Oil firms above $50 as Bush nears win
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Oil prices jumped above $50 a barrel this morning, supported by US election tallies projecting a slim lead for President George W Bush.
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The price of a barrel of crude oil passed the record 50-dollar level on Monday, with various factors - such as the violent situation in Iraq and hurricanes in the Gulf of Mexico â-etting the blame for the hike.
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NEW YORK - The price of oil settled above $50 a barrel for the first time yesterday amid worries about tight supplies and production problems because of hurricanes in the Gulf of Mexico.
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Oil prices rose modestly today, halting a three-day losing streak on profit-taking from record highs near $50 a barrel.
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Crude oil prices hovered near an all-time record high of US$49.40 as supply fears in Iraq and other key producers pushed up early trading Monday, while the market took stock of Hurricane Ivan&#39;s impact on oil rigs in the Gulf of Mexico.
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WASHINGTON Oil prices climbed toward $49 per barrel Thursday even as the Bush administration considered drawing crude from the US emergency stockpile and lending it to refiners whose supplies were disrupted by Hurricane Ivan.
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US oil prices reached a record $50 a barrel on Monday as Nigeria emerged as the latest focus for worries about supply in an already tight worldwide energy market.
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Oil prices briefly climbed back over $50 on Tuesday, pushed higher by supply outages in the North Sea and fears about low stocks of winter heating fuels.
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Crude oil in New York traded near a record after exceeding $50 a barrel yesterday on threats to Nigeria&#39;s oil output and as US production remains lower than normal because of damage from Hurricane Ivan.
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Oil prices set a new record above $50  a barrel on Tuesday as a prolonged U.S. production outage  following Hurricane Ivan attracted fresh speculative buying.
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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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Crude oil prices pushed past the psychologically important 50 dollars per barrel mark today to an all-time high of 50.01 dollars as the market stayed bullish on a slow post-Hurricane Ivan recovery in the Gulf of Mexico.
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Crude oil futures settled above $50 for the first time ever on Friday, fueled by concerns about supply in Nigeria and the continuing slow pace of production recovery in the hurricane-ravaged Gulf of Mexico, traders said.
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Oil prices held below $50 on Wednesday as a fresh jump in US crude oil inventories tempered the impact of President George W. Bush&#39;s move towards victory in the US election.
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Crude oil futures rose to within a quarter of $50 a barrel Monday after a gas leak shut down a North Sea oil production platform and as traders weighed concerns about heating oil supplies against the fact that temperatures have been mild in recent weeks.
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With oil near $50 a barrel, the Bush administration said on Thursday it will negotiate with refineries that want to borrow oil from the federal emergency stockpile to offset supplies disrupted by Hurricane Ivan.
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US oil prices inched below $50 a barrel again Tuesday, maintaining a week-long slide that has cut more than $5 off record-high prices as some traders cashed in profits ahead of the US presidential election.