UPDATE 8-US oil near $50, supply fears shift to Nigeria
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Oil prices surged to new record highs on Monday near $50 for US crude as Nigeria emerged as the latest focus for worries about supply security on world energy markets.
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OIL prices dropped from record highs above $50 a barrel yesterday as weekly US inventory data showed a surprise increase in crude stocks, easing fears over stretched international supplies.
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Oil prices ended above $50 a barrel on  Friday amid concern over possible fighting between rebels and  the military in Nigeria's oil-rich delta region.
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Oil prices ended above $50 a barrel amid concern over possible fighting between rebles and the military in Nigeria&#39;s oil-rich delta region.
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Oil prices raced to new record highs  above $50 on Tuesday as rebel threats against Nigerian oil  facilities threatened to inflict further strain on global  supplies.
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Oil prices slid from record highs above $US50 a barrel Wednesday as the US government reported a surprise increase in crude stocks and rebels in Nigeria&#39;s oil-rich delta region agreed to a preliminary cease-fire.
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Oil prices rose to record highs Monday  near $50 a barrel for U.S. crude as Nigeria emerged as the  latest focus for worries about supply in an already tight  worldwide energy market.
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Oil futures retreated below $50 US a barrel Monday, though analysts said there is enough uncertainty about geopolitics and weather - and the industry&#39;s ability to boost crude oil output quickly - to keep prices from plummeting anytime
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Oil prices held below $50 on Wednesday as a fresh jump in US crude oil inventories tempered the impact of President George W. Bush&#39;s move towards victory in the US election.
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Crude oil futures eased slightly Monday but remained close to the US$50 barrel level amid lingering concerns about shortages of heating oil at the start of the Northern Hemisphere winter, market-watchers said.
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Next stop, fifty bucks. Analysts said crude futures could climb that high today, pushed to the psychological barrier of $50 US a barrel by speculative buying amid escalating threats to Iraq&#39;s oil infrastructure.
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Oil prices rebounded Friday but remained below $50 US a barrel after declining four per cent over the past week due to rising US supplies of crude and natural gas.
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Oil prices have raced to new record highs above $50 as rebel threats against Nigerian oil facilities threaten to inflict further strain on global supplies.
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Oil prices slid from record highs above $50 a barrel Wednesday as the U.S. government reported a surprise increase in crude stocks and rebels in Nigeria's oil-rich delta region agreed to a preliminary cease-fire with the government.
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Oil prices slid toward $49 a barrel  on Thursday after U.S. crude stocks rose unexpectedly and  rebels in Nigeria's oil-rich delta region agreed to a  cease-fire with the government, reducing an imminent threat to  supplies.
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Oil slipped on Monday to around $59 a barrel, pressured by expectations for warmer weather in the United States and supported by threats to supply in Nigeria.
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LONDON: World oil prices surged into new record territory above $50 a barrel Tuesday as traders took fright at a multitude of supply threats, including unrest in Nigeria and recent hurricanes.