Word of oversupply from OPEC punctures oil prices
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LONDON - Oil prices eased further today, as the head of the OPEC cartel said markets were well-supplied with crude and traders continued to take profits from this year&#39;s 40 percent rally.
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Oil prices are rising as hopes of a rise in production from next week's Opec meeting dwindle.
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Oil prices have continued their record-breaking run on Wednesday, busting through the $47-mark amid concerns that demand will outstrip supply.
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Business & money: Opec under pressure to increase production after warning that prices could peak by end of year.
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The global oil market is still oversupplied and prices could be higher despite a rally that has taken them above $60 a barrel, OPEC President Edmund Daukoru of Nigeria said on Monday.
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The threat of $50 a barrel for the New York price seemed very real last month, but in the end it turned out to be a near miss. Still, there is plenty for Opec to think about as the group&#39;s energy ministers gather in Vienna.
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DUBAI: The continuing surge in oil prices is proving Opec&#39;s limited influence on the market despite the organisation committing to increasing its production ceiling, analysts said.
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Oil prices rose for the second day in a  row on Thursday as several OPEC ministers called for the cartel  to stop producing more oil than its official target.
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OPEC president: &quot;The world has enough oil.&quot; Saudi slashes prices; US peak driving season ends. NEW YORK (CNN/Money) - Oil prices eased further Tuesday as the head of OPEC said there was plenty of crude on
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The price of oil has fallen in New York after Opec president Purnomo Yusgiantoro said that the oil cartel&#39;s members were increasing production.
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Jakarta - Opec production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president said Monday.
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Oil prices surged more than 2 percent  on Wednesday amid worries a possible OPEC output cut this  spring could quickly sap swelling crude and gasoline stockpiles  in the United States.
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Oil picked up over $63 a barrel on Monday as two OPEC members trimmed production in an effort to tighten swollen supplies and halt a slide in prices.
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OPEC&#39;s president says the organisation&#39;s production levels are increasing to meet escalating demand, but he believes over-inflated prices can be brought down only by resolving global conflicts.
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OPEC oil producers on Saturday said they  had already moved to rein in excess supply, a day after doubts  over the group's resolve to cut sent prices into a tailspin.
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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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VIENNA: OPEC is keeping its foot to the pedal on oil production in a bid to push crude prices back below $40 a barrel. Risking a counter-seasonal fourth quarter build in world crude stocks, Saudi Arabia will