Oil prices rose on Friday as tight supplies in the United States countered worries about a possible economic recession in the world's top energy consumer.
Oil rose slightly on Thursday as profit-taking cut into an earlier rally driven by rising tensions between Syria and Israel and a drop in U.S. inventories.
The oil market is well balanced and there is no shortage of crude, OPEC's president said on Thursday, ahead of a meeting of the producer group next week that is expected to maintain supply curbs.
Oil slipped below $75 on Wednesday but remained within sight of an all-time high ahead of U.S. data expected to show a further tightening of crude stocks in the world's top consumer.
Oil held above $74 on Tuesday, as investors tracked a potentially catastrophic hurricane threatening Central America and OPEC stuck to supply curbs ahead of its meeting next week.
Oil climbed further above $74 on Monday, within sight of its record high, as OPEC kept a lid on output in the run-up to its September 11 ministerial meeting.
Oil was steady above $73 on Thursday after spiking two percent the previous day on an unexpectedly large drop in crude and gasoline stocks in top consumer the United States.
Oil edged higher on Wednesday as investors balanced concern over the health of the U.S. economy against the prospect of declining fuel stocks in the world's top consumer.
OPEC Secretary-General Abdullah al-Badri said on Tuesday that the subprime crisis in financial markets has made it very difficult for the group to gauge demand for crude but supply levels were adequate for now.
Oil prices held around $72 on Tuesday, with U.S. refinery shutdowns reviving supply concerns just as peak summer driving demand draws to a close.
Oil prices rose on Monday as refinery outages in the United States stoked supply concerns again as the end of the summer driving season neared.
World oil demand forecasts are falling into a widening range, adding to uncertainty that may steer OPEC towards doing nothing when it meets on September 11, analysts said on Wednesday.
Oil prices rose on Tuesday as concerns about a newly formed tropical storm in the Atlantic countered fresh troubles in credit markets.
Oil prices climbed above $72 a barrel on Monday as calming financial markets on the back of cash injections by central banks worldwide put the spotlight back on robust energy demand expectations.
Oil prices slipped below $71 on Friday, as worries over threats to economic growth from a deepening credit squeeze in global financial markets outweighed forecasts for robust oil demand.
Oil edged below $72 a barrel on Thursday as concerns over a slowing U.S. economy overshadowed an unexpectedly steep drop in fuel stocks in the world's top consumer.
World oil markets are well supplied and there is no reason for OPEC to increase production despite a recent surge in prices, Venezuela's oil minister said on Wednesday.
Oil steadied on Tuesday after the previous session's near 5 percent slide, supported by a rebound in equity markets and expectations for a fifth weekly drop in U.S. crude inventories.
Oil prices fell more than 5 percent on Monday, the biggest slide since December 2004, as concern about the U.S. economy rippled through financial and commodity markets.
Oil hovered near $77 a barrel on Friday, near this week's all-time high, as continued output restraint by OPEC raised concern over tighter fuel supplies this winter.
Oil rose near an all-time high on Thursday as OPEC officials said the producer group would not hike output despite concerns of a supply shortfall.
Oil hit a new record high above $78 on Wednesday after a larger-than-expected drop in crude inventories in the United States.
