Oil prices at 2-month high above $62
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Oil climbed to a two-month high near $63 on Thursday, building on the previous session's gains after an unexpected drop in U.S. winter fuel stocks and signs of solid economic growth in the world's top consumer.
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November light, sweet crude oil futures rose as much as 96 cents on the New York Mercantile Exchange to US$54.60 a barrel, the highest price in 21 years of trading.
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Oil prices jumped to the highest  level in two weeks on Thursday, buoyed by a cold weather front  in the United States and below-average stocks of winter heating  fuels.
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The price of oil hit another high yesterday, closing above $47 a barrel as traders reacted to continuing concerns about supply disruptions from terrorism and instability in oil-producing countries.
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Oil rebounded above $62 on Monday,   after briefly sliding to a six-month low on abundant supplies   in top consumer the United States and fears that slower U.S.   economic growth would stunt fuel demand.
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Oil jumped 75 cents to nearly $62 a   barrel on Wednesday as expectations that producing cartel OPEC   may slash output to defend prices countered rising U.S.   inventories.
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The average U.S. retail price of  gasoline rose more than 5 cents in the past two weeks to more  than $2 a gallon, its highest level since June, a leading  industry analyst said on Sunday.
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Oil prices rose more than $2 on  Thursday as fund-buying and a rally in heating oil reversed two  weeks worth of losses that had been triggered by a stretch of  mild U.S. winter weather.
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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 climbed above $61 to a seven-week high on Friday after top fuel consumer the United States reported an unexpected drop in gasoline stocks and Iran said it would show 'no weakness' over its nuclear program.
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The US nationwide price for gasoline rose closer to $2 a gallon over the last week and diesel fuel hit a new record high for the second week in a row, the government said on Monday.
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Oil prices climbed $2 higher on Friday  on renewed concern over tight supplies of distillate fuels in  all main consuming centers ahead of the Northern Hemisphere  winter.
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The Organization of Petroleum Exporting Countries boosted crude-oil production 1.2 percent in August, reaching a 25-year high for a second month in an attempt to pull prices back from records, a Bloomberg survey showed.
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The dollar hit a two-month high  against the euro on Thursday, buoyed by expectations for higher  U.S. interest rates.
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The price of gas inched up just over 2 cents a gallon around the nation in the past two weeks.
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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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NEW YORK -- Oil prices settled at the highest level in more than two months yesterday, as concerns over declining product supplies outweighed traders' worries about volatile global stock markets.