U.S. Oil Eyes $45, Hurricane Shuts Output
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Oil prices headed up toward $45 a  barrel on Wednesday as Hurricane Ivan shut 60 percent of crude  output in the Gulf of Mexico and at least five refiners along  the U.S. coast planned to close as a precaution.
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Oil surged above $70 on Monday on news a cyclone was headed towards the oil-producing Arabian peninsula with a potential to disrupt shipping and output.
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Oil prices eased to &#36;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.
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U.S. oil prices hovered just shy of  $44 a barrel on Tuesday, awaiting the arrival of Hurricane Ivan  in the oil-rich Gulf of Mexico, where energy companies had  evacuated thousands of offshore workers and shut some  production.
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Oil prices closed above $50 a barrel for the first time Friday as concerns linger about damage to oil production in the Gulf of Mexico from Hurricane Ivan.
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Oil prices closed above $50 a barrel for the first time yesterday as concerns linger about damage to oil production in the Gulf of Mexico from Hurricane Ivan.
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Oil prices surpassed $47 a barrel yesterday, and further declines in the nation&#39;s supply are expected in the short term as petroleum producers disrupted by Hurricane Ivan continue to regroup.
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Oil slid towards $79 a barrel on Friday, as a hurricane subsided in the Gulf of Mexico, though prices held near the previous day's record high on supply worries ahead of peak winter demand.
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With oil prices close to $50 a  barrel, the Bush administration is set to allow oil refineries  to borrow crude from the government's emergency petroleum  stockpile to make up for supplies disrupted by Hurricane Ivan,  a congressional source briefed on the pending decision told  Reuters on Thursday.
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World oil prices rose on Thursday as  Hurricane Ivan reached the U.S. Gulf Coast, shutting more than  1 million barrels daily of output in the Gulf of Mexico and 13  percent of U.S. refining capacity.
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Oil held near $80 a barrel on Friday,  within sight of record-high levels as a hurricane knocked out  U.S. Gulf refineries, deepening supply woes already caused by  lower crude stocks in the world&#39;s top consumer.
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Oil prices briefly bolted above $45 a barrel yesterday, then retreated toward $44, in a volatile day of trading after Russian oil giant Yukos said its output could suffer because of a court ruling that froze some of its assets.
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Oil prices hovered above &#36;41 a barrel on Tuesday, pausing after a fall of more than 10 percent in the last five sessions amid rising U.S. stockpiles and warmer-than-expected weather.
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NEW YORK, September 9 (New Ratings) - Oil prices declined further today, despite fears of a hurricane in the Caribbean disrupting supply from the US offshore oil and gas production in the Gulf of Mexico.
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Oil prices hit a new record of more  than $51 a barrel Tuesday as a prolonged U.S. production outage  following Hurricane Ivan attracted fresh speculative buying.
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U.S. oil prices hovered near &#36;47 a barrel on Wednesday, awaiting data that was expected to show a big drop in fuel stocks in the United States due to weather-related disruptions to output and shipments.
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Crude oil surpassed $50 a barrel and was close to a record in New York after hurricanes in the Gulf of Mexico curbed US production for more than three weeks, slowing the accumulation of supplies to meet winter needs.