Petrol to hit Â£1a litre within weeks as oil supply strains show
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Business & money: Nigerian strike and Iran worries add to pressure as cost of crude oil rises to its highest level this year.
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US consumers paid more at the pump as the average national price for gasoline rose 0.9 cent per gallon during the past week to $1.
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Oil prices head back toward record highs on concerns about supply ahead of the cold winter months.
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Oil futures prices rose more than $1 a barrel in a volatile trading session yesterday after a government report showed a sharp rise in US crude supplies and tightening inventories of heating oil.
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Oil futures reached their highest level in two weeks Friday as investors who had expected lower prices were forced to cover their bets amid colder weather and rising fuel demand.
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PORTLAND, Maine  - Oil rose to a one-month high above $96 a barrel on Wednesday ahead of a U.S. government report expected to show crude inventories in the world's top consumer fell for a sixth straight week.
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Traders brace for another rise in US crude, natural gas stocks, IEA says prices may have peaked. LONDON  - Oil prices fell to seven-week lows Wednesday, below $47 a barrel, as traders braced for another
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US gasoline prices fell about 3 cents in the past two weeks to an average of $2.01 per gallon as worldwide supplies of crude oil increased, an industry analyst said yesterday.
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Oil rose more than $1 to above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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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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Oil rose nearly $1 on Monday to match  its highest in almost a month, extending last week's late gains  as Venezuela threatened to halt oil exports to the United  States and bomb alerts shut down one of Britain's largest gas  fields.
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Oil companies are estimating an under-recovery of over Rs 10,000 crore during the current financial year, with the government deciding against allowing oil companies to increase petrol and diesel prices for the fortnight beginning November 1.
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BP could be forced to raise capital spending by $1.5bn (Â£820,000) next year because of sharply rising steel prices and increased competition for drilling rig services as oil companies lift investment to record levels.
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Oil rose to a one-month high  above $96 a barrel on Wednesday ahead of a U.S. government  report expected to show crude inventories in the world's top  consumer fell for a sixth straight week.
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Residential heating costs are projected to soar this winter to more than $1,000 on average because of higher fuel prices and colder weather, the government said yesterday.
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Rising petrol prices were the main driving force behind a rise in UK inflation, official figures show. The Office for National Statistics (ONS) said increasing fuel costs had seen the consumer price index (CPI) rise 0.1% to 1.2% in October.
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Oil prices jumped to record highs  above $54 on Tuesday as supply hitches hindered efforts to  build winter heating fuel inventories. They later shed over a  $1 a barrel as traders took profits from the surge.