Brent crude nudged higher to stay above $98 a barrel on Thursday amid geopolitical concerns in the Middle East, although worries about ample supply and weak demand that dragged prices to 17-month lows in the previous session kept a lid on gains.
Brent crude fell below $102 a barrel on Monday, drawing close to a 14-month low hit last week, as ample supply and a stronger US dollar continued to pressure oil markets.
Geopolitical tensions in Ukraine and Libya underpinned oil,
US Secretary of State John Kerry and Saudi King Abdullah briefly discussed global oil supplies during a meeting on the crisis in Iraq on Friday, a senior State Department official said.
During the talks, Kerry referred to recent c
Gold hit a two-month high on Tuesday and silver reached its highest since mid-March as a drop in European shares after soft German economic data and a weaker dollar helped the metal build on last week's gains.
Spot gold hit a
US Secretary of State John Kerry will discuss with Gulf countries this week possible oil disruptions from the Iraq conflict, a senior State Department official said on Sunday.
Kerry is on a tour of countries in the Middle East and
Brent crude rose above $108 per barrel on Friday, supported by tension in Ukraine and limited supply from Libya, where a recent deal to reopen oil export terminals seemed unlikely to go ahead.
Pro-Moscow separatists in eastern Ukr
Kuwait will boost its supply of crude oil to Egypt by nearly a third and increase shipments of petroleum products in a deal the Gulf state's oil minister said was an obligation to help Cairo through its problems.
Kuwait is in talks to renew some of its contracts to supply oil to Egypt and has been looking for potential investments in the energy sector there, the Gulf state's oil minister said on Monday.
Egypt has been relying on crude
Brent crude rose above $112 a barrel on Thursday, touching a three-week high, as civil unrest in Africa reduced supply.
The closure of key ports in eastern Libya has slashed output from the OPEC producer to 110,000 barrels per day
Oil markets look well supplied in the short term but prices could rise in the next few months due to a seasonal increase in demand and production problems in some Opec producers, the West's energy watchdog said on Thursday.