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/ 1 November 2007

Oil leaps to $96 high on US inventory drop

Oil leaped more than 1% on Thursday, briefly topping for the first time and extending the previous day’s 5% jump after an unexpected sharp fall in United States crude stocks and data showing strong economic growth. The rise toward oil’s inflation-adjusted peak of ,70 from April 1980 was also supported by US dollar weakness after a Federal Reserve interest rate cut.

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Article
/ 17 October 2007

Oil strikes new all-time high of $89

Oil marched to a new peak of a barrel on Wednesday as investors fretted over possible military action in northern Iraq and a potential supply crunch this winter. Turkey’s Parliament on Wednesday granted its troops permission to launch an attack inside Iraqi territory, despite international pressure not to.

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/ 15 October 2007

Oil prices surge following Opec supply report

Oil prices surged above a barrel on Monday for the first time after the Organisation of the Petroleum Exporting Countries (Opec) said crude production by non-Opec countries is falling even as global demand for oil is rising. Prices were also supported by concerns Turkish forces will pursue Kurdish rebels into Iraq.

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/ 13 September 2007

Oil eases after topping $80 on supply fears

Oil prices dipped on Thursday but held near the previous day’s record high above a barrel, as dealers watched a hurricane in the Gulf of Mexico after a sharp fall in United States crude stocks. US crude traded 12 cents lower at ,79 a barrel by 8.39am GMT, after climbing ,68 on Wednesday, when it hit a record of ,18.

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/ 11 September 2007

Opec considers modest oil output rise

Opec was meeting on Tuesday to consider a modest rise in oil output proposed by Saudi Arabia and other Gulf Arab states in a gesture to consumers worried by the economic impact of oil and rapidly diminishing stocks. But the plan to add 500 000 barrels per day of oil had yet to convince all Opec ministers.

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