Oil dropped below on Friday after a regulatory probe into possible price manipulation added to trader caution and a stronger United States dollar offset the impact of a big drop in US crude stocks. US crude dipped 77 cents to ,85 a barrel by 10.30am GMT. London Brent dropped 49 cents to ,40.
Oil climbed to a life-time high above a barrel on Wednesday, driven higher by a combination of long-term production worries and a near-term focus on tight fuel stocks. A United States government report later on Wednesday was expected to show crude inventories rose for a fifth straight week.
Oil held above a barrel on Wednesday, within sight of the previous session’s record high, supported by a weak United States dollar and concern about supplies. Attention will shift later to a US government report expected to show that crude inventories rose for a fifth straight time last week while petrol and distillates supplies also increased.
Oil prices extended a week-long slide on Thursday, briefly tumbling below a barrel for the first time in two weeks amid growing concerns an economic slowdown in top consumer the United States would cut global energy demand. US crude settled down 70 cents to ,84 a barrel after falling as low as ,65 earlier in the session
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/ 30 October 2007
Oil prices fell nearly 1% to below a barrel on Tuesday, fading from their latest record high as investors took profits from a rally driven by a Mexican supply failure and the spiralling dollar. United States crude fell by 71 cents to ,82 a barrel by 5.43am GMT after hitting a record high of ,80.