Oil prices tumbled 4 percent on Wednesday, after a U.S. government report showed crude stockpiles fell less than expected last week, easing supply concerns in the world's top consumer.
Oil fell below $95 a barrel on Tuesday as investors bet that the OPEC exporter group will boost supply for a second time this year at a meeting next week to cool near-record prices.
Crude oil declined for a second day in New York as sliding U.S. equity markets heightened speculation OPEC (Organization of the Petroleum Exporting Countries) will increase output to cap prices and reinforce global demand.
Oil fell on Tuesday on expectations that OPEC may increase output and following a decline in global stock markets. U.S. oil fell dropped 80 cents to $96.90 a barrel by 11:09 p.m. EST, after shedding more than $1.00 earlier. London Brent crude fell by 61 cents to $94.71 a barrel.
Crude oil futures fell on Monday amid expectations that oil cartel OPEC could decide to boost supply at next week.
Oil edged back up above $97 a barrel in thin trade on Friday, buoyed by the unrelenting decline in the U.S. dollar, while some OPEC members showed signs of stepping up output ahead of their policy meeting in two weeks.
Oil held above $98 a barrel on Wednesday, after closing in on the $100 milestone as the dollar hit new lows and cold weather in the United States, the world's biggest fuel consumer, stirred anxiety over winter supplies.
Oil rebounded from early lows to trade above $95 a barrel on Tuesday, boosted by recovering stock markets after talk of another cut in U.S. interest rates to help economies navigate the credit crisis.
Oil rose on Monday on the weakening U.S. dollar and concerns over whether OPEC will ramp up production next month to ease supply worries.
U.S. crude traded 10 cents higher at $93.94 by 1:49 p.m. EST, after striking $95.15 earlier. London Brent crude rose 12 cents to $91.74.
Venezuelan President Hugo Chavez said on Monday the empire of the dollar is crashing, a day after his country and anti-U.S. ally Iran advocated action over the weakening U.S. currency during an OPEC summit in Riyadh.
Oil handed back early gains to stand below $94 a barrel on Monday as investors took profits, but concerns over the dollar's weakness and uncertainties about OPEC's moves to boost output continued to provide support.
Oil edged higher to stand above $94 a barrel on Monday, supported by a weak dollar and after some OPEC members pushed for action to stem their declining purchasing power.
World stock markets fell on Monday, with European shares slipping into losing territory for the year in another tremor over the credit crunch, while Japan's yen gained as investors cut back on their riskier holdings.
Oil extended gains on Monday, nearing $95 a barrel as the dollar fell and some OPEC members pushed for action to stem their declining purchasing power.
An OPEC summit ended on Sunday in sharp political division over whether to take action over the weak dollar, as heads of state vowed to keep providing Western consumers with an adequate supply of oil.
Oil rose above $94 a barrel on Friday, rebounding from losses the previous session after a surprise build in weekly U.S. crude stocks.
Iran Oil Minister Gholamhossein Nozari said on Friday it was too early to predict what action OPEC might take when it meets in early December, leaving the door open for a possible production rise to cool prices.
Crude oil prices fell on Thursday after a government report indicated an unexpected rise in U.S. oil and gasoline stocks as winter demand approaches.
Oil drifted lower on Thursday ahead of U.S. government data expected to show a further fall in crude oil supplies in the world's biggest oil consumer.
Oil moved higher on Wednesday, after falling sharply for the past two days, supported by expectations of a further fall in U.S. crude oil supplies and as OPEC brushed off U.S. calls to raise output.
Oil prices slumped more than 3.5 percent Tuesday after the International Energy Agency cut its forecast for world oil demand growth, saying that the recent surge in crude prices had already hurt consumption.
Oil fell more than $1 on Tuesday after the International Energy Agency (IEA) cut its forecast for world oil demand growth, saying that the recent surge in oil prices had already hurt consumption.