OPEC Projects Big Winter Oil Stockbuild
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The OPEC cartel on Thursday revised down  its expectations of oil demand growth for next year and  projected a rare big winter stockbuild if the group keeps  producing at current levels.
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By George Chamberlin , Daily Transcript Financial Correspondent. Concerns about oil production leading into the winter months sent shivers through the stock market Wednesday.
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Oil prices pushed toward record peaks on  Thursday after a larger-than-expected decline in heating fuels  in the United States heightened fears of a winter supply  crunch.
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OPEC oil producers were poised on Friday  to stamp out excess supply that has lowered world prices from  record highs.
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SINGAPORE/LONDON  - Oil rose above $61 on   Wednesday as dealers balanced signs that producer group OPEC   may take action to stem tumbling prices against forecasts for a   rise in U.S. winter fuel stocks.
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Oil edged up to $63 a barrel on Friday after OPEC agreed to cut supply for a second time in two months, underlining its determination to manage the market and prop up prices.
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Saudi Arabia is raising its oil production capacity in an effort to cool the red-hot crude futures market. The world&#39;s largest oil exporter says it will raise capacity from 9.5 million barrels a day to 11 million barrels.
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Oil prices added to strong gains on  Thursday, spurred by persistent OPEC talk of a cut in supplies  that could drain healthy U.S. stockpiles before summer.
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Oil fell toward $61 Tuesday on robust   U.S. inventories ahead of the winter heating season, but   producer group OPEC said the price slide from peaks this summer   had gone far enough.
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Oil leapt more than 1 percent to above $60 a barrel on Thursday, extending its rebound from an eight-month low on a newspaper report that OPEC members had agreed informally on the need to slash output by 1 million barrels per day.
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Oil exceeded $79 a barrel today after OPECâs modest output increase failed to allay winter supply concerns as dealers focused on tight inventories in the United States.
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Oil hit a record high above $79 a barrel on Wednesday, propelled by an unexpectedly large drop in U.S. crude oil stocks that coincided with only a small output increase from OPEC ahead of peak winter demand.
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Oil picked up over $63 a barrel on  Monday as two OPEC members trimmed production in an effort to  tighten swollen supplies and halt a slide in prices.
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Oil held above $61 on Wednesday as   dealers balanced an expected swelling in robust U.S. winter   fuel inventories against a warning from producer cartel OPEC   that it may take action to stabilize tumbling prices.
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Oil soared to a record above $80 a barrel on Monday on worries that global energy supplies could shrink to critical levels this winter heating season due to strong demand growth.
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Oil rose nearly $1 to above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, a delegate said on Thursday, sending oil prices more than a dollar higher.