Oil prices retreat after topping $47 a barrel; traders wary
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Oil prices briefly raced above $47 a barrel yesterday, then backed off after worries faded about colder weather in the United States and about rough weather that slowed efforts to restore crude production in the North Sea.
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Oil steadied on Friday at around $59 a barrel in trade muted by the long U.S. Thanksgiving holiday weekend, after tumbling on a rise in stockpiles in top oil consumer the United States.
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NEW YORK -- Oil prices pulled back after briefly surpassing $62 a barrel yesterday, as traders regarded forecasts of warm US weather as an opportunity to take some profits.
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Oil prices fell on Monday to a 7-week low under $47 a barrel, as growing fuel stocks in the United States eased fears of a winter supply crunch despite a cold snap in North America at the weekend.
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Oil prices ticked up in Asian trading but remained below the 47-dollars a barrel level amid expectations of a further easing of supplies in the coming weeks, dealers said.
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Oil prices hit a one month-high of $47  a barrel on Tuesday as China showed no let-up in its strong  import growth and traders worried that U.S. petroleum  inventories had drawn down heavily due to Hurricane Ivan.
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Crude oil fell 55 cents to $42.70 per barrel in early trade on the New York Mercantile Exchange. Inventories grew by 900,000 barrels last week to 293.3 million.
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Oil edged lower on Friday to around $59 a barrel after tumbling on a build in crude stocks, but trade was muted by a U.S. holiday.
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The price of oil rose to a record $47 a barrel in New York on Wednesday on jitters about supplies from Iraq and Russia&#39;s Yukos, before the release of a report that could show a third straight weekly drop in US inventories.
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Oil prices dropped by nearly $1 a barrel yesterday as traders focused on a halt in the dollar's decline, weak manufacturing data, and expectations of mild weather next week, which sent natural gas and heating oil futures sharply lower, too.
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WASHINGTON -- Oil prices fell sharply yesterday after the US government reported US inventories of crude rose 3.4 million barrels last week, surprising many traders and analysts who had expected to see supplies shrink due to lingering output problems in
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Oil prices fell to seven-week lows  near $47 a barrel on Wednesday as traders braced for another  increase in U.S. oil and gas inventories.
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Oil fell to $87 on Wednesday after a  larger-than-expected build in U.S. crude stocks and growing  fears of a U.S. recession.
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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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Exporters led a fall in Asian shares  on Monday as oil prices set new highs near $47 and data showing  the U.S. trade deficit widened to a record raised fresh concern  about the health of the world's largest economy.
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Crude oil futures fell below $47 a barrel yesterday as the US government's latest petroleum report showed an unexpected rise in gasoline inventories and a surprising decline in the nation's oil supply.
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Oil dropped more than $2 a barrel on Friday, joining a slump across the commodities markets amid concern higher interest rates could slow economic growth and cool demand.