OPEC

Oil prices rose on Friday, holding above $81 a barrel, but skepticism economic recovery was robust enough to spur a convincing rise in fuel demand limited the appetite to extend this week's powerful rally.

Oil prices edged lower on Friday, back toward $81 a barrel, as skepticism economic recovery was robust enough to spur a convincing rise in fuel demand curbed appetite to extend this week's powerful rally.

Can a weaker dollar propel oil prices higher than current levels near $81 a barrel, or will bearish oil market fundamentals hold oil prices back? The correlation between oil prices and the dollar has reached a coefficient of -0.9 in 2009, Reuters data shows.

Oil edged lower on Tuesday, ebbing from an over $80 a barrel a peak hit earlier on a weaker dollar, as a cautious reassessment of supply and demand tempered the rally.

U.S. crude futures edged up on Tuesday to a one-year high near $80 a barrel on a weak dollar and firm U.S. stock market.

Venezuelan President Hugo Chavez said on Saturday that countries including Venezuela, Russia and Iran had proposed the U.S. dollar should be replaced as the currency used for the oil trade.

Oil rose toward $76 a barrel on Thursday, its sixth straight session of gains in spite of a brief midsession stumble as the euro fell on disappointing Q3 earnings reports, traders said.

Oil rose toward $76 a barrel on Thursday in its sixth straight session of gains after a government inventory report showed large drops in gasoline and distillate stocks, surprising the market.

Oil fell back below $75 a barrel from year-highs and reversed its sixth straight positive session on Thursday after European shares pared gains and the euro fell on disappointing Q3 earnings reports, traders said.

Oil rose above $75 a barrel to settle at a record high for the year on Wednesday as economic optimism hinted at a recovery in global energy demand.

Oil hit a record high for the year above $75 a barrel on Wednesday as economic optimism hinted at a recovery in global energy demand.

Oil rose more than 1 percent toward $75 a barrel on Wednesday, boosted by a weak dollar and optimism about a global economic rebound that will lead to higher energy demand.

Oil surged for a fifth day on Wednesday to a 2009 high above $75 a barrel, boosted by a weak dollar and optimism about a global economic rebound that will lead to higher energy demand.

Oil surged for a fifth day on Wednesday to a 2009 high above $75 a barrel, boosted by a weak dollar and optimism about a global economic rebound that will lead to higher energy demand.

Oil surged for a fifth day on Wednesday to a 2009 high above $75 a barrel, boosted by a weak dollar and optimism about a global economic rebound that will lead to higher energy demand.

Oil prices rose to a seven-week high above $74 a barrel on Tuesday after OPEC raised its 2010 demand forecast and the dollar weakened, boosting demand for commodities.

Crude oil rose to a seven-week high above $74 a barrel on Tuesday after OPEC raised its 2010 demand forecast and the dollar weakened, boosting demand for commodities.

Crude oil rose to a seven-week high near $74 a barrel on Tuesday after OPEC raised its 2010 demand forecast and the dollar weakened, boosting demand for commodities.

Oil rose for the fourth straight session on Tuesday, edging higher above $73 a barrel after OPEC raised its 2010 demand forecast and the dollar slumped.

Oil rose to more than $72 a barrel on Friday, as a positive demand outlook from the International Energy Agency outweighed a bounce in the dollar.

Oil prices fell toward $69 a barrel on Wednesday after U.S. data showed fuel stocks surged last week in the world's biggest energy consumer, signaling a recovery in oil demand could take more time.