Oil dives below $59, OPEC head calls for more cuts
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Oil tumbled more than two dollars on Tuesday to below $59 a barrel, sinking to the lowest level since February and prompting OPEC's president to call on the exporter group to deepen supply cuts.
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LONDON  - Oil prices continued to spiral lower, hitting near three-month low points in New York following a rise in US petroleum stockpiles and signs OPEC will refrain from announcing output cuts next week.
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Oil prices slid on Monday, drifting  toward $90 a barrel as a weak close on Wall Street spurred some  profit taking, although expectations that OPEC will maintain  its production curbs this week limited losses.
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Oil prices slid on Monday after OPEC members signaled the cartel could wait until its mid-March meeting to make any production cuts.
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Oil prices fell to seven-week lows near &#36;47 a barrel on Wednesday as traders braced for another increase in U.S. oil and gas inventories.
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Oil fell below $60 on Friday as investors doubted OPEC's resolve to carry out supply cuts and focused instead on brimming fuel stockpiles in top consumer the United States.
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OPEC oil producers on Thursday weighed up whether heavy recent price falls were severe enough to warrant cutting back excess supply at Friday's ministerial meeting.
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Oil prices are very low, harming investment in the industry, and action should be taken to steady the market, OPEC president Edmund Daukoru said yesterday .
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OPEC might make deeper cuts in production if prices continue to slide, Gulf oil ministers said Saturday, a day after crude prices tumbled to their lowest levels in five months when producers decided to limit supply by 1 million barrels a day.
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Oil slid further below $58 a barrel on Thursday after its repeated failure to breach $60 triggered a two-percent sell-off the previous day.
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LONDON: Oil prices fell to seven-week lows below $47 a barrel on Wednesday as traders braced for another increase in US oil and natural gas inventories.
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OIL prices plunged to their lowest since August yesterday as traders shrugged off Opecâs decision to cut output and reacted instead to the reopening of a pipeline to help more Iraqi supplies reach the West.
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Oil held below $60 on Thursday, paring some gains after leaping more than 1 percent on a newspaper report that OPEC members had agreed informally on the need to slash daily output by at least 1 million barrels.
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Oil dropped over $2 to below $58 on Monday after leading exporter Saudi Arabia, fellow OPEC member Qatar and OPEC's head of research said the organization may steer away from further supply cuts at its March 15 meeting.
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SINGAPORE/LONDON  - Oil eased below $63 a barrel on Monday as investors weighed plans by OPEC members Nigeria and Venezuela to trim output against healthy inventories in top consumer the United States.
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Oil fell to $90 a barrel on Monday, as weaker global stock markets spurred profit taking, although expectations that OPEC will resist pressure to raise output this week limited deeper losses.
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OPEC on Monday said the world oil market shows signs of weakening in 2007 as economic growth slows, a problem the exporter group seeks to address through its decision last week to cut supply.