Oil rallies towards $60 on Nigeria, dollar
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Oil rose towards $60 a barrel on Friday, drawing strength from a disruption to supply in Nigeria and as a fall in the U.S. dollar boosted other commodities.
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Crude oil surpassed $50 a barrel for the first time and analysts said Tuesday that prices could keep rising because of a sharp rise in global demand, tight supplies and threats to output in petroleum-producing nations such as Iraq and Nigeria.
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Oil rose above $87 a barrel on Thursday after two days of losses, as production shutdowns in Nigeria and the North Sea outweighed growing evidence of weaker demand in the world's top oil consumer, the United States.
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High-flying oil climbed back over $50 a barrel this evening, with worries over the security of Nigerian supply supporting prices despite a surprise build in US crude inventories.
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Oil prices climbed back above $59 a barrel on Wednesday ahead of an expected sharp fall in weekly U.S. distillate stocks as a blast of cold weather boosted heating fuel demand in the world's top consumer.
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Oil prices rebounded on Wednesday after violence flared up between militants and government troops in oil exporter Nigeria.
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Oil held above $61 on Tuesday after   rebounding from a six-month low as speculators fear a deepening   fall could prompt OPEC to rein in output.
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Oil prices rose slightly amid slow trading Tuesday in the aftermath of a U.S. holiday, with hopes that the inauguration of a new president in OPEC member Nigeria would bring a measure of stability to the market.
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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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Another round of petrol price rises could be looming after crude oil prices hit the $US50 a barrel mark over the weekend. Oil prices are at their highest in more than 20 years due to supply concerns in Nigeria
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Oil stayed well above $64 a barrel on  Thursday as the stand-off over Iran's nuclear program and  concerns over Nigerian supplies due to an oil workers' strike  supported the market.
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Oil prices rebounded from an eight-month low on Wednesday after violence flared up between militants and government troops in oil exporter Nigeria.
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Oil prices rose to record highs Monday near $50 a barrel for US crude as Nigeria emerged as the latest focus for worries about supply in an already tight worldwide energy market.
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NEW YORK -- Crude oil futures briefly climbed back over $50 a barrel yesterday, with worries over the security of Nigerian supplies supporting prices despite a surprise increase in US crude inventories.
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Crude oil prices rebounded Friday after declining over the past week as traders worried about supply disruptions in Iraq and Nigeria.
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U.S. crude oil climbed above $60 a barrel for the first time in a month on Friday, extending a gain of $2 a day earlier, amid signs of falling crude exports from producer group OPEC.
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Oil prices climbed near $60 a barrel on Tuesday after bad weather disrupted loadings at Alaska's main export terminal and analysts forecast a drawdown in U.S. fuel stocks ahead of winter.