Crude Oil Little Changed After 3.9% Plunge on Gasoline Supply
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Crude oil futures were little changed, after plunging 3.9 percent yesterday, the biggest decline in almost three months, as a government report showed that US gasoline supplies were higher than expected.
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Crude oil, which has declined 12 percent from a record two weeks ago, was little changed after falling yesterday on expectation supplies will be enough to meet demand from US refineries making heating fuel for the winter.
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Oil prices were little changed on Monday as investors focused on Asian stock market gains, setting aside for now worries of a potential U.S. economic recession that had knocked prices 3 percent lower late last week.
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Oil prices eased on Wednesday, as gasoline inventories in the United States were expected to rise for the sixth week to soothe fuel supply concerns, though forecasts for strong demand limited losses.
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Crude oil in New York was little changed after falling yesterday for the first time in four sessions as forecast mild weather and rising inventories eased concern that demand would outpace supplies of heating oil in winter.
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Oil prices held firm on Friday after leaping almost $2 a day earlier on news US crude stocks sank to a five-month low last week and distillate fuels barely grew ahead of winter.
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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 prices steadied on Thursday after  they had fallen three percent a day earlier when a surprise  increase in U.S. fuel stocks eased worries about meeting peak  winter demand.
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Oil prices eased on Tuesday, as  Middle East cyclone fears waned, but concerns over gasoline  supply in the United States kept crude above the $70 mark.
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Crude oil futures were little changed after rising yesterday as a decline in US heating oil supplies raised concern about shortages this winter, which is expected to be colder than normal.
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The average price for a gallon of  gasoline in the United States fell below $3 due to less demand  and slightly lower oil prices, and was likely to hold steady,  according to an industry analyst.
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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 held firm within sight of its new $90 high on Friday as the U.S. dollar plumbed new lows and pre-winter fuel stocks languished below norms, lending support to an over 13 percent surge in under two weeks.
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Oil&#39;s advance wavered a little on Friday as the US government prepared to lend out some strategic crude stocks, but traders said the amounts were small and that supply worries remained.
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Oil prices plunged more than $3 a barrel yesterday -- the largest single-day decline in more than three years -- after the US government reported large increases in the nation's fuel supply, easing fears of a supply crunch as winter approaches.
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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 propelled crude prices to over $100 a barrel.
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Oil was steady on Tuesday after new supply disruptions in Nigeria and renewed geopolitical concerns about Iran rekindled supply worries, offsetting growing talk of a U.S. recession that would hurt oil demand.