Crude Oil Prices Nosedive on Profit-Taking
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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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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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Oil fell on Monday, extending the previous session's decline on profit taking from record highs, but hovered near $88 on simmering geo-political tensions and a weak dollar.
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Oil prices fell sharply yesterday in what traders described as a wave of profit-taking after futures hit a new high above $55 a barrel and after gasoline futures fell sharply on indications of declining demand.
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Crude oil fell 55 cents to $42.70 per barrel in early trade on the New York Mercantile Exchange. Inventories grew by 900,000 barrels last week to 293.3 million.
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U.S. oil prices fell more than $1 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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Oil eased to under $91 on Tuesday on profit-taking after an early 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.
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Oil prices continued falling on  Thursday after an unexpectedly large rise in U.S. crude  inventories spurred profit-taking from record highs.
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Oil prices receded on Friday as dealers took profits from a record rally over $90 a barrel that was spurred on by winter supply worries and the weakening U.S. dollar.
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NEW YORK -- Oil prices pulled back after briefly surpassing $62 a barrel yesterday, as traders regarded forecasts of warm US weather as an opportunity to take some profits.
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Oil prices fell sharply from near record peaks on Wednesday after a larger-than-expected build in US crude stocks spurred traders to take profits from a fierce rally.
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Oil fell sharply toward $87 a barrel on Monday as part of a broad-based commodities sell-off on concerns over the health of the U.S. economy and a recovery in the U.S. dollar.
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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 prices fell again yesterday as forecasts of mild weather in the United States prompted traders to take profits from a rally that has added more than 30 per cent to the cost of crude this year.
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Oil fell more than a dollar on Tuesday, as profit-taking pulled the market down from record highs set in response to a Mexican supply shut-down and a weak dollar.
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Oil futures prices sank to their lowest level in nearly a month yesterday on a continuation of the sell-off sparked last week by rising US supplies of crude