Oil Rebounds $1 as Heating Supplies Fall
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Oil prices rebounded from seven-week lows Wednesday, jumping $1 as a drawdown in US heating fuel stocks rekindled worries about thin supply levels ahead of the northern winter.
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Oil prices rose Tuesday, recovering some ground lost when prices fell more than $1 a barrel a day earlier as traders monitored the weather and OPEC production cuts
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Oil prices jumped to record highs  above $54 on Tuesday as supply hitches hindered efforts to  build winter heating fuel inventories. They later shed more  than a $1 a barrel as traders took profits from the surge.
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Oil prices slightly changed after increasing by 1.6 percent Wednesday in New York as the US government announced an unexpected 1 million-barrel decline in supplies of distillate fuels, including diesel and heating oil.
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Oil prices ticked higher on Tuesday  after dropping 1 percent a day earlier as traders were torn  between supply anxieties in Nigeria and the looming end of  winter oil demand in top consumer the United States.
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Oil prices bounced back on Friday, ending this week&#39;s 8 percent slide on renewed winter supply fears and jitters ahead of next week&#39;s US presidential election.
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Oil prices rose more than $1 a barrel Wednesday following reports of at least one explosion in the capital of Saudi Arabia and after the US government reported that winter fuel supplies declined last week.
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Oil prices hit a one-month high of $47 a barrel yesterday as traders worried that US petroleum inventories had drawn down heavily due to Hurricane Ivan.
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Oil extended its retreat by more than  $1 on Thursday after an unexpectedly large rise in U.S. crude  inventories spurred speculative funds to take profits out of  record high prices.
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Oil prices jumped from a four-month low  on Wednesday as slow growth in U.S. heating fuel inventories  heightened fears for tight winter supplies.
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Oil prices rebounded on Tuesday after  sliding 3 percent on Monday as forecasts of continued mild  winter weather in the United States soothed concerns over low  heating oil stocks.
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Oil rebounded above $62 on Monday,   after briefly sliding to a six-month low on abundant supplies   in top consumer the United States and fears that slower U.S.   economic growth would stunt fuel demand.
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Oil futures dropped by nearly $1 per barrel yesterday despite more sabotage of Iraqi oil infrastructure, reinforcing the view among traders that prices had risen too fast earlier this summer.
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U.S. stocks rebounded on Wednesday  morning after the government reported a bigger-than-expected  rise in crude oil inventories last week, triggering a sharp  slide in oil prices.
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Oil prices dropped by nearly $1 a barrel yesterday as traders focused on a halt in the dollar's decline, weak manufacturing data, and expectations of mild weather next week, which sent natural gas and heating oil futures sharply lower, too.
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Oil prices jumped from a four-month low on Wednesday as slow growth in US heating fuel inventories heightened fears for tight winter supplies.
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SAN FRANCISCO (CBS.MW) -- A rally in heating-oil futures to a fresh record and gains for natural gas for the first time in four sessions pulled crude prices more than $1 a barrel higher Wednesday.