Crude Oil Prices Holding Just Below Recent High
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Oil prices have gone up sharply in the past month because of production snags in the Gulf of Mexico, where more than 22.6 million barrels of production have been lost since Hurricane Ivan hit mid-September.
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Oil prices held firm on Friday after leaping almost $2 a day earlier on news US crude stocks sank to a five-month low last week and distillate fuels barely grew ahead of winter.
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Crude oil prices fell to the lowest level in four months Tuesday as traders speculated that warm weather and increased refinery output had bolstered US heating-oil supply last week.
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The benchmark US crude was down 96 cents, or 2%, to $43.03 a barrel, as traders felt confident about supply-and-demand dynamics. Prices are now down about 13% from their intraday record high of almost $50 a barrel on Sept.
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Oil prices fell sharply last night, taking US crude below $50 ahead of the US presidential election. US light crude dipped as low as $49.
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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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Oil drifted lower toward $68 a barrel on   Wednesday, hovering near this week's three-and-a-half month low   as dealers feared oil stocks may quickly build up now that the   northern hemisphere summer season has ended.
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Oil prices held just below &#36;48 a barrel on Tuesday, as the market remained nervous that OPEC producers may cut supplies before the end of the first quarter.
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OIL prices were easing back from their recent record highs yesterday as the cost of a barrel dipped below the $46 mark.
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Crude oil prices hovered near an all-time record high of US$49.40 as supply fears in Iraq and other key producers pushed up early trading Monday, while the market took stock of Hurricane Ivan&#39;s impact on oil rigs in the Gulf of Mexico.
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On expectations that US oil supplies will continue to grow and that heating oil inventories will be adequate this winter, crude oil prices fell below $48 a barrel on Tuesday.
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Oil prices held strong on Friday not far  below $55 as traders worried time is running out to top up low  heating oil inventories before winter.
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Oil prices traded below $42 a barrel Wednesday following a U.S. government report that commercially available supplies of crude oil and distillates, which include heating oil, shrank last week.
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US oil prices hovered just below $50 a barrel on Tuesday, holding recent gains on a rash of crude supply outages and fears over thin heating oil tanks.
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BEIRUT: Oil prices remained near recent peaks on Friday, with US crude trading just below $55-a-barrel. In midday New York trading, WTI was down 21 cents at $54.
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Oil prices fell back below $68 a barrel   on Wednesday to near this week's three and a half month low   after the end of the U.S. driving season helped to remove any   lingering concerns of supply shortage.
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Oil hovered near $75 on Wednesday but remained within sight of an all-time high ahead of U.S. data expected to show a further tightening of crude stocks in the world's top consumer.