Brent slipped below $86 and is headed for its fourth weekly loss in a row, despite climbing by almost a dollar earlier, as investors see no respite in a four-month rout sparked by ample supply and slowing demand from Europe to China.
Brent crude futures slipped further away from $93 a barrel on Tuesday and partially erased the previous session's gains, with concerns about abundant supply outweighing the positive boost to prices from the US dollar's recent weakness.
Brent futures edged down towards $109 a barrel on Monday as oil production resumed in the Gulf of Mexico after a tropical storm, while lingering concerns over the US government shutdown clouded the outlook for demand.
Brent futures slipped below $109 a barrel on Thursday, after posting their biggest gain in two weeks in the previous session, on worries a prolonged US government shutdown would hurt demand in the world's biggest oil consumer.
Gold slipped on Tuesday after four days of gains but was holding near three-week highs on hopes that physical buyers and investors will return to the market.
The metal has gained over 4 per cent in the last four sessions through M
Brent crude slipped below $107 a barrel on Thursday after weak China economic data further toned down the fuel demand outlook in the world's second largest oil consumer, while its spread with US crude widened as investors took profit.
Brent futures slipped towards $108 on Monday as weak China data renewed concerns over demand growth from the world's second-biggest oil consumer, but continued falls in refined product and crude stocks in the United States helped stem losses
World stocks slipped from a three-week peak on Thursday while the low-yielding yen rose after the Federal Reserve suggested additional measures may be needed to combat a weakening economy.
Minutes of the Fed's June meeting showed offic
Most Gulf Arab markets fell on Thursday as a sharp decline in oil prices, falling global markets and rising tensions in the Middle East dampened sentiment among investors.
United Arab Emirates shares were the hardest hit as real estate sto
Oil slipped toward $43 on Wednesday as the market awaited an announcement from an Opec meeting in Algeria widely expected to agree a big cut in production in an attempt to halt a collapse in oil prices.
A rise in the dollar also put pressu