Prices fall, even as two in OPEC cut output
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Oil prices dropped yesterday as traders apparently shrugged off worries about whether production cuts by two key producing nations were harbingers of further restrictions by OPEC members.
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Oil fell back toward $62 on Friday after   OPEC member Nigeria appeared to be alone in its decision to   trim output to stem a two-month price slide.
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Oil extended losses for the seventh   consecutive session on Tuesday, retreating to under $64 a   barrel after Iran sounded a softer note on its atomic program   and OPEC agreed to keep production steady for now.
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The two OPEC members said today that they would voluntarily cut production in response to declining crude oil prices.
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OPEC, seeking to stem a two-month slide in oil prices, said yesterday Venezuela and Nigeria would cut crude production by a combined 170,000 barrels a day.
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Oil prices fell for a fifth consecutive day Thursday despite a sharp drop in Iraqi exports after pipelines were sabotaged - evidence that the bull market may have lost some steam.
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Oil prices slid on Monday, drifting toward $90 a barrel as a weak close on Wall Street spurred some profit taking, although expectations that OPEC will maintain its production curbs this week limited losses.
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US OIL prices fell further yesterday on continued profit-taking as producer-group OPEC promised production increases in the coming months.
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Oil prices tumbled on Monday after OPEC producers agreed to keep crude output unchanged for now and Iraq's elections passed without disruption to oil exports.
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Oil extended losses for the seventh   consecutive session on Tuesday, retreating to around $65 a   barrel, after Iran sounded a softer note on its atomic program   and OPEC agreed to keep production steady for now.
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Oil prices tumbled below $47 on  Monday after OPEC producers agreed to keep crude output  unchanged for now and Iraq's elections passed without  disruption to oil exports.
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Oil hovered below $58 a barrel on Tuesday, after it slid $2 the previous day on signs OPEC will keep output stable when it meets in March.
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Oil producing cartel Opec is to cut back on over-production in an attempt to halt the recent slide in prices, Kuwait's oil minister says.
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LONDON -- Oil prices fell but held above $61 a barrel yesterday as the market awaited OPEC's decision this week on whether to make further production cuts to shore up prices.
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Oil prices fell on Monday, extending the  previous session&#39;s decline, after remarks by oil producer group  OPEC that it was concerned about the potential impact of high  oil prices on the global economy.
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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' oil revenue and ministers will take up the issue when they meet next week to discuss a further cut in output.
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Oil prices eased below $62 on Monday, extending last week's losses, as concern over brimming global fuel inventories offset a likely second supply cut by OPEC and news of deepening Saudi export curbs.