Oil price may top US$53 a barrel
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Crude oil may rise from a record US$53 a barrel over concerns that imports will not make up for a drop in Gulf of Mexico output caused by Hurricane Ivan.
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Oil prices held firm around $51 per barrel on Wednesday, hovering near record highs amid the sluggish recovery in US Gulf oil production and an anticipated decline in key winter fuel stocks, dealers said.
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Oil futures prices briefly topped 55 dollars (US) a barrel after a report showed US supplies of distillate fuel, which includes heating oil and diesel, shrank for a fifth straight week.
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Oil prices scaled new heights at $53 for U.S. crude Thursday on concerns over tight winter heating fuel supplies and an unexpected strike at Nigerian oil terminals.
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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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World oil prices rose to a new record high above 55 US dollars a barrel Friday, stirring fears of 60-dollar-a-barrel New York crude, as concerns about the global supply of heating
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Oil prices pushed through new highs above 55 US dollars a barrel Monday amid concerns over high demand and tight supplies ahead of the Northern Hemisphere winter.
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LONDON: Oil prices extended record-setting highs above US$51 for US crude yesterday, led by worries over the impact of Hurricane Ivan on US winter fuel stocks.
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Nagging concerns about tight heating oil supplies and increasing pressure within OPEC to rein in overproduction sent oil prices above US$43 a barrel on Thursday.
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THE cost of oil soared to a record $US49.64 a barrel today as unrest in Nigeria and Saudi Arabia alarmed traders. Oil futures jumped to their highest closing price on record on the New York Mercantile Exchange.
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Crude oil prices hovered close to their all-time high of US$53.80 in Asia on Tuesday, fueled by continuing worries over supply in Nigeria and reduced output in the hurricane-hobbled Gulf of Mexico.
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Oil prices reached $53 a barrel yesterday and have advanced more than 20 percent in a month, in large part because output in the Gulf of Mexico was hobbled by a hurricane and has not been restored as quickly as expected.
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The price of Brent crude oil struck an historic peak of 86.28 dollars per barrel in trading here Thursday on renewed concerns over tight global energy supplies.
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Oil prices stayed on the boil above  $53 a barrel on Monday, bolstered by persistent anxiety over  OPEC member Nigeria and the nearly month-long loss of a quarter  of U.S. Gulf of Mexico production, traders said.
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WASHINGTON -- Oil prices reached $53 US a barrel yesterday and have advanced more than 20 per cent in a month, largely because hurricane-hobbled output in the Gulf of Mexico has not been restored as quickly as expected.
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U.S. crude price could top $90 a barrel this autumn and hit $95 by the end of the year if OPEC keeps oil production capped at current levels, Goldman Sachs said in a report issued on Monday.
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THE recent flurry of record oil prices may be temporary, but US Government analysts believe $US30 ($39.76)-a-barrel oil can be expected for decades to come.