US may draw on oil in reserve
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WASHINGTON Oil prices climbed toward $49 per barrel Thursday even as the Bush administration considered drawing crude from the US emergency stockpile and lending it to refiners whose supplies were disrupted by Hurricane Ivan.
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Although the United States is seemingly heading toward a recession, OPEC may soon have to cut its output to offset a seasonal demand slowdown in the spring.
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With oil near $50 a barrel, the Bush  administration is set to allow oil refineries to borrow from  the government's emergency petroleum stockpile to make up for  supplies disrupted by Hurricane Ivan, a congressional source  briefed on the pending decision told Reuters on Thursday.
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Opec, the oil producers&#39; cartel, has taken the surprise step of urging the US to release stocks held in emergency reserves to calm the frantic crude market.
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Oil prices eased from near-record highs in Asian trade today after the US government said it may draw from its strategic reserves to make up for supply shortages, dealers said.
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The Bush administration plans to release oil from the nation&#39;s emergency stockpile to make up for supply disruptions caused by Hurricane Ivan - the first time in nearly two years the reserve has been tapped.
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Oil prices were little changed Friday amid concerns over a possible slowing of the U.S. economy that could lead to a drop in fuel demand.
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Oil prices push above $70 a barrel amid fears over US-Iran tensions and low US fuel stockpiles.
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Resurgent oil prices paused for breath as the United States prepared to draw on its emergency reserves to ease supply strains caused by Hurricane Ivan.
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The United States must diversify its global oil supplies, expand a world network of strategic petroleum reserves and raise fuel efficiency standards to ensure its energy security, a panel of experts will recommend Wednesday.
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OPEC took the unprecedented step of  urging the United States to tap its emergency crude reserves to  bring down world oil prices.
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Organization of Petroleum Exporting Countries President Purnomo Yusgiantoro said he has requested that the US use more of its oil reserves to calm the markets.
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Oil prices fell to just above $48 on  Friday after the U.S. government said it would lend refiners  crude from the Strategic Petroleum Reserve (SPR), but traders  deemed the loan too small to have a lasting impact.
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GLOBAL oil prices continued to climb yesterday, recovering from a prolonged fall earlier in the day, as the US hinted that it might lend oil from its Strategic Petroleum Reserve to offset a short-term disruption to imports.
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Two refiners will borrow crude oil  from the national emergency reserve to replace output lost due  to Hurricane Ivan and another oil major may be next to tap the  stockpile as prices near all-time highs.
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VIENNA : Limited spare capacity means that the ability of oil producers to meet the sharpest rise in demand since the 1970s is likely to be severely tested, according to experts attending an OPEC-sponsored seminar in Vienna.
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With oil prices close to $50 a  barrel, the Bush administration is set to allow oil refineries  to borrow crude from the government's emergency petroleum  stockpile to make up for supplies disrupted by Hurricane Ivan,  a congressional source briefed on the pending decision told  Reuters on Thursday.