MARKETS PUT OPEC TO &#39;TEST&#39;; OIL PRICES TUMBLE AS DOUBTS LINGER ...
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OPEC oil producers yesterday said they had already moved to rein in excess supply, a day after doubts over the group&#39;s resolve sent prices into a tailspin.
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Oil fell below $60 on Friday as investors doubted 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 prices have steadied after sliding sharply from record highs late last week but the tightening siege on rebels holed up in a shrine in Iraq has heightened uncertainty in the market.
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Oil prices fell on Friday as traders   questioned whether planned output cuts by OPEC members Nigeria   and Venezuela would be enough to stem a two-month slide in   prices.
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As OPEC&#39;s leaders prepare to discuss oil price and output targets amid strong demand, analysts wonder if the cartel&#39;s influence has waned at a time when producers outside the
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Prices came in surprisingly weak, despite surging oil costs. And since crude is likely to recede, the CPI should now stay flat. You wouldn&#39;t know that crude-oil prices spiked to their highest levels in two
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Oil prices tumbled 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 prices bounced from a three-month  low on Monday as traders eyed signals from OPEC that it may  take action to stem a slide that knocked 14 percent off crude  prices last week.
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Oil prices turned lower Monday as traders apparently shrugged off worries about whether production cuts by two key producing nations were harbingers of further restrictions by OPEC members.
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Oil prices fell again Thursday as worries over supply disruptions eased. New York light sweet crude ended the day just over $43, and OPEC president Purnomo Yusgiantoro said the cartel hoped
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Oil prices held firm above $47 a  barrel as worries about a possible cut to OPEC production  curbed fears of a slowdown in second-quarter demand.
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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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Opec members have split on whether their output should be increased in a bid to boost global supply that might cause oil prices to drop.
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OPEC oil producers meeting on Sunday are  debating what advance measures they can put in place to head  off a potential price drop after the northern winter, cartel  ministers said on Saturday.
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OPEC members were divided yesterday on whether their output should be increased in a bid to boost global supply that might cause oil prices to drop.
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World oil prices continue to remain volatile after the Organization of Petroleum Exporting Countries (OPEC) decided over the weekend to cut production output by one million barrels per day.
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BEIRUT: Oil hit a four-month low Friday despite OPEC&#39;s decision to cut output by around 4 per cent in a bid to reverse the recent sharp fall in prices.