Oil Slumps Below $41, Dealers Shrug OPEC Cut
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Oil prices settled under $41 for the first time since July Friday as dealers took profits on a widely expected move by the OPEC cartel to curb production in excess of its official output ceiling.
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Oil fell to an eight-month low below $58 on Wednesday as a surprise build in U.S. crude stocks offset Kuwait's announcement that it may join other OPEC countries in cutting output if prices fall further.
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Oil fell below $69 a barrel on Monday,   pulled lower by expectations any sanctions against oil producer   Iran were a way off and would not necessarily disrupt export   flows.
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Oil held steady below $91 on Tuesday,  supported by hopes of a fresh cut in U.S. interest rates due to  its fragile economy, coupled with forecasts for a draw in  American distillate stocks and OPEC to maintain output levels.
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Oil edged lower towards $77 a barrel on Monday, with the market keenly watching the actions of funds after OPEC expressed concern over near record prices and pledged to pump more crude if needed.
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Oil prices drifted below $47 a barrel  early on Wednesday, well off recent peaks as traders braced for  another increase in U.S. crude oil inventories.
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Oil fell more than a dollar to below $62 a barrel on Monday as healthy fuel inventories in top consumer the United States countered plans by OPEC members Nigeria and Venezuela to trim output.
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Oil slid further below $58 a barrel on Thursday after its repeated failure to breach $60 triggered a two-percent sell-off the previous day.
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Oil fell below $71 a barrel on Friday, reversing an earlier gain, as restarting oil refinery units in top consumer the United States signaled an increase in gasoline supplies.
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Oil held steady below $91 on Tuesday, supported by hopes of a fresh cut in U.S. interest rates due to its fragile economy, coupled with forecasts for a draw in American distillate stocks and OPEC to maintain output levels.
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Oil fell below $60 on Friday as investors doubted OPEC's resolve to carry out a planned supply cut and fuel inventories swelled in top consumer the United States.
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Oil prices fell below $61 on Friday as easing U.S. supply concerns spurred a bout of profit taking.
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Oil steadied below $58 a barrel on Thursday after its repeated failure to breach $60 triggered a two-percent sell-off the previous day.
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Oil prices dipped below $62 on Monday, extending last week's losses, as concern over brimming global fuel inventories offset a likely second OPEC supply cut and news of deepening Saudi export curbs.
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Oil slid almost $2 to a six-week low below $89 a barrel on Monday, as stock markets plummeted and concerns mounted over an economic slow-down led by top consumer the United States.
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Oil fell below $88 a barrel on Wednesday as stock markets declined further, shrugging off a temporary reprieve from Tuesday's steep cut in U.S. interest rates amid persistent fears of a global economic slowdown.
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Oil prices held just below &#36;48 a barrel on Tuesday, as the market remained nervous that OPEC producers may cut supplies before the end of the first quarter.