Oil prices set to target $60
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Singapore - Crude oil prices surged past an unprecedented $55 per barrel Monday, driven by uncertainty over production, high demand and tight global supplies ahead of the Northern Hemisphere winter.
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Wall Street headed for a firm start on   Monday as oil fell below the $60 mark for the first time in six   months, but existing home sales data will dominate the   limelight as investors try to assess the extent of the U.S.   economic slowdown.
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Oil jumped a dollar to above $60 on Thursday after OPEC officials said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.
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Oil fell below $60 on Friday as investors doubted OPEC's resolve to carry out supply cuts and focused instead on brimming fuel stockpiles in top consumer the United States.
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Oil prices push above $70 a barrel amid fears over US-Iran tensions and low US fuel stockpiles.
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Oil edged up above $64 a barrel on   Wednesday as traders cautiously await the debate among members   of the U.N. nuclear watchdog over Iran's atomic work, and on   renewed concerns over disruptions to Nigerian supplies.
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Oil rebounded to $58 a barrel on Thursday after its repeated failure to breach $60 triggered a two-percent sell-off the previous day.
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Why oil won't fall below $60 again.
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LONDON  - World oil prices marched towards 55 dollars on worries about low stocks of US heating fuel and tight crude supplies, amid strong demand ahead of the northern hemisphere winter.
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Oil steadied below $58 a barrel on Thursday after its repeated failure to breach $60 triggered a two-percent sell-off the previous day.
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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SINGAPORE - Crude oil futures hovered around the US$55-a-barrel mark Wednesday on fears of a heating oil shortage ahead of the northern winter, and oil cartel OPEC urged Washington to release more oil from its strategic reserve to calm the market.
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Oil steadied near $60 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 demand for fuel.
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Oil prices head back toward record highs on concerns about supply ahead of the cold winter months.
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European stock markets were advancing as oil-exposed stocks benefited from crude prices sinking beneath 60 dollars per barrel.
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Oil steadied near $60 on Friday as investors were cautious on OPEC's resolve to carry out a planned supply cut and fuel inventories swelled in top consumer the United States.
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Oil prices rose for a second day on   Friday after a brief mid-week dip below $60, as investors   anticipated the market's six-week slump driven by rising U.S.   inventories and easing Iran tensions may be coming to an end.