Oil Down More Than $2 as Supplies Swell
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Oil fell more than $2 on Thursday, resuming a downturn that has slashed 12 percent from record highs as growing stockpiles ease worries of a crunch ahead of the Northern Hemisphere winter.
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Oil fell more than a dollar on Wednesday after U.S. inventory data showed a much bigger-than-expected rise in crude stockpiles.
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Oil fell 2 percent on Wednesday as U.S. gasoline stocks rose and crude inventories hit a nine-year high, easing supply concerns in the world's top consumer.
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London - Oil prices edged lower on Friday after a two-day rout that saw the value of crude drop 12 percent amid easing fears over a northern winter supply shortage, traders said.
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Oil prices fell yesterday after government data showed US inventories of crude grew last week, surprising many traders and analysts who had expected supplies to shrink due to lingering output problems caused by Hurricane Ivan.
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Oil extended its retreat on Thursday, taking two-day losses to 6 percent after an unexpectedly large rise in US crude inventories spurred speculative funds to take profits out of record high prices.
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Crude prices tumble by more than $2 per barrel in New York, as higher forecast temperatures bite into US oil demand.
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Oil prices fell nearly $2 to just over  $43 on Wednesday, dragged down by heavy losses in U.S. gasoline  futures after summer driving demand failed to meet  expectations.
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Crude futures sold off sharply for a second day in a row yesterday, briefly dipping below $43 a barrel, as traders focused on rising fuel supplies and the lack of cold weather.
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World oil prices surged nearly $2 on  Friday on worries the stormy season in the Gulf of Mexico would  continue to hamper energy production and imports, delaying  vital stock building ahead of the coming winter months.
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Crude oil stockpiles in the US are at their lowest level since March, helping drive up the cost of a barrel of oil by almost $2.
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Oil prices dropped to 2-month lows on  Monday, with U.S. crude falling near $45 a barrel before paring  losses in late trade, as growing fuel stocks in the United  States eased fears of a winter supply crunch.
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World oil prices fell about $2 a  barrel on Friday as dealers took profits from a recent rally,  but the market remained on edge as powerful Hurricane Ivan  thrashed through the Caribbean on a track toward the  energy-rich Gulf of Mexico.
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Oil prices slid on Thursday after a  bigger-than-expected rise in U.S. fuel inventories soothed  worries of a winter squeeze.
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Oil fell nearly $2 a barrel on Wednesday  after a U.S. government report showed larger-than-expected  increases in crude and gasoline stockpiles in the world&#39;s  biggest consumer.
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Crude oil prices fell sharply for a second day Thursday as traders focused on rising fuel supplies and the warmer-than-normal weather in the United States.
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WASHINGTON -- Oil prices fell by more than $1 a barrel yesterday after the US government released data showing healthy crude inventories and a surge in domestic fuel supplies .