Oil recovers further toward $62 after 6-week dive
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Oil prices rose for a second day on   Friday after a brief mid-week dip below $60 a barrel, as   investors bet a six-week slump driven by rising U.S.   inventories and easing Iran tensions could be coming to an end.
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Oil rose above &#36;71 a barrel on Thursday,  paring an earlier loss, after a smaller-than-expected rise in  gasoline inventories in the United States, the world&#039;s largest  oil consumer.
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Oil slid to a six-week low on Friday,  continuing a fund-led selling spree that has knocked 13 percent  from last week's record highs as rising stockpiles have eased  worries of a winter supply crunch.
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Oil extended its retreat from record  highs on Thursday, taking two-day losses to six percent after  an unexpectedly large rise in U.S. crude inventories spurred  speculative funds to take profits.
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Oil prices fell to a six-month low   under $60 a barrel on Monday as BP's move to restore output at   Prudhoe Bay earlier than expected added to a sense of healthy,   secure supplies, while demand growth questions loomed large.
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Oil climbed above $61 to a seven-week high on Friday after top fuel consumer the United States reported an unexpected drop in gasoline stocks and Iran said it would show 'no weakness' over its nuclear program.
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Oil prices steadied above &#36;45 a barrel on Thursday, attempting to put a floor under a 7.4 percent tumble after a big increase in U.S. heating oil stocks eased worries of a winter supply squeeze.
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Oil prices dip below $62 a barrel amid mixed signals over the possibility of further production cuts.
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Oil prices came within a whisker of   retesting a near six-month low of $63 on Friday as supply   worries eased, knocking gold to three-month lows and dragging   resource shares such as Japan's INPEX lower.
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Battered oil prices struggled on Friday to shake off this week's &#36;6 slump, edging up from a 12-week low after a massive round of selling triggered by easing worries about winter supply.
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Oil prices rebounded to above $66 a   barrel on Tuesday, with bargain-hunting traders ending a   six-day retreat after Iran sounded a softer note on its atomic   program and OPEC agreed to keep production steady for now.
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Oil gained nearly $1 to trade above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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U.S. average retail gasoline prices  rose more than 6 cents a gallon in the last two weeks, but  further increases are likely to be modest in the short term  unless OPEC cuts production again, according to an industry  analyst.
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Oil dropped under $60 to a six-month low   on Monday as abundant supplies in top consumer the United   States and fears that slower U.S. economic growth would stunt   demand for fuel extended a price retreat.
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Oil prices fell to a six-month low  under $60 a barrel on Monday as BP's move to restore output at  Prudhoe Bay earlier than expected added to a sense of healthy,  secure supplies, while demand growth questions loomed large.
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Oil prices rebounded slightly Thursday as traders took advantage of a drop in prices the day before sparked by a surge in U.S. distillate supplies.
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Oil prices slipped under $66 on  Monday, adding to last week's slide on an improved U.S. supply  picture and signs of easing tension over Iran's nuclear  program.