Oil Prices Fall Despite OPEC Output Cut
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Oil prices fell to four-month lows on Friday even though the Organization of Petroleum Exporting Countries moved to curb production above its official 27 million barrel-per-day output ceiling.
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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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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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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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Oil fell to $90 a barrel on Monday, as weaker global stock markets spurred profit taking, although expectations that OPEC will resist pressure to raise output this week limited deeper losses.
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OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60.
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Crude oil prices fell again Monday, touching a new four-month low Monday, with OPEC&#39;s announced production cut Friday failing to boost the market a second session.
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Oil prices fell by more than a dollar on  Friday as OPEC looked set to keep output unchanged at its  meeting this weekend and on forecasts for warmer weather in the  U.S. Northeast next week.
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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 prices tumbled below $47 on  Monday after OPEC producers agreed to keep crude output  unchanged for now and Iraq's elections passed without  disruption to oil exports.
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Oil prices fell on Monday after OPEC   agreed to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent slide in prices since   mid-July.
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Crude oil prices fell Thursday after the Organization of Petroleum Exporting Countries (OPEC) lowered its forecasts for growth in global demand this year and next.
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Oil prices tumbled on Monday after OPEC  producers agreed to keep crude output unchanged for now and  Iraq's elections passed without disruption to oil exports.
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Oil prices fell on Monday, extending the previous session's decline, after remarks by oil producer group OPEC that it was concerned about the potential impact of high oil prices on the global economy.
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Oil dropped nearly 3.5 percent to below $58 on Monday as OPEC members including Saudi Arabia signaled the group would probably keep output stable when it meets in March and as U.S. winter supply concerns eased.
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Oil prices continue falling on comments from Iran and Opec that suggest increasing supply is a possibility.
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Oil prices fall as it emerges that supply from Iraq will not be affected by a bomb blast and Opec's  members are already producing more oil.