OPEC

Oil fell more than $1 on Thursday as investors cashed in on a new peak of $96 a barrel struck following a sharp decline in U.S. crude stocks and the U.S. Federal Reserve's interest rate cut the previous day.

Oil on Thursday above $96 for the first time, extending the previous day's 5 percent jump after an unexpected sharp fall in U.S. crude stocks and data showing strong economic growth. Crude oil's inflation adjusted prices is approaching an all-time of $101.70 seen in 1980. The price also includes reaction to a weak U.S. dollar, a Federal Reserve interest rate cut, and andOPEC statement saying prices were out of its control.

U.S. oil hit a record over $95 a barrel on Wednesday, posting the biggest gain in 10 months after a steep drop in U.S. inventories fueled winter supply concerns and the U.S. Federal Reserve cut interest rates.

Oil rallied to $93 after U.S. weekly data showed that crude inventories fell by 3.9 million barrels, countering expectations for an increase.

Oil bounced off early lows to hover around $90 a barrel on Wednesday after some profit-taking from this week's record high, as the market awaited a key rate decision in the U.S. and data on crude inventories there.

Oil fell $4 to below $90 a barrel on Tuesday, plummeting from its record high in a broad commodity sell-off sparked by uncertainty over how aggressive the U.S. Federal Reserve will be in fueling economic growth.

Oil fell more than a dollar on Tuesday, as profit-taking pulled the market down from record highs that were fuelled by a Mexican supply shut-down and a weak dollar.

Oil jumped to a record high near $94 a barrel on Monday as stormy weather disrupted supplies from giant exporter Mexico and the dollar wallowed near record lows.

Oil leapt to a record high for a third day on Monday, surpassing $93 as investors bet on another U.S. interest rate cut this week, the dollar struck new lows and Mexico briefly halted one-fifth of its oil production.

Brent crude hit an all-time high and U.S. oil surged more than $1 towards $89 on Thursday, after a slide in U.S. oil stocks renewed fears of an energy crunch during the northern hemisphere's winter heating season.

Oil retreated for the fourth consecutive session on Wednesday in anticipation of a rise in U.S. crude stocks and on the possibility of increased supplies from OPEC.

Oil fell more than $1 on Tuesday, retreating further from record highs set last week in response to concerns about the health of the U.S. economy and further indications OPEC has already substantially raised oil output.

Oil slipped again on Tuesday extending a slide from record highs on concerns about the U.S. economy, a recovery in the dollar and indications OPEC has already substantially raised oil output in advance of November 1.

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.

Oil fell nearly $2 to below $87 a barrel on Monday as financial markets tumbled on growing concerns over the health of the U.S. economy, triggering a correction from recent record highs.

Oil prices fell on Monday, extending the previous session's decline on profit taking from record highs, but clung to $88 on violence between Turkish soldiers and Kurdish guerrillas and a record-low dollar.

Oil surged beyond $90 to a new peak on Friday as tight fuel stocks ahead of winter and a softening dollar spurred investor buying. Oil's rally -- which has seen six straight days of record highs for U.S. crude -- has been fuelled by unprecedented weakness in the dollar, a factor that has supported all dollar-denominated commodities.

Oil resumed its upward march on Thursday, its sights set on a new record high above $89 that would deepen economic worries in the United States and unease among some OPEC producers.

Asian governments from Indonesia to China to India are in no rush to eliminate domestic fuel subsidies by raising cheap local pump prices, officials said this week, even as crude oil rockets toward $100 a barrel.

Oil eased towards $87 on Thursday after Nigeria's energy minister raised the possibility OPEC may review output, reflecting its unease with record prices the United States says are of great concern to its economy.

Oil prices touched a new peak of $89 a barrel on Wednesday as investors fretted over possible military action by Turkey in northern Iraq and a potential supply crunch this winter.