Oil firms above $61, OPEC consults on price drop
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Oil rose above $61 on Wednesday as   dealers balanced signs that producer group OPEC may take action   to stem tumbling prices against forecasts for a rise in U.S.   winter fuel stocks.
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Oil climbed above $61 to a 2007 high on Friday following a sharp drop in fuel stocks in the United States, as tensions over Iran's nuclear program stoked supply concerns.
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Oil prices held firm above $47 a barrel  as signals from the OPEC cartel of a possible cut to production  countered fears of a slowdown in second-quarter demand.
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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 rose near $61 on Tuesday, adding to sharp gains the previous session, on expectations that a cold spell in the U.S. Northeast this weekend would boost demand in the world's biggest heating oil market.
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Crude oil prices traded below $60 a barrel today for the first time in six months, and ended the day at $61.40.
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Oil firmed above $61 on Wednesday as   dealers balanced an expected swelling in robust U.S. winter   fuel stocks against a warning from producer cartel OPEC that it   may take action to stabilize tumbling prices.
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SINGAPORE, DEC 6: Oil prices inched up from a three-month low on Monday as traders caught their breath after last weekâs 14% dive and considered a possible output reduction at Opecâs upcoming meeting.
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NEW YORK -- Oil climbed to settle near $61 a barrel yesterday, the highest closing price this year, after the US government reported surprisingly large drops in gasoline and heating oil inventories.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, the group said on Thursday, sending oil prices above $62.
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LONDON -- Oil prices fell but held above $61 a barrel yesterday as the market awaited OPEC's decision this week on whether to make further production cuts to shore up prices.
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Oil held around $60 on Friday, as traders weighed OPEC's plans to cut production against overflowing stockpiles in top consumer the United States.
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Oil edged up to $63 a barrel on Friday after OPEC agreed to cut supply for a second time in two months, underlining its determination to manage the market and prop up prices.
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Oil prices slipped below $69 a barrel yesterday after a report that a strike in Nigeria hasn't affected oil exports from Africa's largest crude producer alleviated the market's supply concerns.
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Oil steadied above $62 on Friday,   supported by signals that some OPEC producers may trim output   to stem a price decline caused by ample U.S. inventories.
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Saudi Arabia and other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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Oil edged up above $63 a barrel on Monday as two OPEC members trimmed production in an effort to tighten swollen supplies and halt a slide in prices.