Oil Dips Below $46 as Iraq Flow Rises
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Oil prices dipped below $46 on Tuesday in a third day of falls as a more optimistic Iraq export picture helped unwind some of the supply worries that have lifted the market to historic levels.
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Crude oil futures fell close to a one- month low on expectations a cease-fire in southern Iraq will reduce the sabotage of oil pipelines and supplies from Russia will increase.
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Global oil prices raced to fresh highs on Friday, carrying US crude close to $49.16 a barrel up 46 cents, driven by escalating violence in Iraq and unabated demand growth from China and India.
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Oil fell below $69 a barrel on Monday,   pulled lower by expectations any sanctions against oil producer   Iran were a way off and would not necessarily disrupt export   flows.
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Oil prices slipped under $66 on  Monday, adding to last week's slide on an improved U.S. supply  picture and signs of easing tension over Iran's nuclear  program.
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World oil prices fell again on Tuesday as Iraq restored oil exports and hedge funds continued the rush to take profits from record highs.
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Oil futures dipped below $46 a barrel yesterday as traders assessed what appeared to be a short-lived cold snap in the United States, where cold weather and tight heating oil supplies helped drive prices higher last week.
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Oil prices eased again on Tuesday with  the re-opening of two Iraqi pipelines, but most financial  markets traded in narrow ranges after sharp reactions in  previous sessions.
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NEW YORK, December 2  - Crude oil futures steadied at under $46 per barrel in early morning trade today, after declining by more than $3 per barrel yesterday on reports of higher-than-expected increases in the US supplies of crude oil
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Oil prices fell more than a dollar to  $45 on Tuesday, in a third day of losses as a more optimistic  Iraq export picture helped unwind some of the supply worries  that have lifted the market to historic levels.
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Oil prices eased on Tuesday, as  Middle East cyclone fears waned, but concerns over gasoline  supply in the United States kept crude above the $70 mark.
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Oil prices fell below $48 a barrel Wednesday after the US government reported increases in the nation&#39;s supply of crude oil and distillate fuel, which includes heating oil.
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Oil prices eased on Tuesday, as Middle East cyclone fears waned, but concerns over gasoline supply in the United States kept crude above the $70 mark.
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Oil prices held just below the $47 mark on Monday as Iraq resumed exports from both its northern and southern outlets after lengthy disruption, despite fierce fighting in the holy city of Najaf.
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U.S. oil prices hovered just below  $50 a barrel on Tuesday, holding recent gains on a rash of  crude supply outages and fears over thin heating oil tanks.
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The price of oil falls for the fourth day in a row, aided by an increase in Iraqi exports and data showing better than expected petrol stocks in the US.
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OIL prices were easing back from their recent record highs yesterday as the cost of a barrel dipped below the $46 mark.