Global strength repels oil surge
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Oil prices keep climbing but for the moment the economists are sticking to the line that the global and Australian economies will weather the storm.
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World demand for oil will rise more than expected while supplies will remain tight up to 2012, experts say.
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Oil prices jumped nearly 4 percent  Thursday after the International Energy Agency warned that  greater-than-expected demand and disappointing world production  growth could strain world supplies.
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LONDON : World oil prices bolted up to new record summits beyond 52 dollars on markets nervous about tight global supplies with winter looming in the northern hemisphere.
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LONDON: World oil prices surged into new record territory above $50 a barrel Tuesday as traders took fright at a multitude of supply threats, including unrest in Nigeria and recent hurricanes.
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Oil prices steadied on Friday after a  five percent surge on Thursday as OPEC producers signaled their  readiness to support prices by cutting supply.
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World crude prices have risen amid fears that supplies from the oil-rich Gulf of Mexico could be disrupted by Hurricane Ivan. Energy companies have evacuated thousands of offshore workers and shut down some production in the region.
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Global oil prices fall back from highs of more than $74 a barrel as US stockpiles grow.
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Global oil prices raced to fresh highs on Friday carrying US crude close to $49 a barrel, driven by escalating violence in Iraq and unabated demand growth from China and India.
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Oil prices steadied on Friday after an  eight percent rout driven by a surprise interest rate hike in  China that raised doubts about demand from the world's second  largest energy user.
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World oil prices bolted up to new record summits beyond 52 dollars on markets nervous about tight global supplies with winter looming in the northern hemisphere.
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Crude oil vaulted through a longstanding psychological barrier amid persistent concern about whether production can keep up with rising global demand.
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Oil prices surged to yet new record  highs Tuesday, driving U.S. crude above $54 as global supply  outages thwart efforts to build winter heating fuel  inventories.
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Oil surges to a record of nearly $79, despite Opec saying it will boost oil output to ease cost pressures.
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Oil prices surged to a new high of $47 a  barrel on Wednesday on evidence from major economies that  energy costs are not substantially slowing the economic growth  that fuels oil demand. Fresh threats by rebel militia in Iraq  against oil facilities helped underpin price gains.
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Global oil prices have rallied to fresh highs, with US crude approaching $49, driven by escalating violence in Iraq and unabated demand growth from China and India.
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GLOBAL oil prices continued to climb yesterday, recovering from a prolonged fall earlier in the day, as the US hinted that it might lend oil from its Strategic Petroleum Reserve to offset a short-term disruption to imports.