Oil Rebounds After Iraq Pipeline Attack
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Oil prices rose on Friday as a sabotage attack on Iraqi oil infrastructure reignited concern about the reliability of crude exports from the country despite a peace deal to end an uprising in Najaf.
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Oil prices surged above $47 a barrel on  Wednesday on evidence that energy costs are not substantially  slowing the economic growth that fuels oil demand and new  reports of  rebel militia attacking Iraqi oil facilities.
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Iraqi oil output has risen in a "dramatic" way in recent months, hitting its highest monthly level in about 3 1/2 years in November, the International Energy Agency said Friday.
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Oil rose above $91 on Thursday, recovering from losses of more than $3 in the past two days, on concerns of escalating Middle East tensions after Israel carried out a missile test.
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Oil prices surged to a new high of $47 a  barrel on Wednesday after a new threat by rebel militia against  Iraqi oil facilities and as the United States said inflation  had stayed in check despite rising energy costs.
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Crude futures climbed above $48 a barrel Thursday as market fears of sabotage against the Iraqi oil infrastructure outweighed assurances from Baghdad that exports would increase in coming days.
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NEW YORK -- Oil prices rebounded yesterday from early declines to settle above $71 for the first time in 10 months as traders focused on a refinery outage in Kansas and new accusations about Iran's role in Lebanon and Iraq.
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Global oil prices rallied to fresh highs on Friday with US crude approaching $49, driven by escalating violence in Iraq and unabated demand growth from China and India.
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Crude oil rose from a three-month low after an attack on the US Consulate in Jeddah, Saudi Arabia, boosted concern that a revival of terrorist attacks in the country might threaten oil shipments from the world&#39;s biggest oil exporter.
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Oil prices recovered to above $93 a barrel on Monday, after declining for the past three sessions, as violence in Nigeria and tensions in Iran countered worries of economic downturn in the United States.
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Exports of crude have resumed from oil fields in the north and south of Iraq, driving down prices on global markets overnight. After going just shy of $US50 a barrel at the end of last week, the key oil futures
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Crude-oil prices rebounded Friday but remained below $50 a barrel after declining 4 percent in the last week due to rising US supplies of crude and natural gas.
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Iraq's average oil output rose again in December, marking a roughly 30 percent increase since the start of 2007, the country's oil ministry said Saturday.
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Oil prices stopped a five-day slide on  Friday on renewed supply concerns after fresh Iraqi pipeline  attacks outweighed an end to a three-week uprising in the city  of Najaf.
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Oil prices rebounded on Tuesday as  fresh violence rocked Iraq ahead of elections later this month  and Saudi Arabia, OPEC's top producer, said it is making good  on a pledge to cut output.
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Oil prices rose on Friday, stemming five days of heavy losses as fresh sabotage attacks on Iraqi oil infrastructure renewed concern over the country's supplies, despite a peace deal in Najaf
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World oil prices held firm on Friday after pipeline sabotage in northern Iraq kept up supply fears that have revived a powerful price rally.