Crude Futures Trade Above $49 After Norwegian Supply Snag
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Crude oil futures rose to within a quarter of $50 a barrel Monday after a gas leak shut down a North Sea oil production platform and as traders weighed concerns about heating oil supplies against the fact that temperatures have been mild in recent weeks.
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NEW YORK -- Oil prices neared $49 a barrel yesterday, capping a rise of 7 percent for the week, as Gulf of Mexico crude production rebounded at a slower-than-expected rate in the wake of Hurricane Ivan.
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Oil prices have pushed above $49 a barrel, approaching record levels as worries about the stability of supplies from Iraq, Nigeria and Russia compound concerns over low fuel stocks ahead of winter.
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Crude oil futures jumped toward $44 a barrel yesterday as traders appeared to remain concerned about tight supplies of heating oil ahead of the government's next petroleum supply report and as colder weather approached the Northeast.
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Crude oil surpassed $50 a barrel for the first time and analysts said Tuesday that prices could keep rising because of a sharp rise in global demand, tight supplies and threats to output in petroleum-producing nations such as Iraq and Nigeria.
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Aug. 20 (Bloomberg) -- Crude oil futures rose to a record, surpassing $49 a barrel in New York, on concern that fighting between US forces and followers of Shiite Muslim cleric Moqtada al-Sadr will cut shipments.
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Severe cold weather in the north east of the United States forces oil prices above $49 a barrel, a seven week high.
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Crude oil futures traded near a record after rising above $51 a barrel yesterday on concern hurricane damage to production platforms in the Gulf of Mexico will keep supplies from rising enough to meet winter demand.
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Crude oil prices climbed above $50 per barrel Tuesday, their highest level since futures began trading in 1983. The increase raises new questions about just how far prices will climb, with
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The threat of a lock-out by Norwegian shipowners which would halt production at the world&#39;s third-biggest crude producer has sent oil prices to record highs.
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Crude oil futures rose above $42 a barrel Wednesday after government data showed an increase in US fuel supplies. Traders were also focused on an upcoming OPEC meeting at which the group could trim output in response to falling prices.
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Crude oil futures were up to $93.53 a barrel at the close of exchange trading today, up $1.67 from Friday.
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Crude oil futures prices briefly shot above $48 a barrel Friday as already strong concerns about heating oil supplies ahead of winter were stoked by a reported refinery outage in Venezuela.
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Crude oil futures surged to within striking range of $50 a barrel yesterday, though traders were split on where the market was headed next.
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SINGAPORE: Crude oil prices rose above 42 dollars a barrel in Asian trade on northern winter concerns as OPEC indicated its longer-term price target was around 30 dollars a barrel, dealers said.
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Crude oil rose after Statoil ASA, Norway&#39;s biggest oil company, said a ``good deal&#39;&#39; of work remains before some 7 percent of the nation&#39;s output can restart.
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LONDON - Crude oil futures contracts topped the psychological milestone of $50 per barrel for the first time Tuesday, surging to new record levels that could unsettle oil importing nations.    Analysts said instability in the Middle East; political unrest in Nigeria, Africa's top oil exporter; and the Caribbean's hurricanes were keeping traders on edge about world supplies...