Oil: Oil rebounds on supply woes, election jitters
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Oil prices bounced back on Friday, ending this week&#39;s 8 per cent slide on renewed winter supply fears and jitters ahead of next week&#39;s US presidential election.
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Oil prices bounced nearly $2 to $44 a barrel yesterday after government and industry data showed a sharp drop last week in the nation's supply -- a surprise to most traders, who expected inventories to be steady or grow slightly.
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LONDON : Oil prices rebounded after plunging by over 10 percent in under two weeks on fading supply fears, as traders turned their attention to weekly estimates of US oil inventories.
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Oil prices bounced higher on Friday after two days of sharp declines that came on the heels of rising inventories of crude in the US and a move by China to cool its economy.
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Oil prices bounced back on Friday,  ending this week's 8 percent slide as supply fears were  rekindled ahead of the winter heating season and dealers  squared their books in advance of next Tuesday's U.S.  presidential election.
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Oil prices rose amid expectations a report will show U.S. crude stockpiles fell last week to post the seventh straight decline in inventories for the worldâs largest energy consumer.
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US stocks rebounded on Wednesday morning as oil prices fell sharply after a higher-than-expected rise in crude stocks trumped a drop in distillate inventories.
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NEW YORK -- Oil prices rebounded yesterday from early declines to settle above $71 for the first time in 10 months as traders focused on a refinery outage in Kansas and new accusations about Iran's role in Lebanon and Iraq.
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Stocks rose after US crude oil fell below $50 a barrel on Monday, offsetting jitters ahead of an uncertain outcome for the US presidential election.
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Oil prices jumped from a four-month low on Wednesday as slow growth in US heating fuel inventories heightened fears for tight winter supplies.
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Oil prices rebounded Friday but remained below $50 US a barrel after declining four per cent over the past week due to rising US supplies of crude and natural gas.
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Oil prices briefly climbed back over $50  on Tuesday, pushed higher by supply outages in the North Sea  and fears about low stocks of winter heating fuels.
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Oil prices rebounded Tuesday on fresh violence in Iraq ahead of elections this month and as Saudi Arabia, OPEC's top producer, said it has followed through with a pledge to cut output.
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Oil prices rebounded from seven-week  lows on Wednesday as U.S. heating oil stocks fell for an eighth  straight week ahead of winter.
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Oil prices rose on Thursday,   recovering from a near $4 fall in two days, fueled by signs of   prolonged talks over Iran and an unexpected sharp rise in   already bulging U.S. fuel inventories.
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Oil prices rebounded from seven-week lows Wednesday, jumping $1 as a drawdown in US heating fuel stocks rekindled worries about thin supply levels ahead of the northern winter.
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Oil bounced back above $70 on  Wednesday after touching a 10-week low the day before, halting  a steep two-day slide as traders looked ahead to an expected  decline in U.S. crude and gasoline stocks and fretted over  Iran.