Oil prices pause after 14% plunge, traders eye Opec
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SINGAPORE, DEC 6: Oil prices inched up from a three-month low on Monday as traders caught their breath after last weekâs 14% dive and considered a possible output reduction at Opecâs upcoming meeting.
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Crude oil prices fell Friday to the lowest in more than four months as traders regarded Organization of Petroleum Exporting Countries&#39;(OPEC) production cut as a too conservative measure.
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U.S. stock futures pointed to a lower   market open, with energy stocks like Exxon Mobil Corp. XOM.N   in focus after crude oil prices fell below $66 a barrel, and   traders watched for a decision on crude production from OPEC,   which is meeting in Vienna.
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Oil prices held above $75 a barrel on Wednesday as traders awaited data that is expected to show U.S. crude stocks fell last week and an OPEC meeting next week where supply is likely to remain unchanged.
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Oil prices steadied on Friday after a  five percent surge on Thursday as OPEC producers signaled their  readiness to support prices by cutting supply.
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Oil steadied near $60 on Friday as investors were cautious on OPEC's resolve to carry out a planned supply cut and fuel inventories swelled in top consumer the United States.
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Oil rebounded above $66 a barrel on   Tuesday, with bargain-hunting traders ending a six-day retreat   after Iran sounded a softer note on its atomic program and OPEC   agreed to keep production steady for now.
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CAIRO  - The Organisation of Petroleum Exporting Countries (OPEC) is expected to take a &quot;wait and see&quot; stance on what action to take in the face of a fall in oil prices, several ministers said ahead of a cartel meeting.
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OPEC was considering on Thursday delaying an oil output cut until the northern winter has passed, responding to the calls of importer nations' afraid supply curbs now will drive prices higher and hurt their economies.
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Oil prices rose Tuesday, recovering some ground lost when prices fell more than $1 a barrel a day earlier as traders monitored the weather and OPEC production cuts
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Oil prices slipped to their lowest level   in five months before rebounding on Thursday as dealers took   pause from a three-day decline ahead of U.S. data expected to   show healthy crude stocks and rising distillate inventories.
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World oil prices ticked up from a three-month low on Monday as traders looked for OPEC to take action to stem a slide which knocked 14 percent off crude prices last week.
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Oil prices slid on Thursday after a  bigger-than-expected rise in U.S. fuel inventories soothed some  worries of a winter squeeze, but the fall was limited by an  upcoming OPEC meeting and Iraqi elections.
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OPEC ministers are considering curbing their production and taking some oil off the market to prevent a slump in prices as demand slows next year.
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The recent fall in crude prices won&#39;t affect policy, say group officials. But the second quarter may be a different story. The early December plunge in oil prices has been dizzying.
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Oil prices were little changed Friday amid concerns over a possible slowing of the U.S. economy that could lead to a drop in fuel demand.
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Oil prices rebounded to above $66 a  barrel on Tuesday, with bargain-hunting traders ending a  six-day retreat after Iran sounded a softer note on its atomic  program and OPEC agreed to keep production steady for now.