Update 9: Oil Prices Nosedive on Profit-Taking
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Oil prices fell sharply on Monday in what traders described as a wave of profit-taking sparked by a steep decline in gasoline futures.
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Oil prices fell heavily from near record  peaks on Wednesday after a sharp build in U.S. crude oil stocks  spurred traders to take profits from a fierce rally.
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Ed Silliere, vice president of risk management at Energy Merchant in New York, said the downward momentum was due to profit taking, which began after oil prices momentarily broke the $55 a barrel mark, as well as to signs of lower demand for gasoline.
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ConocoPhillips said refined fuel prices failed to keep pace with gains by crude oil, narrowing profit margins on gasoline and diesel.
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Oil prices fell nearly 1 percent to below $93 a barrel on Tuesday, fading from their latest record high as investors took profits from a rally driven by a Mexican supply outage and the spiralling dollar.
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Oil slid further below $58 a barrel on Thursday after its repeated failure to breach $60 triggered a two-percent sell-off the previous day.
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Oil prices slipped further from record highs on Wednesday as traders locked in profits after the market's &#36;10 surge since mid-August.
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US OIL prices fell further yesterday on continued profit-taking as producer-group OPEC promised production increases in the coming months.
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Oil prices have fallen as much as $16   from their peaks, their steepest reversal in 16 years, in a   correction that traders say may be harder to shake off than   past setbacks over the market's four-year rally.
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Chevron Corp. , the No. 2 U.S. oil company, said on Friday its fourth-quarter profit fell 9 percent, pulled down by weaker natural gas prices that have pared record earnings across the industry.
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US oil prices fell below $43 on Monday on continued profit-taking as producer-group OPEC eyed increases in the coming months in its tight spare capacity, countering worries over stumbling Iraqi oil exports.
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The slide in crude oil prices takes a barrel in London down to little more than $40, as traders realise profits after the recent surge.
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OIL prices eased further below $50 a barrel yesterday, extending a week-long bout of profit-taking that has cut more than $5 from record-high crude ahead of the US presidential election.
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World oil prices fell on Thursday as  dealers began to take profits from the week's Hurricane  Ivan-inspired gains, betting that the worst of the storm's  disruption had been factored into prices.
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Oil prices fell below $87 a barrel on Wednesday as stock markets declined further, shrugging off a temporary reprieve from Tuesday's steep cut in U.S. interest rates amid persistent fears of a global economic slowdown.
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Oil prices have fallen as much as $16   from their peaks, their steepest reversal in 16 years, in a   correction that traders say may be harder to shake off than   past setbacks in the market's four-year rally.
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Oil prices continued falling on Thursday after an unexpectedly large rise in US crude inventories spurred profit-taking from record highs.