Oil drops 2 percent on swelling U.S. inventories
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Oil fell 2 percent on Wednesday as U.S. gasoline stocks rose and crude inventories hit a nine-year high, easing supply concerns in the world's top consumer.
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Crude oil stockpiles in the US are at their lowest level since March, helping drive up the cost of a barrel of oil by almost $2.
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Oil prices hugged &#36;50 a barrel on Wednesday on worries of potential supply disruptions and with U.S. crude inventories expected to fall due to the lingering effects of Hurricane Ivan.
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Oil prices tumbled Wednesday after a report showing a bigger jump in crude oil inventories than traders and analysts had been expecting.
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Oil prices bounced nearly $2 to $44 a barrel yesterday after government and industry data showed a sharp drop last week in the nation's supply -- a surprise to most traders, who expected inventories to be steady or grow slightly.
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Oil dropped more than two dollars on Friday, weakened by selling in equity markets that raised doubts over energy demand and after a storm that halted exports from Oman lost power.
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Oil prices fell yesterday after government data showed US inventories of crude grew last week, surprising many traders and analysts who had expected supplies to shrink due to lingering output problems caused by Hurricane Ivan.
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U.S. oil prices fell for a second session  on Tuesday on worries that high energy costs may crimp economic  growth, but crude remained firmly planted above $50 a barrel on  persistent fears of a winter supply crunch.
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Crude oil futures fell in London, ending the week 7.7 percent lower after a report two days ago showed an unexpected gain in US inventories of distillate fuels such as heating oil.
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Oil prices fell nearly $2 to just over  $43 on Wednesday, dragged down by heavy losses in U.S. gasoline  futures after summer driving demand failed to meet  expectations.
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Oil prices eased on Thursday but held near $61.50 a barrel after a climb the previous day on unexpectedly large falls in U.S. fuel inventories.
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World oil prices fell on Thursday,  resuming a two-week slide as rising crude inventories eased  concerns over winter fuel supplies.
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Oil prices eased below $62 on Monday, extending last week's losses, as concern over brimming global fuel inventories offset a likely second supply cut by OPEC and news of deepening Saudi export curbs.
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Oil fell below $61 a barrel on Wednesday   after a larger-than-expected increase in fuel inventories in   the United States, the world's largest oil consumer.
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U.S. residential heating oil prices  declined for the second week in a row as heating fuel  inventories increased more than expected, the Energy Department  said on Wednesday.
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NEW YORK - Oil prices fell nearly US$2 a barrel on Wednesday, dragged down by heavy losses in US petrol futures after summer driving demand in the world&#39;s largest consumer failed to meet expectations.
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Oil prices fell on Tuesday as an  expected increase in U.S. heating fuel supplies eased concerns  over an inventory crunch should this winter's weather prove  colder than normal.