Oil Falls as Government Considers Tapping Strategic Reserve
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Crude oil in New York fell from a one-month high after a White House spokesman said the US may loan oil to refineries from the Strategic Petroleum Reserve to make up for supply disruptions caused by Hurricane Ivan.
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Oil prices fell to just above &#36;48 on Friday after the U.S. government said it would lend refiners crude from the Strategic Petroleum Reserve (SPR), but traders deemed the loan too small to have a lasting impact.
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Oil prices fell on Friday as traders   questioned whether planned output cuts by OPEC members Nigeria   and Venezuela would be enough to stem a two-month slide in   prices.
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U.S. blue-chip stocks fell  on  Thursday and crude oil prices touched $49 a barrel as traders  saw a possible oil loan from U.S. government reserves as too  small to make up for supply disruptions caused by Hurricane  Ivan.
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Oil futures dipped below $46 a barrel yesterday as traders assessed what appeared to be a short-lived cold snap in the United States, where cold weather and tight heating oil supplies helped drive prices higher last week.
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Oil prices plunged by $3.64 a barrel Wednesday-- a drop of more than 7 percent -- after the release of government data that showed a larger than expected increase in fuel supplies.
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Oil prices fell to around $68 a barrel   on Wednesday, just off a three and a half month low struck the   previous session and above key support levels that, if broken,   could trigger a deeper selloff.
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Oil prices steadied below $70 on   Wednesday as dealers weighed tensions over Iran's nuclear   program against robust crude inventories in the United States,   the world's largest energy consumer.
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Oil settled at a one-month low on Tuesday amid intensifying worry a weak U.S. economy could trigger a global slowdown in energy demand.
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High-flying oil prices paused in their  ascent on Thursday as the U.S. government considered whether to  release crude from the U.S. petroleum reserve after Hurricane  Ivan sliced into supplies.
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Oil slipped on Monday to around $59 a barrel, pressured by expectations for warmer weather in the United States and supported by threats to supply in Nigeria.
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Aug. 21 (Bloomberg) -- Australia&#39;s government is considering stockpiling crude oil or refined petroleum products to protect the country from disruption to oil imports, the Australian reported.
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Crude futures plummeted below $44 a barrel Wednesday after the US government reported surprising increases in the nation&#39;s supply of oil and distillate fuel, which includes heating oil and diesel.
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Oil prices fell Wednesday after the government reported that US inventories of crude rose 3.4 million barrels last week, surprising many traders and analysts who had expected to see supplies shrink because of lingering output problems
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Crude oil prices fell Friday to the lowest in more than four months as traders regarded Organization of Petroleum Exporting Countries&#39;(OPEC) production cut as a too conservative measure.
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WASHINGTON, Aug 20  - US Treasury Secretary John Snow said on Friday there had not yet been a large enough disruption to the supply of oil to warrant a decision to tap the US Strategic Petroleum Reserve.
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Oil fell on Monday, extending the previous session's decline, as the market mulled over gloomy U.S. economic data and the impact on demand should the world's top energy consumer slip into recession later this year.