Oil Contract Dips Briefly Below $60 a Barrel, as Speculators Bet on Lower Prices
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Crude oil prices dropped below $60 a barrel for the first time in six months on Monday before rebounding a bit.
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New York - Oil prices continued to plummet on Thursday, falling almost five per cent to hit a 12-week low. On the New York Mercantile Exchange, the January contract for light sweet crude was down $2.24 US
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The price of oil dropped almost 8 percent this week, amid signs that some of the speculators who pushed the price close to $50 a barrel have bailed out.
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Oil futures retreated below $50 US a barrel Monday, though analysts said there is enough uncertainty about geopolitics and weather - and the industry&#39;s ability to boost crude oil output quickly - to keep prices from plummeting anytime
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Oil prices fell below &#36;73 a barrel on  Tuesday in thin trade, but nagging fears about supply  disruption and expectations of strong U.S. demand for gasoline  were expected to prevent a deeper sell-off.
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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.
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Oil fell more than a dollar to less than   $68 a barrel on Monday, pulled lower by expectations that any   sanctions against oil producer Iran were some way off and would   not necessarily disrupt export flows.
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Oil prices fell below $69 a barrel Tuesday amid expectations that U.S. fuel inventory data will again show a rise in crude and gasoline stocks.
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Why oil won't fall below $60 again.
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Crude oil futures briefly dipped below $60 a barrel yesterday, then jumped by more than $1 in a sign that the recent free-fall may be nearing an end.
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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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Crude oil futures nose-dived for a second day in a row yesterday, briefly dipping below $43 a barrel, as traders focused on rising fuel supplies and mild fall weather in the Northeast and Midwest.
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Oil eased near $60 on Wednesday following big gains the previous day spurred by disruption of Alaskan crude exports and ahead of U.S. government data expected to show declining stocks of heating and transport fuels.
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Oil prices fell below $66 on Monday as   Iran offered to temporarily halt its nuclear enrichment program   and on expectations that OPEC will keep output steady at high   rates this year.
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WASHINGTON -- Oil prices jumped almost $2 yesterday after briefly dropping to nearly $60 a barrel, while natural gas futures plunged to their lowest level since December 2002.
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Oil prices slipped below $69 a barrel yesterday after a report that a strike in Nigeria hasn't affected oil exports from Africa's largest crude producer alleviated the market's supply concerns.
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Oil fell below $63 a barrel on Friday,   its lowest level since March, as ample U.S. fuel stocks looked   set to meet winter heating demand in the world's biggest   consumer.