Oil steady after surprise U.S. crude stocks jump
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Oil steadied on Thursday after crude stocks piled up in top consumer the United States and weighed on already well-supplied markets.
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Oil prices held firm, close to $47 a  barrel on Wednesday after U.S. data showed the disruption  caused by Hurricane Ivan had eaten into fuel stocks.
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U.S. stocks rose on Wednesday as crude  oil futures fell more than $2 a barrel on a big jump in U.S.  petroleum supply, easing worries about the impact of energy  costs on corporate profits and economic growth.
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U.S. stocks ended little changed on  Wednesday, but energy shares, including ChevronTexaco Corp.  CVX.N, lent support after crude oil prices jumped above $48 a  barrel.
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Oil held steady on Friday, hovering at about $99 a barrel, after falling the day before as traders took profits from a record rally that saw crude prices spike to over $100 a barrel.
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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.
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Oil futures steadied Thursday after a jump that reflected a drop in US crude and heating oil stocks amid rising demand fueled by cold weather spreading across the US Northeast and Midwest.
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Crude-oil prices rebounded Friday but remained below $50 a barrel after declining 4 percent in the last week due to rising US supplies of crude and natural gas.
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Oil prices were little changed on Friday, holding 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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Oil futures stabilized Thursday after a jump that reflected a drop in US crude and heating oil stocks amid rising demand fueled by cold weather spreading across the US Northeast and Midwest.
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Oil prices bounced higher on Friday after two days of sharp declines that came on the heels of rising inventories of crude in the US and a move by China to cool its economy.
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U.S. stocks jumped on Wednesday as oil  prices, which have held investor enthusiasm for stocks in check  for months, fell sharply after a higher-than-expected crude  build last week.
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Oil steadied on Monday after a steep   drop triggered by investors' realization that ample U.S. fuel   stockpiles would see the world's biggest energy burner   comfortably through winter.
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Crude oil futures were little changed after plunging more than 3 percent yesterday when the US Energy Department reported an unexpected rise in inventories.
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Oil futures stabilized Thursday after a jump in prices the previous day that reflected a drop in US crude and heating oil stocks even as demand was rising with cold weather spreading across the US Northeast and Midwest.
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Oil prices held steady on Wednesday  as traders awaited key inventory data in the United States, the  world's biggest energy consumer, and a fresh outlook on the  U.S. economy from the Federal Reserve.
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Oil was steady on Thursday, hovering  nearly $2 shy of its record high of $89 a barrel as one OPEC  minister raised the prospect of another output increase and  U.S. data showed rising inventories and weak demand.