy falling into recession, traders said.
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Oil prices hit record highs on  Thursday, fueling gains in some energy stocks, but fears that  high power costs will dent household incomes, raise firms'  expenses and hurt global growth weighed on Asian share markets.
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Oil prices drop back from a new record above $100, but fears high energy prices could stoke inflation hit stocks.
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Oil cut some of its losses to trade around $88 a barrel on Tuesday after the U.S. Federal Reserve took emergency action to help prevent the world's biggest fuel consumer from tipping into recession.
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NEW YORK - A drop in oil prices and reassuring words from the Federal Reserve sent stocks higher Monday, raising hopes that Wall Street would be able to extend its recent rally.    Investors were cheered by a dip in oil prices, which backed off of the $50 per barrel mark at Friday's close of trading...
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The upsurge in Middle East violence and resulting spike in crude oil prices poses new risks to the US economy, which is already cooling from higher interest rates and other factors, experts say.
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Oil fell more than three dollars from its record high on Tuesday in a broad commodity sell-off sparked by uncertainty over how aggressive the U.S. Federal Reserve will be in fueling economic growth with further interest rate cuts.
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Oil prices jumped to the highest level in two weeks on Thursday, buoyed by a cold weather front in the United States and below-average stocks of winter heating fuels.
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The International Monetary Fund warned Tuesday that the risks of a global slowdown have increased due to higher interest rates, surging oil prices and an apparent cooling in the U.S. housing market that could slow the U.S. economy.
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World oil prices surged a dollar on  Friday on worries that the ongoing storm season in the U.S.  Gulf would continue to hamper energy production and imports,  delaying vital pre-winter stock building.
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The dollar firmed against major currencies as oil prices stabilized and markets mulled the impact of their recent record peaks amid a sparse data calendar.