Oil Futures Prices Rise 4.5% on Outsize Drop in Supplies
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Crude oil futures prices surged by almost $2 a barrel yesterday, the biggest increase in two months, after the Energy Department reported that United States oil supplies had declined more than expected.
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WASHINGTON -- Oil prices shot up above $48 US per barrel yesterday after the US government reported that supplies shrank more than expected following production and shipping disruptions caused by hurricane Ivan.
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Oil prices jumped nearly 4 percent  Thursday after the International Energy Agency warned that  greater-than-expected demand and disappointing world production  growth could strain world supplies.
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Oil prices soared Friday as worries about heating fuel supplies and technical trading factors pushed prices sharply higher.
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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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NEW YORK - Oil prices continued climbing on Wednesday as supply concerns lingered and a weekly report showed US crude inventories were smaller than expected.
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Crude oil rose slightly on Friday to $47.57 per barrel compared to yesterday fall on expectations for inventories to be lifted. December crude oil was at $47.
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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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Crude futures prices surged above $48 per barrel Wednesday as oil production and shipping disruptions caused by Hurricane Ivan caused domestic supplies to shrink more than expected.
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Oil prices jumped from a four-month low  on Wednesday as slow growth in U.S. heating fuel inventories  heightened fears for tight winter supplies.
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Crude oil futures briefly climbed back  over $50 a barrel on Thursday, with worries over the security  of Nigerian supplies supporting prices despite a surprise  increase in U.S. crude inventories.
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Oil prices rose for the fourth out of the last five sessions Thursday as low stocks of heating fuel in all major consuming regions fostered supply concerns ahead of winter.
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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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OIL futures prices rose in Europe today amid concerns about heating oil supplies at the beginning of the Northern Hemisphere winter.
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Oil futures prices surpassed $54 a barrel Tuesday on supply concerns in Nigeria and the Gulf of Mexico, where hurricane damage to pipelines and production platforms could curb output for months.
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Crude oil futures rose to within a quarter of $50 a barrel yesterday 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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Oil prices edged up on Thursday after a larger-than-expected drop in U.S. crude stocks and as traders waited to see if OPEC ministers meeting in Nigeria would hold off from making further cuts to output.