Oil extended losses on Thursday on signs US demand is slow to rebound while Europe's fiscal troubles damp expectations for growth.
US crude inventories soared last week, a government report showed on Wednesday, while the euro sank to a 10-
Oil prices extended overnight gains and rose above $82 a barrel on Wednesday, supported by a weaker dollar and expectations that producer group Opec will keep oil output cuts in place at a meeting later in the day.
An industry report that
US crude was steady above $74 on Monday after stronger-than-expected Japanese growth data eased concerns that energy demand would taper off as China tightens monetary policy.
Crude fell for the first time in four days on Friday, touching a
Oil traded flat at below $79 a barrel, off a five-week high the previous session, as a firming dollar offset colder US weather and concerns over political developments in Iran.
US crude for February delivery rose 13 cents to $78.90 a barre
Oil hit a four-week high above $78 on Monday in thin trading, extending gains into a fourth day, buoyed by signs of an economic recovery in the United States and large declines in US crude inventories.
Crude for February delivery rose 54 c
Oil prices extended their decline from the previous day to fall below $76 a barrel on Friday, as nervous investors, roiled by debt problems in Dubai, pared their positions.
Dubai has asked creditors of two of its flagship firms for a stand
Oil edged further above $78 a barrel on Tuesday, after rising more than 1.5 percent a day ago, as traders weighed the impact of a possible rise in US crude stocks against positive manufacturing and home sales data.
The continued strength o
Oil prices fell more than 3 per cent toward $77 a barrel on Friday, pressured by bearish economic data that dented confidence about a potential recovery in energy demand.
Weaker US consumer sentiment in October and consumer spending cuts i
Oil prices steadied after hitting a 12-month high above $79 a barrel on Monday, taking a break from seven straight sessions of gains to see if corporate results continue to point to a strong global economic recovery.
Solid earnings on Wall
Oil prices extended losses and fell closer toward $68 a barrel on Thursday, as data showing an unexpectedly high build up in US oil and products stockpiles reminded traders that oil prices may have run ahead of the demand fundamentals.