OPEC

Oil surged beyond $90 to a new peak on Friday as tight fuel stocks ahead of winter and a softening dollar spurred investor buying. Oil's rally -- which has seen six straight days of record highs for U.S. crude -- has been fuelled by unprecedented weakness in the dollar, a factor that has supported all dollar-denominated commodities.

Oil resumed its upward march on Thursday, its sights set on a new record high above $89 that would deepen economic worries in the United States and unease among some OPEC producers.

Asian governments from Indonesia to China to India are in no rush to eliminate domestic fuel subsidies by raising cheap local pump prices, officials said this week, even as crude oil rockets toward $100 a barrel.

Oil eased towards $87 on Thursday after Nigeria's energy minister raised the possibility OPEC may review output, reflecting its unease with record prices the United States says are of great concern to its economy.

Oil prices touched a new peak of $89 a barrel on Wednesday as investors fretted over possible military action by Turkey in northern Iraq and a potential supply crunch this winter.

Oil prices dipped on Wednesday as traders took profits from the previous session's rally to a new record high above $88 a barrel.

Oil jumped nearly 3 percent to a record over $86 a barrel on Monday as fresh tensions in the Middle East added to worries of a supply crunch when cold weather stokes up heating demand this winter. Oil prices have more than quadrupled since 2002 but remain below the inflation adjusted peak of around $90 a barrel struck after the Iranian revolution of 1979.

Oil zoomed to a new record high above $85 a barrel on Monday as a robust demand picture amid booming commodity markets and fresh geopolitical worries put tight oil supplies into sharp focus.

Oil moved back above $83 a barrel on Friday, within sight of all-time highs, on mounting tensions between Turkey and northern Iraq.

Oil extended its losses to ease below $79 a barrel on Tuesday, after a nearly 3 percent slump in the previous session amid a wider slide in commodities tied to a rebound in the U.S. dollar.

Crude Oil Falls More Than $2 as Dollar Rebounds

Oil fell more than $1 on Monday to below $80 a barrel, tracking a firming U.S. dollar which rebounded from recent record lows.

Oil fell on Friday after stronger than expected U.S. employment data boosted the weak U.S. dollar.

Oil prices steadied near $80 on Thursday after a surprise build in U.S. crude inventories overshadowed an unexpected decline in fuel stocks.

Oil climbed further above $80 a barrel on Wednesday after three days of losses as investors expected weekly U.S. data to show crude stocks declining and raising the prospects for a winter supply crunch.

Oil prices fell for the third day in a row after the dollar rebounded reducing the appeal of the commodities.

Oil fell below $80 a barrel on Tuesday, retreating for a third day as a strengthening dollar and concerns about the world economy prompted investors to take profits.

Oil prices fell sharply toward $80 a barrel on Monday as investors took profits from the near-record highs of last week and weighed the threat of a deeper economic slowdown in the United States.

Oil prices fell sharply toward $80 a barrel on Monday as investors took profits from the near-record highs of last week and weighed the threat of a deeper economic slowdown in the United States.

Oil rose sharply to $83 a barrel on Thursday as a weak dollar and supply worries ahead of the winter heating season encouraged buying by financial investors.

Crude oil fell for a second day towards $81 a barrel, retreating from record highs hit last week as producers in the Gulf of Mexico returned workers to oil rigs evacuated last week.