Oil Prices Hover Just Below $50 a Barrel
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US oil prices hovered just below $50 a barrel on Tuesday, holding recent gains on a rash of crude supply outages and fears over thin heating oil tanks.
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By Malcolm Moore, Economics Correspondent (Filed: 21/08/2004). The price of oil came close to $50 a barrel in New York yesterday, as fighting between US forces and Moqtada al-Sadr&#39;s militia in Iraq continued to inflame the market.
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Oil prices held just below $48 a  barrel on Tuesday, as the market remained nervous that OPEC  producers may cut supplies before the end of the first quarter.
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The price of crude oil moves back above the benchmark $50 a barrel mark as production facilities in the Gulf of Mexico remain down.
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NEW YORK Oil prices have skidded below 48 dollars a barrel after the US government reported increases in the nation&#39;s supply of crude oil and distillate fuel, which includes heating oil.
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Oil prices above $50 a barrel â-nd rising â - now starting to adversely affect the economy and consumers in ways that had not been happening only a few months ago.
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US oil prices inched below $50 a barrel again Tuesday, maintaining a week-long slide that has cut more than $5 off record-high prices as some traders cashed in profits ahead of the US presidential election.
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On expectations that US oil supplies will continue to grow and that heating oil inventories will be adequate this winter, crude oil prices fell below $48 a barrel on Tuesday.
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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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Crude oil futures eased slightly Monday but remained close to the US$50 barrel level amid lingering concerns about shortages of heating oil at the start of the Northern Hemisphere winter, market-watchers said.
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Oil fell back below $50 on Thursday, resuming a downturn that has cut prices 11 percent from record highs and ending a brief rally following President Bush&#39;s US election victory.
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The price of crude oil ends slips back  below $50 but unease remains over tensions in Nigeria's southern region.
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Crude oil futures briefly surpassed $50 a barrel Tuesday before closing lower amid concerns about low US heating oil inventories ahead of winter.
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Oil prices hugged $50 a barrel on  Wednesday on worries of potential supply disruptions and with  U.S. crude inventories expected to fall due to the lingering  effects of Hurricane Ivan.
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Oil futures retreated below $50 US a barrel Monday, though analysts said there is enough uncertainty about geopolitics and weather - and the industry&#39;s ability to boost crude oil output quickly - to keep prices from plummeting anytime
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Oil prices stayed close to $49 a  barrel on Thursday, supported by a forecast for an early cold  snap in the United States that could put a strain on a thin  supply cushion of winter heating fuel.
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Crude-oil prices rebounded Friday but remained below $50 a barrel after declining 4 percent in the last week due to rising US supplies of crude and natural gas.