Oil Returns to $55 as Winter Stocks Ebb
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Oil prices charged back up to $55 a  barrel on Wednesday as a fresh fall in U.S. heating oil stocks  stoked worries over winter supplies.
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Oil prices rebounded toward $58 on Thursday after freezing weather cut fuel stocks in the world's top oil consumer, the United States and as buyers re-emerged following a 2 percent sell-off the previous day.
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Oil prices rebounded to $54 a barrel  on Thursday ahead of U.S. inventory data expected to show tight  heating fuel stocks ahead of winter.
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World oil prices marched towards $55 today on worries about low stocks of US heating fuel and tight crude supplies, amid strong demand ahead of the northern hemisphere winter.
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Oil prices have rebounded from seven-week lows as US heating oil stocks fell for an eighth straight week ahead of winter. US light crude was up 58 cents at $47.
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U.S. stocks were flat on Monday as oil  prices neared $50 a barrel after a blizzard moved through the  U.S. Northeast.
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Oil prices fell on Monday to a 7-week low under $47 a barrel, as growing fuel stocks in the United States eased fears of a winter supply crunch despite a cold snap in North America at the weekend.
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Oil prices flew back above $54 a barrel  on Wednesday as a fresh fall in U.S. heating oil stocks stoked  worries over winter supplies.
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Oil prices climbed again Friday, closing above $55 a barrel for the first time on conercns of domestic shortages in the upcoming winter.
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Oil prices fell on Monday to a seven-week low just under $47 a barrel, as growing fuel stocks in the United States eased fears of a winter supply crunch despite a cold snap in North America at the weekend.
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Oil prices climbed back above $59 a barrel on Wednesday ahead of an expected sharp fall in weekly U.S. distillate stocks as a blast of cold weather boosted heating fuel demand in the world's top consumer.
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Oil prices held firm around $55 a barrel  on Wednesday as traders braced for the start of the northern  winter with thin heating oil supplies.
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Oil prices held strong on Friday not far below $55 as traders worried time is running out to top up low heating oil inventories before winter.
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NEW YORKâCrude oil hit $55 (US) a barrel yesterday as traders worried over thin heating oil inventories ahead of winter and Federal Reserve Board chairman Alan Greenspan predicted the soaring costs would not crimp economic growth like in the 1970s.
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Oil prices broke above $55 a barrel on Tuesday as concern lingered over thin world heating oil supplies ahead of the northern winter.
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Oil prices climbed back to $54 a barrel on Thursday as a US government report showed another fall in heating fuel stocks ahead of winter.
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A decline in the nation's inventory of heating oil catapulted crude futures prices toward $55 a barrel today.