Oil hovers at $70 as Middle East cyclone fears ease
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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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SINGAPORE/LONDON  - Oil steadied above $70 a   barrel on Friday on expectations of a long delay before the   United Nations decides on sanctions against Iran, the world's   fourth-largest exporter.
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Oil prices rebounded to above $66 a  barrel on Tuesday, with bargain-hunting traders ending a  six-day retreat after Iran sounded a softer note on its atomic  program and OPEC agreed to keep production steady for now.
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London crude oil prices rebounded to   around $68 a barrel on Tuesday after slumping to a more than   10-week low the day before, with many dealers moving to the   sidelines to await the next step in Iran's atomic stand-off.
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Oil prices eased on Friday as a hurricane subsided in the Gulf of Mexico, although prices held near the previous day's record high on supply worries ahead of peak winter demand.
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NEW YORK -- Oil prices neared $49 a barrel yesterday, capping a rise of 7 percent for the week, as Gulf of Mexico crude production rebounded at a slower-than-expected rate in the wake of Hurricane Ivan.
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Oil prices rise to hover around $61 a barrel, following a severe snow storm in the US and increasing tensions with Iran.
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Oil prices rebounded to above $66 a   barrel on Tuesday, with bargain-hunting traders ending a   six-day retreat after Iran sounded a softer note on its atomic   program and OPEC agreed to keep production steady for now.
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Oil prices headed up toward $45 a  barrel on Wednesday as Hurricane Ivan shut 60 percent of crude  output in the Gulf of Mexico and at least five refiners along  the U.S. coast planned to close as a precaution.
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LONDON - Oil prices hovered near $50 per barrel Tuesday after a Saudi Arabian oil official said the world's largest petroleum exporter would raise its production capacity by nearly 5 percent in a bid to calm markets.    Light sweet crude for November delivery was up 16 cents at $49.80 per barrel in late morning trading on the New York Mercantile Exchange, retreating from the $50.47 high reached in overnight electronic trade...
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Oil prices dipped on Thursday but held near the previous day's record high above $80 a barrel, as dealers watched a hurricane in the Gulf of Mexico after a sharp fall in U.S. crude stocks.
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Crude oil prices in New York stayed higher Tuesday after passing 50 dollars per barrel as Nigerian rebels threatened oil output and Hurricane Ivan slashed production in the US Gulf of Mexico.
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Crude oil rose to a record $49.74 a barrel in New York amid concern rebel attacks in Nigeria will reduce production and US refiners will struggle to replenish supplies disrupted by Hurricane Ivan.
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Oil pulled back slightly but remained above $70 on Tuesday as a powerful cyclone reached the coastline of Oman, closing the main gas export terminal.
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Crude oil in New York approached $70 a barrel for the first time since September after Nigerian unions planned a strike this week, threatening supplies from Africa's biggest oil producer.
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Oil prices hovered around flat on  Tuesday as milder weather in the immediate term eased concerns  about thin fuel stocks, but worries about possible supply  disruption in the Middle East and Russia limited selling.
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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.