Not time to tap US oil reserve--Treasury&#39;s Snow
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WASHINGTON, Aug 20  - US Treasury Secretary John Snow said on Friday there had not yet been a large enough disruption to the supply of oil to warrant tapping US emergency stockpiles.
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Oil dipping almost $1 doesn&#39;t signal the beginning of a major retreat, say commodities experts who suggest crude might never fall below $40 US a barrel again.
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Oil prices held strong on Friday not far below $55 as traders worried time is running out to top up low heating oil inventories before winter.
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Crude oil in New York fell from a one-month high after the White House said the US may loan oil to refineries from the Strategic Petroleum Reserve to make up for supply disruptions caused by Hurricane Ivan.
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The United States would like the dollar to strengthen but believes international currency markets should be left to set its value, US Treasury Secretary John Snow said Monday.
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US Treasury Secretary John Snow is this week set to defend the America&#39;s mixed economic record on what could be a heated tour of European capitals, including a keynote address in London on Wednesday.
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With the US presidential elections approaching, world oil prices appear to be going down. New York&#39;s main contract, light sweet crude for delivery in December, fell 26 cents to 49.
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Oil prices fell more than one dollar to sit just above $43 a barrel Monday as unusually mild winter weather in the United States eased fears that thin heating fuel stockpiles might prove inadequate.
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Is the recent fall in oil prices a turning point or merely a lull before demand picks up in the winter months?
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Crude oil futures traded below $49 US a barrel Monday following a steep runup on Friday that was prompted by persistent concerns about winter fuel supplies.
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US oil prices have fallen by 5%, driven down by forecasts of a mild winter in the densely populated northeast. Light crude oil futures fell $2.25 to just below $42 a barrel on the New York Mercantile Exchange (Nymex), and have now lost $4 in five days.
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Oil prices fell 3.5% to a three-month low yesterday as mild winter weather sapped demand in the US Northeast, the world&#39;s largest heating oil market.
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US Treasury Secretary John Snow reassured critics Wednesday that America is dealing with its huge budget and trade deficits, but discounted any suggestions of official intervention to prop up the ailing US dollar.
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With protests growing around the world about US deficits and a weak dollar, US Treasury Secretary John Snow has made it clear that's not what he wants to talk about during his European tour.
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Far from reversing the dollar's slide, comments from US Treasury Secretary John Snow have been taken by markets as a sign that Washington welcomes a weaker currency, to the alarm of eurozone officials as the euro hit new highs.
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US oil prices were slightly softer on Monday after a four-day break, but the threat of a cold winter stretching persistently low global heating oil inventories kept the market within sight of $50 a barrel.
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OIL prices fell more than a dollar to a three-month low yesterday as mild winter weather sapped demand in the heavy energy consuming north-east of the United States.