Hurricane Pushes U.S. Oil Toward &#36;45
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Oil prices rose on Wednesday as Hurricane Ivan -- one of the fiercest storms on record -- churned toward the southeastern United States, while the dollar struggled with worrying economic data.
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Hurricane Ivan, with winds near 140 mph, pushed oil prices higher today as it moved through the Gulf of Mexico on a path that may bring it ashore between Louisiana and Florida by Thursday.
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Hurricane Ivan spared the critical Gulf Coast refining belt, but oil prices rose anyway Thursday on fears a new storm brewing in the Caribbean will delay tankers carrying imported crude to US ports.
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US oil prices hovered just shy of $44 a barrel on Tuesday, awaiting the arrival of Hurricane Ivan in the oil-rich Gulf of Mexico, where energy companies had evacuated thousands of offshore workers and shut some production.
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U.S. crude futures soared to a record  &#36;75.40 per barrel on Wednesday amid a rally in gasoline prices.
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Oil prices steadied above &#36;45 a barrel on Thursday, attempting to put a floor under a 7.4 percent tumble after a big increase in U.S. heating oil stocks eased worries of a winter supply squeeze.
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Oil prices eased to &#36;45 a barrel on Tuesday, extending a profit-taking set-back despite a looming cold spell in the eastern United States and global supply outages.
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NEW YORK, Sept 23  - Oil prices edged closer to record territory Thursday as markets shrugged off news that the US government may draw from its strategic reserves to make up for shortages due to Hurricane Ivan.
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Oil prices held above $45 a barrel on  Tuesday as a cold spell loomed in the eastern United States and  a rash of supply problems afflicted big producers.
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Oil jumped $1 past $75 a barrel on  Tuesday as a top U.S. hurricane forecaster called for a busy  end to the Atlantic storm season, raising concerns over  potential oil and gas disruptions.
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Oil prices pushed above &#36;49 a barrel on Monday, approaching record levels as worries about the stability of supplies from Iraq, Nigeria and Russia compounded concerns over low fuel stocks ahead of winter.
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Crude oil prices pushed above $49 a barrel on Monday, reflecting concerns about supply in key producers and Hurricane Ivan&#39;s impact on oil rigs in the Gulf of Mexico.
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The price of crude oil broke into new record territory above &#36;52 Thursday on heightened concerns that supplies of heating fuels will prove inadequate during the northern hemisphere winter.
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Oil prices ticked higher on Tuesday, holding above &#36;42 a barrel as dealers awaited signs of any renewed cold snap that would revive demand for winter heating fuels in the United States.
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Oil prices inched closer to $50 a barrel Thursday even as the Bush administration considered tapping the nation&#39;s emergency stockpile of crude on behalf of refiners whose supply was disrupted by Hurricane Ivan.
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Oil prices steadied above &#36;48 a barrel on Wednesday as a cold snap in the U.S. Northeast overshadowed an expected build in crude and product inventories.
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World oil prices rose on Friday, boosted by production stoppages due to a severe hurricane in the Gulf of Mexico and worries that another storm might further delay imports into the United States.