$50-plus oil drags on economy
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Oil prices above $50 a barrel - and rising - are now starting to adversely affect the economy and consumers in ways that had not been happening only a few months ago.
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WASHINGTON - Weighed down by rising energy prices, the economy was even more sluggish than initially believed during the second quarter.
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LONDON High oil prices slowed the British economy in the third quarter, a government report showed Friday, lessening the need for policy makers to tap the brakes on an economy that has consistently outpaced its Continental neighbors.
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Oil prices charged toward $50 a barrel Monday, and gasoline prices surged to $1.92 a gallon last week, as petroleum output in the Gulf of Mexico returns at a slower-than-expected rate after Hurricane Ivan and geopolitical unrest keeps traders on edge.
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The higher crude prices could put a new drag on the economy at a time when it seems to be weakening.
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Easing oil prices held above $50 a barrel on Thursday as traders took stock after a roller-coaster session that pitted bullish views of President Bush&#39;s re-election against rising US crude inventories.
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The surge in crude-oil prices to 50 dollars a barrel is likely to hold back the US economy but probably not cause a recession, analysts say.
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WASHINGTON: Oil prices retreated slightly yesterday after surpassing $54 a barrel amid nagging concerns in the market that the global supply buffer is too thin to handle a significant output disruption.
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World oil prices hit new records above $50 a barrel Tuesday amid fears that problems in oil-producing nations mean that oil supplies may not meet strong demand.
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Crude oil prices pushed past the psychologically important 50 dollars per barrel mark today to an all-time high of 50.01 dollars as the market stayed bullish on a slow post-Hurricane Ivan recovery in the Gulf of Mexico.
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Oil prices edged lower in thin early trade on Wednesday, keeping within sight of &#36;50 a barrel on supply worries in the United States, where weekly data is expected to show a draw in distillate inventories.
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World oil prices marched towards 50 dollars per barrel, touching new highs in pre-opening electronic trading as fighting raged in major producer Iraq.
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Oil futures retreated below $50 US a barrel Monday, though analysts said there is enough uncertainty about geopolitics and weather - and the industry&#39;s ability to boost crude oil output quickly - to keep prices from plummeting anytime
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Crude oil surpassed $50 a barrel and was close to a record in New York as US production in the Gulf of Mexico took longer than expected to recover, slowing the buildup of inventories to meet winter needs.
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Oil prices edged lower on Wednesday,  keeping within sight of $50 a barrel on supply worries in the  United States, where weekly data is expected to show a draw in  distillate inventories.
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Oil prices fell again on Tuesday, easing  U.S. crude to $53 a barrel, on signs that energy costs are  slowing the economic growth that fueled this year's sharp  increase in world fuel consumption.
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Oil prices eased to $45 a barrel on  Tuesday, extending a profit-taking set-back despite a looming  cold spell in the eastern United States and global supply  outages.