Oil Clings to $50, Fuel Stocks to Fall
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Oil prices hugged $50 a barrel on Wednesday on worries of potential supply disruptions and with US crude inventories expected to fall due to the lingering effects of Hurricane Ivan.
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U.S. oil prices were steady on Thursday, holding gains of nearly &#36;2 from a day earlier after a U.S. government report showed crude oil stocks falling to their lowest level in five months.
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SINGAPORE : Crude oil prices slipped below US$50 a barrel in Asian trading on Tuesday as the market waited for the outcome of the US presidential elections, dealers said.
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Oil prices marched toward $50 a  barrel on Friday, weighing on Asian stock markets as investors  fretted over the impact of high energy costs on corporate  profits, consumer spending and economic growth in general.
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U.S. 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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Oil prices stayed close to $49 a  barrel on Thursday, supported by a forecast for an early cold  snap in the United States that could put a strain on a thin  supply cushion of winter heating fuel.
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Oil prices held near $45 on Wednesday  after the U.S. government said that crude stocks shrank to a  five-month low last week as refineries ran hard to meet demand.
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Crude oil futures hovered near $50 a barrel Tuesday ahead of key weekly US petroleum inventory data, which traders expect to show a rise in distillate stocks for a second straight week.
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With oil near $50 a barrel, the Bush administration said on Thursday it would negotiate with refineries that want to borrow oil from the federal emergency stockpile to offset supplies disrupted by Hurricane Ivan.
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U.S. stock futures pointed to a weaker  open on Monday as oil prices clawed back toward $50 a barrel,  and investors concerns about a weak dollar grew after a meeting  of rich and developing nations said nothing to arrest its fall.
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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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LONDON : World oil prices tumbled more than two dollars in New York, sliding below 50 dollars for the first time in nearly a month amid reports of higher Iraqi oil exports and easing fears over a Nigerian strike, analysts said.
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Oil prices clung near the $49 mark on  Tuesday, pausing from a 12 percent slide from record highs  ahead of key mid-week data on the health of winter fuel  stockpiles in the leading consumer, the United States.
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US oil prices hovered below $50 a barrel on Tuesday, deepening a week-long $5 slump after some traders cashed in profits from this year&#39;s record-breaking rally ahead of the US presidential election.
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US oil prices drifted below $50 a barrel on Tuesday, extending a week-long slump that has shaved more than $5 off record-high prices as some traders cashed in profits ahead of the US presidential election.
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The price of US crude oil has eased in early trade, after breaching the $50-a-barrel mark on Friday. Light sweet crude for November delivery fell 42 cents from Friday&#39;s $50.
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Oil prices fell Thursday after moving close to US$49 a barrel as markets digested news of a rise in crude inventories but lower-than-expected US heating oil stocks.