Oil Fades Toward $47, Awaits U.S. Data
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Oil prices fell to seven-week lows  near $47 a barrel on Wednesday as traders braced for another  increase in U.S. oil and gas inventories.
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Oil fell toward $61 on Tuesday on   robust U.S. inventories ahead of the winter heating season, but   producer group OPEC said the price slide from peaks this summer   had gone far enough.
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On expectations that US oil supplies will continue to grow and that heating oil inventories will be adequate this winter, crude oil prices fell below $48 a barrel on Tuesday.
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Oil traded lower on Wednesday ahead  of key U.S. stocks data, which was expected to show a rise in  heating fuel supplies as mild winter temperatures suppressed  demand in the United States.
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Oil prices drifted around $47 a  barrel early on Wednesday, well off recent peaks as traders  braced for another increase in U.S. crude oil inventories.
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Oil prices were little changed on Friday, holding around $59 a barrel after tumbling on a build in crude stocks, but trade was muted by a U.S. holiday.
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Oil prices fell to seven-week lows below $47 a barrel on Wednesday as traders braced for another increase in US oil and natural gas inventories.
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Oil fell toward $61 Tuesday on robust   U.S. inventories ahead of the winter heating season, but   producer group OPEC said the price slide from peaks this summer   had gone far enough.
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Oil prices fell on Monday to a seven-week low just under $47 a barrel, as growing fuel stocks in the United States eased fears of a winter supply crunch despite a cold snap in North America at the weekend.
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Oil prices fell Thursday after moving close to US$49 a barrel as markets digested news of a rise in crude inventories but lower-than-expected US heating oil stocks.
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Oil eased near $60 on Wednesday  following big gains the previous day spurred by disruption of  Alaskan crude exports and ahead of U.S. government data  expected to show declining stocks of heating and transport  fuels.
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Oil hovered near $75 on Wednesday but remained within sight of an all-time high ahead of U.S. data expected to show a further tightening of crude stocks in the world's top consumer.
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Oil prices slipped on Tuesday but  remained well above $48 a barrel as dealers weighed up whether  a thin cushion of heating fuel in the United States would be  sufficient to meet winter demand.
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Oil prices fell Wednesday as traders awaited the release of a U.S. government inventory report expected to show increases in supplies of crude, gasoline and distillates.
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Oil prices followed U.S. stocks lower on   Friday as slowing economic growth raised fears demand could   falter for the world's biggest energy consumer.
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Oil prices climbed above $47 a barrel today, after figures showed supplies in the U.S. were down for a third consecutive week.
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WASHINGTONâOil prices surpassed $47 (US) a barrel yesterday, with further declines in American supply expected in the short-term as petroleum producers disrupted by Hurricane Ivan continue to regroup.