Oil falls under $60, investors doubt OPEC
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Oil fell below $60 on Friday as investors doubted OPEC's resolve to carry out supply cuts and focused instead on brimming fuel stockpiles in top consumer the United States.
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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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Oil fell more than a dollar to below $62 a barrel on Monday as healthy fuel inventories in top consumer the United States countered plans by OPEC members Nigeria and Venezuela to trim output.
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The price of oil fluctuates around $60 a barrel, as US inventory data is tipped to show a drop in stocks.
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Oil rose towards $60 a barrel on Friday, drawing strength from a disruption to supply in Nigeria and as a fall in the U.S. dollar boosted other commodities.
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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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Wall Street headed for a firm start on  Monday as oil fell below the $60 mark for the first time in six  months, but existing home sales data will dominate the  limelight as investors try to assess the extent of the U.S.  economic slowdown.
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Oil fell below $60 on Friday, reversing course from the previous day as traders weighed OPEC's plans to cut production by 1 million barrels per day (bpd) against overflowing stockpiles.
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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 prices fell on Monday,  threatening to test a new six-month low under $60 a barrel as  news of BP restoring output at Prudhoe Bay added to a sense of  healthy supplies, while demand growth questions loomed large.
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Saudi Arabia and some other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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Oil prices fell more than a dollar on   Friday as traders questioned whether planned output cuts by   OPEC members Nigeria and Venezuela would be enough to stem a   two-month slide in prices.
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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 dipped below $60 a barrel on Wednesday, as dealers took some profits from gains following an extended disruption to Alaskan crude exports and on expectations of a decline in fuel stocks in the United States.
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Oil prices fall below $60 a barrel, continuing their sharp decline of recent weeks, as Iranian tensions reduce.
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NEW YORK - U.S. stocks are seen slightly lower at the open as investors stay on guard with oil pushing near the $50-a-barrel level...
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Oil prices turned lower Monday as traders apparently shrugged off worries about whether production cuts by two key producing nations were harbingers of further restrictions by OPEC members.