Oil Price Down 8% for Week; Decline Seen in Speculation
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The price of crude oil dropped almost 8 percent this week, its biggest weekly decline since April 2003.
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NEW YORK : World oil prices fell, capping a drop of more than 14 percent in a two-and-a-half-week slide triggered by a perception of growing US crude oil inventories.
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Oil prices fell below $87 a barrel on Wednesday as stock markets declined further, shrugging off a temporary reprieve from Tuesday's steep cut in U.S. interest rates amid persistent fears of a global economic slowdown.
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Oil prices edged lower on Thursday,  adding to a near 2 percent sell off the previous day caused by  a smaller-than-expected drop in U.S. heating fuel inventories.
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Oil prices continue to slide amid fears that a US recession will weaken global demand for crude.
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Oil prices fell on Monday, on expectations of higher U.S. refinery production and after remarks by OPEC that it is ready to pump more oil if needed.
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Oil futures prices sank nearly 5 percent yesterday, dropping below $53 a barrel, as concerns about tight winter-fuel supplies eased, at least temporarily, and traders turned their attention to rising US inventories of crude.
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Oil prices dipped on Thursday but held near the previous day's record high above $80 a barrel, as dealers watched a hurricane in the Gulf of Mexico after a sharp fall in U.S. crude stocks.
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The price of oil sank for the fourth consecutive day yesterday amid profit taking and easing concerns about supply, dipping below $44 US a week after it threatened to hit $50 US.
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New York - Oil prices continued to plummet on Thursday, falling almost five per cent to hit a 12-week low. On the New York Mercantile Exchange, the January contract for light sweet crude was down $2.24 US
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Oil prices fell on Monday to an 8-week  low under $47 a barrel, as growing fuel stocks in the United  States eased fears of a winter supply crunch despite a cold  snap in North America at the weekend.
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Oil fell below $88 a barrel on Wednesday as stock markets continued their decline, shrugging off a temporary reprieve from Tuesday's steep cut in U.S. interest rates amid persistent fears of a global economic slowdown.
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NEW YORK, October 29  - World crude oil prices increased modestly today, after declining by about 8% this week on positive development in US crude inventories and speculations about a decline in demand from China.
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Oil prices fell back below $68 a barrel   on Wednesday to near this week's three and a half month low   after the end of the U.S. driving season helped to remove any   lingering concerns of supply shortage.
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Oil prices fell as the market tracked fresh concerns about the US economy, with fears that a slowdown in the United States could dampen demand for crude, traders said Monday.
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Oil is now down almost 15% in a week. Isn&#39;t this what people were complaining about two weeks ago when oil was marching toward $50 a barrel?
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Oil fell on Monday, extending the  previous session's decline on profit taking from record highs,  but hovered near $88 on simmering geo-political tensions and a  weak dollar.