Oil Down More Than $2 as Supplies Swell
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Oil fell more than $2 on Thursday, resuming a downturn that has slashed 12 percent from record highs as growing stockpiles ease worries of a crunch ahead of the Northern Hemisphere winter.
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Oil prices dropped to 2-month lows on  Monday, with U.S. crude falling near $45 a barrel before paring  losses in late trade, as growing fuel stocks in the United  States eased fears of a winter supply crunch.
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Oil prices fell on Thursday on expectations that the United States might loan some crude to U.S. refiners from its strategic petroleum reserve after weather-related disruptions led to a big dip in supplies.
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Oil fell more than 2 percent on Tuesday as warm weather thawed top consumer the United States, cutting demand for heating fuel.
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Oil prices slid more than a dollar to  7-week lows on Tuesday as growing signs of ample supply ease  concerns over fuel stocks for the northern winter.
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Crude futures sold off sharply for a second day in row Thursday, falling below $44 a barrel, as traders focused on rising fuel supplies and the lack of cold weather. The drop to two-month lows triggered an additional wave of technical and speculative selling, traders said.
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Oil prices fall by more than $2 after Cyclone Gonu weakens in the Gulf and amid concerns about higher interest rates.
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Oil prices bounced nearly $2 to $44 a barrel yesterday after government and industry data showed a sharp drop last week in the nation's supply -- a surprise to most traders, who expected inventories to be steady or grow slightly.
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Oil slid towards $79 a barrel on Friday, as a hurricane subsided in the Gulf of Mexico, though prices held near the previous day's record high on supply worries ahead of peak winter demand.
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Oil prices fell sharply Wednesday after a government report that US inventories of crude rose 3.4 million barrels last week, surprising many traders and analysts who had expected to see supplies shrink because of lingering production problems in the wake
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WASHINGTON -- Oil prices fell by more than $1 a barrel yesterday after the US government released data showing healthy crude inventories and a surge in domestic fuel supplies .
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Oil prices edged lower on Thursday,  adding to a near 2 percent sell off the previous day caused by  a smaller-than-expected drop in U.S. heating fuel inventories.
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Crude oil stockpiles in the US are at their lowest level since March, helping drive up the cost of a barrel of oil by almost $2.
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Oil prices fell yesterday after government data showed US inventories of crude grew last week, surprising many traders and analysts who had expected supplies to shrink due to lingering output problems caused by Hurricane Ivan.
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Oil tumbled another dollar on Thursday,  resuming a two-week slide that has cut 15 percent from prices  as rising crude inventories ease concerns over winter fuel  supplies.
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Oil fell 2 percent on Wednesday as U.S. gasoline stocks rose and crude inventories hit a nine-year high, easing supply concerns in the world's top consumer.
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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.