Oil Rises on Nigeria, Norway Disruptions; OPEC May Curb Output
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Crude oil rose from a three-month low on disruptions to supply from Nigeria and Norway and after OPEC members said they may need to cut output after prices plunged.
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Crude oil prices rose for the second day Thursday as traders worries that the Organization of Petroleum Exporting Countries (OPEC) might trim excess oil output.
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Oil rose towards $60 a barrel on Friday, drawing strength from a disruption to supply in Nigeria and as a fall in the U.S. dollar boosted other commodities.
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Oil prices rise amid colder weather in the US and speculation that oil cartel Opec might cut output.
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Oil prices hit new highs on both sides of the Atlantic this morning as a threat by Norwegian shipowners to halt production from the world&#39;s third biggest exporter fuelled fears of a winter supply crunch.
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Oil prices rose for the second day in a  row on Thursday as several OPEC ministers called for the cartel  to stop producing more oil than its official target to prevent  a glut next year.
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Oil prices rose Monday as a gas leak closed a large Norwegian North Sea oil field and the threat of a colder-than-normal US winter fueled worries about low heating oil stocks.
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WASHINGTON -- Oil prices edged higher yesterday amid violence in Nigeria and concerns that OPEC may reduce output when it meets next week, but buying was kept in check by forecasts calling for warmer US weather next week.
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Oil rose to $71 a barrel on Friday, near a nine-month high, as a strike in Nigeria threatened more of the country's output and Iran remained defiant over its nuclear program.
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Oil rose on Monday, nearing $91 a barrel, with prices supported by the closure of Mexico's oil export terminals due to bad weather, as well as OPEC's dismissal of calls to raise output.
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Oil rose to $71 a barrel on Friday, near  a nine-month high, as a strike in Nigeria threatened more of  the country&#39;s output and Iran remained defiant over its nuclear  program.
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NEW YORK -- Crude oil futures briefly climbed back over $50 a barrel yesterday, with worries over the security of Nigerian supplies supporting prices despite a surprise increase in US crude inventories.
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Oil futures prices surpassed $54 a barrel Tuesday on supply concerns in Nigeria and the Gulf of Mexico, where hurricane damage to pipelines and production platforms could curb output for months.
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Crude oil prices surged to a new high Monday on supply concerns ahead of the winter, a possible petroleum-industry strike in Norway and data showing that China&#39;s big demand for oil is likely to increase.
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Crude oil prices rose Friday amid worries about supply after Nigeria's powerful oil unions went on strike and gunmen kidnapped six oil workers in the nation's south. Concern about more tensions with Iran was also a factor.
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Opec is under pressure to lift official production levels at a critical meeting today as global crude prices rose again on the back of pipeline attacks in Iraq and hurricanes heading for the Gulf of Mexico.
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Oil rose on Thursday after OPEC officials said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.