Oil Prices Nosedive on Profit-Taking
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Oil prices fell sharply on Monday in what traders described as a wave of profit-taking sparked by a steep decline in gasoline futures.
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U.S. oil prices hit their lowest in  more than a month on Monday on continued profit-taking as  producer group OPEC sought to increase its tight spare capacity  and the U.S. summer driving season approached its end.
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Oil prices eased from new highs on Friday as dealers pocketed profits from a long record-breaking run after escalating violence in Iraq took US crude close to $50 a barrel.
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OIL prices fell again yesterday as forecasts of mild weather in the United States prompted traders to take profits from a rally that has added more than 30 per cent to the cost of crude this year.
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Oil dropped more than $2 a barrel on Friday, joining a slump across the commodities markets amid concern higher interest rates could slow economic growth and cool demand.
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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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NEW YORK: US oil prices fell more than one dollar yesterday on continued profit-taking as producer-group Opec eyed increases in the coming months in its tight spare capacity, countering worries over stumbling Iraqi oil exports.
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Oil slid to around $58 a barrel on Wednesday, taking losses for the week to more than 7 percent and London Brent crude to its lowest this year, on forecasts of a further rise in bulging U.S. fuel stockpiles.
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Oil prices fell over a dollar on  Thursday, tumbling from a two-week high as traders took profits  after dramatic gains on Wednesday driven by renewed fears over  fuel supplies for the northern winter.
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Oil prices eased from new highs on  Friday as dealers pocketed profits from a long record-breaking  run after escalating violence in Iraq took U.S. crude close to  $50 a barrel.
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U.S. stocks opened lower on Friday as oil prices rose sharply, threatening corporate profits, while the dollar weakened.
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Oil prices dropped sharply today in what traders called a wave of profit-taking sparked by a steep drop in gasoline futures. In afternoon trading, November crude futures traded at US$53.
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World oil prices fell on profit-taking Monday but losses were limited by concerns over tight supplies, as the International Energy Agency called for increases to US refining capacity, traders said.
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Ed Silliere, vice president of risk management at Energy Merchant in New York, said the downward momentum was due to profit taking, which began after oil prices momentarily broke the $55 a barrel mark, as well as to signs of lower demand for gasoline.
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Oil prices fell below $87 a barrel on Wednesday as stock markets declined further, shrugging off a temporary reprieve from Tuesday's steep cut in U.S. interest rates amid persistent fears of a global economic slowdown.
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Oil prices fell sharply from near record peaks on Wednesday after a larger-than-expected build in US crude stocks spurred traders to take profits from a fierce rally.
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Oil prices slipped further from record highs on Wednesday as traders locked in profits after the market's &#36;10 surge since mid-August.