Update 15: Oil Nears $50 a Barrel, Traders Eye Iraq
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With $50-a-barrel in sight, oil traders were glued Friday to developments in Iraq, where tensions between US forces and rebel fighters appeared to ease, raising hopes that attacks against the country&#39;s oil infrastructure would subside.
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High-flying oil climbed back toward $50  a barrel on Thursday, with worries over the security of  Nigerian supply supporting prices despite a surprise build in  U.S. crude inventories.
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SINGAPORE -- Oil lingered above the $50 per barrel threshold in Asian trade today, breaching the mark for the second straight day ahead of key US crude stockpile data.
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Oil has leapt back above $50 as President George W. Bush edges towards US election victory, a result which traders. say will bolster fuel demand and underpin anxiety over security of Middle East supply.
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Crude oil surpassed $50 a barrel and was close to a record in New York after hurricanes in the Gulf of Mexico curbed US production for more than three weeks, slowing the accumulation of supplies to meet winter needs.
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Oil is now down almost 15% in a week. Isn&#39;t this what people were complaining about two weeks ago when oil was marching toward $50 a barrel?
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The price of a barrel of crude oil passed the record 50-dollar level on Monday, with various factors - such as the violent situation in Iraq and hurricanes in the Gulf of Mexico â-etting the blame for the hike.
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Oil prices pierced the $50-a-barrel  mark again on Friday amid concern over possible conflict in  Nigeria's oil-producing delta region, where a two-day truce  between rebel militia and government forces is holding.
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Crude oil futures closed in on $49 a barrel yesterday as traders considered the possibility of another OPEC production cut, turmoil in Nigeria, and violence in Iraq ahead of the election.
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Oil prices marched toward $50 a  barrel on Friday, weighing on Asian stock markets as investors  fretted over the impact of high energy costs on corporate  profits, consumer spending and economic growth in general.
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JAKARTA, Indonesia -- The Organization of Petroleum Exporting Countries wants oil prices that traded near $50 a barrel last week before retreating this week to fall faster, and will discuss whether to increase production at a meeting next month, the
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U.S. oil prices rose today as Iraq's oil exports continued at more than 30 percent below normal after sabotage attacks on pipelines.
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OIL continues to set new records by the day. Last Friday, it was in whispering distance of $50 a barrel as Iraq and the woes of the giant Russian producer, Yukos, kept markets on tenterhooks.
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Oil prices surged to new record highs on  Monday near $50 for U.S. crude as Nigeria emerged as the latest  focus for worries about supply security on world energy  markets.
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With oil near $50 a barrel, the Bush  administration said on Thursday it would negotiate with  refineries that want to borrow oil from the federal emergency  stockpile to offset supplies disrupted by Hurricane Ivan.
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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 held close to $50 a barrel on  Wednesday ahead of weekly U.S. inventory data that is expected  to show a decline in crude stocks after Hurricane Ivan hit Gulf  of Mexico production.