Tight US supplies boost oil price
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Oil prices have surged to two-week highs following news that supplies in the US are tightening. In New York on Thursday, the cost of a barrel of oil rose almost $2 to $44.
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Washington: Oil futures prices bolted 5 per cent higher, climbing above $44 a barrel after US government data showed a slight decline in crude and heating oil supplies as colder weather in the Northeast drove up fuel demand.
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US oil prices neared $51 per barrel Tuesday, steered by speculative buyers wary of US production after Hurricane Ivan and conflicts in other oil-producing nations.
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Oil prices will remain at high levels into next year owing to tight supplies and despite fears that a weak US economy may dent crude demand, leading energy consultants said here Monday.
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Oil futures prices surged above $54 US a barrel Thursday after government data showed a sharp decline in US supplies of distillate fuel, which includes heating oil.
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Oil prices climbed above $47 a barrel, setting yet another record, after figures showed that supplies in the United States were down for a third consecutive week.
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Freezing temperatures across much of the US push oil prices back up sharply to nearly $60 a barrel.
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SINGAPORE, OCT 5: US oil prices scrambled back over $50 a barrel on Tuesday, kept on edge by a prolonged production outage in the Gulf of Mexico at a time when major exporters are already pumping nearly full tilt.
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Oil exceeded $79 a barrel today after OPECâs modest output increase failed to allay winter supply concerns as dealers focused on tight inventories in the United States.
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Oil prices rebounded Friday but remained below $50 US a barrel after declining four per cent over the past week due to rising US supplies of crude and natural gas.
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Oil prices rose sharply on Friday as  worries a cold spell in the United States could erode already  depleted winter fuel inventories spurred the market higher.
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Crude oil prices surged above the US$55-per-barrel mark on Monday on concerns that tight global supply would lead to a further drop in US inventories of heating oil ahead of the winter season.
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Oil prices climbed above $62 a barrel yesterday as colder weather drifted eastward across the United States and after government data showed shrinking supplies of crude, gasoline, and heating oil.
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New York - Oil prices rose sharply Wednesday following the release of a US government report that said crude supplies fell by more than expected last week due to disruptions caused by Hurricane Ivan.
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Oil prices have set new record highs above $54 a barrel for US crude, with global supplies hounded by outages that are thwarting efforts to build winter heating oil inventories.
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Oil prices rose on Wednesday as a U.S. government report showed heating fuel stocks in the world's largest energy consumer remained tight ahead of the winter, despite a small build in distillate supplies.
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Oil prices rose a dollar on Friday as  worries a cold spell in the United States could erode already  depleted winter fuel inventories spurred the market higher.