Oil prices set to target $60
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Singapore - Crude oil prices surged past an unprecedented $55 per barrel Monday, driven by uncertainty over production, high demand and tight global supplies ahead of the Northern Hemisphere winter.
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Crude oil prices dropped below $60 a barrel for the first time in six months on Monday before rebounding a bit.
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World oil prices rose to a new record high above 55 US dollars a barrel Friday, stirring fears of 60-dollar-a-barrel New York crude, as concerns about the global supply of heating
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Oil jumped more than a dollar to above $60 on Thursday after an OPEC delegate said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.
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Oil prices headed up toward &#36;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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Oil edged up above $64 a barrel on  Wednesday as traders cautiously await the debate among members  of the U.N. nuclear watchdog over Iran's atomic work, and on  renewed concerns over disruptions to Nigerian supplies.
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Oil fell below $60 on Friday as investors doubted OPEC's resolve to carry out supply cuts and focused instead on brimming fuel stockpiles in top consumer the United States.
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JAKARTA/DUBAI  - OPEC is united on the need to  raise its oil price target to an average $30 a barrel, but the  cartel has yet to agree on when to implement the higher level,  a top Iranian oil official said on Thursday.
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The decision was the strongest signal yet that OPEC aims to keep oil prices above $60 a barrel next year.
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World oil prices marched towards 55 dollars today on worries about low stocks of US heating fuel and tight crude supplies amid strong demand in key markets ahead of the northern hemisphere winter.
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Oil prices soared above $60 a barrel on Wednesday as a rash of snags affecting U.S. oil refineries, pipelines, and an oil field sparked worries of a supply crunch in the world's biggest energy consumer.
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As oil prices keep setting new record highs, there are growing concerns that Asia's energy-hungry economies can no longer continue absorbing the impact with crude creeping toward 60 dollars a barrel.
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Oil prices pushed through new highs above 55 US dollars a barrel Monday amid concerns over high demand and tight supplies ahead of the Northern Hemisphere winter.
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Oil held below $60 on Thursday, paring some gains after leaping more than 1 percent on a newspaper report that OPEC members had agreed informally on the need to slash daily output by at least 1 million barrels.
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European stock markets were advancing as oil-exposed stocks benefited from crude prices sinking beneath 60 dollars per barrel.
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Oil prices push above $70 a barrel amid fears over US-Iran tensions and low US fuel stockpiles.
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Wall Street headed for a firm start on  Monday as oil fell below the $60 mark for the first time in six  months, but existing home sales data will dominate the  limelight as investors try to assess the extent of the U.S.  economic slowdown.