Oil prices firmed above $60 a barrel on Wednesday to touch a new six-month high on bullish inventory data and a spate of refinery accidents in the United States, in spite of weak market fundamentals.
Oil prices rose above $60 a barrel on Wednesday, hitting a new six-month high, as investors awaited more U.S. oil inventory data and kept a close watch on equities for direction.
Oil prices steadied above $60 a barrel on Wednesday after touching a six-month high a day earlier, as investors awaited more U.S. oil inventory data and kept a close watch on equities for direction.
Oil prices rose nearly 4.8 percent to a six-month high on Monday as violence in Africa's top crude exporter Nigeria and a fire at a key U.S. East Coast refinery revived concern about supplies.
Oil prices rose nearly 4.8 percent to a six-month high on Monday as violence in Africa's top crude exporter Nigeria and a fire at a key U.S. East Coast refinery revived concern about supplies.
Oil rose to around $57 a barrel on Monday as traders saw the previous session's near 4 percent fall as excessive and violence in Africa's top oil exporter Nigeria lent support.
Oil bounced back to $57 a barrel on Monday, recouping some of the previous session's near 4 percent loss, buoyed by short-covering despite a still uncertain outlook for the global economy.
Oil hovered little changed above $56 a barrel on Monday, pausing from the previous session's near 4 percent loss, as the market awaited further economic data and movements in equities markets for directions.
Oil hovered little changed above $56 a barrel on Monday, pausing from the previous session's near 4 percent loss, as the market awaited further economic data and movements in equities markets for directions.
The U.S. oil price fell almost $1 to below $58 on Friday, pressured by weak demand and as the U.S. dollar firmed against the euro.
The U.S. oil price fell toward $58 on Friday, pressured by weak demand and as the U.S. dollar firmed against the euro.
The U.S. oil price firmed slightly toward $59 on Friday as global stock markets rose, although weak demand capped oil's gains.
Oil prices rose toward $59 on Friday as European equities opened higher, shrugging off gloomy German economic data and a firmer dollar.
International Energy Agency on Thursday said global demand in oil consumption will fall 3% in line with the OPEC agreements rising prices due to sentiment rather than supply and fundamentals demands.
Oil fell below $57 a barrel on Thursday after the International Energy Agency said global oil consumption will fall this year at the fastest rate since 1981.
The Organization of the Petroleum Exporting Countries on Wednesday said its world demand in oil will continue to shrink in the current global economic recessions inline with its rising prices in oil demand and outputs cuts of 2.6 percent from the International Monetary Fund.
The International Monetary Fund slashed its 2009 economic growth forecast for the Gulf region by more than half to 1.3 percent as the three largest oil-exporting economies, including Saudi Arabia, shrink in a global slowdown.
Oil prices fell marginally on Monday, pressured slightly by weaker equity markets and a firmer dollar.
Oil fell toward $58 a barrel on Monday, reversing some of the previous session's near 3 percent gains, as investors took profit amid warnings that any global recovery will only be gradual.
Oil rose more than 3 percent on Friday to touch a near six-month high as the results of the U.S. governments stress test for big banks and U.S. jobs data added to optimism about the economy.
Oil prices closed at a near six-month high on Thursday amid simmering hopes for an economic recovery that could lift ailing world energy demand.
Oil prices rose to five month highs above $56 a barrel on Wednesday as a surprise drop in U.S. gasoline inventories and a slowdown in private sector job losses in April boosted hopes for a turnaround in the economy.
