Oil Falls for Fifth Session as Iraq Truce Eases Supply Concern
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Crude oil futures fell for a fifth session, the longest period in 10 months, as a cease-fire in Najaf eased concern that shipments from Iraq will be disrupted.
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The price of oil slid toward $42 a barrel yesterday despite confusion about the status of Iraqi exports, indicating the market has become less worried about the global balance of supply and demand.
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Oil prices eased from new highs on Friday as dealers pocketed profits from a long record-breaking run after escalating violence in Iraq took US crude close to $50 a barrel.
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NEW YORK - Crude oil futures declined for a fifth session yesterday, the longest period in 10 months, as a cease-fire in Najaf eased concern that shipments from Iraq could be disrupted.
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Oil prices fell on Thursday as the U.S.  government considered whether to release crude from the U.S.  petroleum reserve after Hurricane Ivan sliced into supplies.
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LONDON : Oil prices declined in opening deals as supply fears receded after Iraq resumed oil exports through its southern pipelines and speculative activity dwindled, analysts said.
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World oil prices firmed on Friday after a five-session drop amid renewed concerns over unrest in Iraq despite a ceasefire in its holy city of Najaf.
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Oil fell more than $1 to fresh   five-month lows Friday after rising U.S. fuel inventories and   the potentially early restoration of full output at BP's giant   Alaska oil field eased supply concerns.
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Oil prices tumbled below $47 on  Monday after OPEC producers agreed to keep crude output  unchanged for now and Iraq's elections passed without  disruption to oil exports.
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Oil extended losses for the seventh   consecutive session on Tuesday, retreating to around $65 a   barrel, after Iran sounded a softer note on its atomic program   and OPEC agreed to keep production steady for now.
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Oil prices eased on Friday as OPEC  looked set to keep output unchanged at its meeting this  weekend, although concern ahead of Sunday's election in Iraq  limited the fall.
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Oil prices eased on Tuesday, as  Middle East cyclone fears waned, but concerns over gasoline  supply in the United States kept crude above the $70 mark.
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Crude oil futures fell for a third day as Iraq raised exports for the first time in two weeks, easing concern about supply shortages.
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Oil prices slid to a five-week low on Friday, continuing a downturn that has slashed almost 13 percent from record highs as rising stockpiles have eased worries of a winter supply crunch.
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Oil extended losses for the seventh   consecutive session on Tuesday, retreating to under $65 a   barrel after Iran sounded a softer note on its atomic program   and OPEC agreed to keep production steady for now.
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World oil prices have fallen strongly for the second day running as worries over supply disruptions eased, with traders claiming overnight pipeline attacks in Iraq were unlikely to affect the country&#39;s crude exports.
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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.