Oil drops below $88 as stock market resumes fall
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Oil fell below $88 a barrel on Wednesday as stock markets continued their decline, shrugging off a temporary reprieve from Tuesday's steep cut in U.S. interest rates amid persistent fears of a global economic slowdown.
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U.S. stock futures pointed to a lower  market open on Monday, as oil prices hit another record,  fueling worries that soaring energy costs will bite into  corporate profits.
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Oil eased below $61 a barrel on Tuesday, extending a 3 percent drop in the previous session, as forecasts for a further build in fuel stocks in the United States offset slight cuts in OPEC output.
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US stocks ended lower Monday as a sharp drop in oil prices knocked down shares of energy companies such as Exxon Mobil Corp., while the dollar plumbed fresh lows against the euro.
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Oil prices fell below $60 a barrel on   Wednesday for the first time in six months on swelling U.S.   winter fuel stocks, but top exporter Saudi Arabia said the   market may have fallen enough.
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NEW YORK As oil prices surge again, moving above the 55 dollars-per-barrel mark, stocks prices are struggling. The Dow Jones industrial average is down 31 points at 98-hundred-34.
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The latest jump in oil prices to over $55 a barrel pushed stocks down yesterday, with blue chips falling to their lowest levels this year.
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U.S. stocks fell on Thursday as  investor worries about high energy costs hurting corporate  profits kept indexes lower after oil prices broke through $48 a  barrel.
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Oil edged lower on Friday to around $59 a barrel after tumbling on a build in crude stocks, but trade was muted by a U.S. holiday.
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Oil fell on Monday, extending the previous session's decline on profit taking from record highs, but hovered near $88 on simmering geo-political tensions and a weak dollar.
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Oil prices ticked lower on Thursday for the third day in a row as rising U.S. gasoline supplies countered a surprise drop in crude inventories in the world's largest energy consumer.
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LONDON/SYDNEY  - Oil fell more than $1 to a one-month low below $89 a barrel on Monday, weighed down by concerns that a recession in top consumer the United States could drag down other economies and hurt oil demand.
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Oil prices fell below $87 a barrel on Wednesday as stock markets declined further, shrugging off a temporary reprieve from Tuesday's steep cut in U.S. interest rates amid persistent fears of a global economic slowdown.
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Oil prices edged lower on Thursday,  adding to a near 2 percent sell off the previous day caused by  a smaller-than-expected drop in U.S. heating fuel inventories.
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U.S. stocks fell on Tuesday as energy  shares were dragged down by a drop of more than a $1 a barrel  in crude oil prices to a 3-month low.
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Oil prices eased back below $59 a barrel as investors focused on U.S. fuel data due later on Wednesday that is expected to show a rise in gasoline stocks in the world's top consumer.
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Oil slid below $63 a barrel on Friday   touching its lowest level since March as U.S. fuel stockpiles   grew ahead of winter and investors probed for a price that   would trigger an OPEC supply cut.