OPEC

Oil shrugged off early losses to head back near $80 on Monday, within sight of its record high, as the market focused on a Federal Reserve meeting that is widely expected to cut interest rates.

Goldman Sachs on Monday forecast U.S. oil prices will surge to $85 by the end of the year, and said crude could climb as high as $90 due to tight supplies.

Oil fell on Friday after supply concerns and tight inventories pushed prices to a record above $80 a barrel for the third consecutive day.

Oil rose to an all-time high of $80.20 on Thursday after Hurricane Humberto forced the closure of some U.S. Gulf refiners and stoked concerns of fuel shortages this winter.

Crude oil prices reached a record high to surpass $80 per barrel on Wednesday after a government report said oil inventories dropped sharply.

Crude oil prices vaulted to a record high $80 a barrel on Wednesday as dealers focused on tight inventories in top consumer the United States ahead of peak winter demand. The surge in oil prices came a day after OPEC agreed to a small production hike in an effort to soothe consumer nations' fears that soaring crude costs could slow economic growth.

Oil held above $78 a barrel on Wednesday, close to its record high, after OPEC's modest output increase failed to allay fears over stock levels during the coming winter.

Saudi Arabia persuaded OPEC to raise oil output by 500,000 barrels per day on Tuesday in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing fuel stocks.

A series of attacks on Mexico's fuel pipelines this summer has raised fears the key energy supplier could slide into a Nigeria-style struggle to keep its oil and gas flowing, experts said on Tuesday.

Oil closed at a record high over $78 on Tuesday after an OPEC deal to ramp up production failed to calm concerns about thinning world inventories.

OPEC exporters agreed to increase their oil production for the first time in more than two years, raising output by 500,000 barrels per day to bring more oil supplies to the market.

Oil surged to near an all-time record over $78 a barrel on Monday as OPEC prepared to meet on output policy and after attacks on crude and natural gas pipelines in U.S. supplier Mexico.

Most OPEC oil ministers held the line on Sunday that current output is sufficient to meet demand, but the world's biggest exporter Saudi Arabia was silent ahead of a September 11 meeting to chart production policy. The group that supplies more than a third of the world's oil will consider conflicting economic signals at Tuesday's talks when it sets production levels for peak winter demand.

Oil prices rose on Friday as tight supplies in the United States countered worries about a possible economic recession in the world's top energy consumer.

Oil rose slightly on Thursday as profit-taking cut into an earlier rally driven by rising tensions between Syria and Israel and a drop in U.S. inventories.

The oil market is well balanced and there is no shortage of crude, OPEC's president said on Thursday, ahead of a meeting of the producer group next week that is expected to maintain supply curbs.

Oil slipped below $75 on Wednesday but remained within sight of an all-time high ahead of U.S. data expected to show a further tightening of crude stocks in the world's top consumer.

Oil held above $74 on Tuesday, as investors tracked a potentially catastrophic hurricane threatening Central America and OPEC stuck to supply curbs ahead of its meeting next week.

Oil climbed further above $74 on Monday, within sight of its record high, as OPEC kept a lid on output in the run-up to its September 11 ministerial meeting.

Oil was steady above $73 on Thursday after spiking two percent the previous day on an unexpectedly large drop in crude and gasoline stocks in top consumer the United States.

Oil edged higher on Wednesday as investors balanced concern over the health of the U.S. economy against the prospect of declining fuel stocks in the world's top consumer.