Oil Eases from Highs on Nigeria Pact
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Oil prices eased on Monday after  rebels in Nigeria withdrew a threat to target oil operations,  but lingering concerns over stretched supplies ahead of winter  kept prices close to $50 a barrel.
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OIL prices were easing back from their recent record highs yesterday as the cost of a barrel dipped below the $46 mark.
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New York, Sept. 29 (NNN): Hitting fresh 21-year highs of more than $50 a barrel a day earlier, oil prices eased slightly on Tuesday but remained quite volatile as increased fighting in Nigeria forced several
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THE Organisation of Petroleum Exporting Countries (OPEC) is hiking its official output by one million barrels per day effective November with Nigeria getting 82,000 barrels per day or 8.2 per cent of the new quota.
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Crude oil futures continued to retreat from record levels of more than $54 US a barrel Wednesday as traders nervously monitored developments in strike-hit Nigeria and recovery efforts in the Gulf of Mexico.
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High-flying oil climbed back toward $50  a barrel on Thursday, with worries over the security of  Nigerian supply supporting prices despite a surprise build in  U.S. crude inventories.
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Oil prices rose to record highs Monday  near $50 a barrel for U.S. crude as Nigeria emerged as the  latest focus for worries about supply in an already tight  worldwide energy market.
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Oil prices fell on Monday after OPEC   agreed to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent slide in prices since   mid-July.
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Oil prices held steady above &#36;49 on Friday as market unease persisted over supply security in Nigeria, despite peace talks, while the world's richest nations suggested oil resources were scarcer than first thought.
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Oil prices swung higher last night, edging closer to record highs hit earlier this week, as traders remained cautious about the situation in Nigeria and US supplies ahead of the heating oil season.
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Oil prices slid from record highs above $50 a barrel Wednesday as the U.S. government reported a surprise increase in crude stocks and rebels in Nigeria's oil-rich delta region agreed to a preliminary cease-fire with the government.
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Oil extended a retreat from record highs on Monday, sliding towards $78 a barrel after tropical storm Ingrid faded in the Atlantic and as concerns about the global credit squeeze took centre stage.
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Oil prices slid from record highs above &#36;50 a barrel Wednesday as the U.S. government reported a surprise increase in crude stocks and rebels in Nigeria's oil-rich delta region agreed to a preliminary cease-fire with the government.
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Oil prices eased on Monday after rebels  in Nigeria withdrew a threat to target oil operations, but  lingering concerns over stretched supplies ahead of winter kept  prices close to $50.
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ISN SECURITY WATCH (30/09/04) - The worldâs oil markets remained jittery this week after spot prices for crude reached historic highs, and the announcement of a truce between Nigerian rebels and government forces was not enough to convince traders
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Oil prices steadied on Tuesday after  steep losses as concern faded over potential supply shortfalls  ahead of winter and Nigerian unions called off a strike that  could have disrupted exports.
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Oil fell back toward $62 on Friday after   OPEC member Nigeria appeared to be alone in its decision to   trim output to stem a two-month price slide.