Oil rebounds towards $60 after drop
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Oil rose towards $60 a barrel on Friday  in trade muted by the long U.S. Thanksgiving holiday weekend,  after tumbling on a rise in stockpiles in the world's top oil  consumer.
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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 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 prices rebounded from seven-week  lows Wednesday, jumping $1 as a drawdown in U.S. heating fuel  stocks rekindled worries about thin supply levels ahead of the  northern winter.
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Oil rebounded above $62 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 fuel demand.
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Oil prices have rebounded from seven-week lows as US heating oil stocks fell for an eighth straight week ahead of winter. US light crude was up 58 cents at $47.
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Analysts say OPEC could cut of oil production quota on Fridayâs meeting if US oil prices keep sliding. LONDON - Oil prices rebounded Monday after falling sharply last week on receding supply worries, buoyed
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Oil prices rebounded to above $66 a  barrel on Tuesday, with bargain-hunting traders ending a  six-day retreat after Iran sounded a softer note on its atomic  program and OPEC agreed to keep production steady for now.
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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 rebounded Friday but remained below $50 a barrel after declining 4 percent over the past week due to rising US supplies of crude and natural gas.
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London crude oil prices rebounded to   around $68 a barrel on Tuesday after slumping to a more than   10-week low the day before, with many dealers moving to the   sidelines to await the next step in Iran's atomic stand-off.
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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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The price of oil jumped back above 90 dollars on Friday, helped by a recovery in global stock markets on the back of plans for a stimulus package to prevent the US economy falling into recession, traders said.
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Oil prices rose for a second day on   Friday after a brief mid-week dip below $60 a barrel, as   investors bet a six-week slump driven by rising U.S.   inventories and easing Iran tensions could be coming to an end.
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Oil rose towards $60 a barrel on Friday in trade muted by the long U.S. Thanksgiving holiday weekend, after tumbling on a rise in stockpiles in the world's top oil consumer.
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Oil prices climbed back above $59 a barrel on Wednesday as a blast of cold weather boosts heating oil demand in the United States and OPEC supply cuts quicken the seasonal fall in crude stocks in industrialized countries.
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Crude oil prices traded below $60 a barrel today for the first time in six months, and ended the day at $61.40.