Global supply and demand for crude oil should continue to be fairly balanced this year, the secretary general of Opec said, signalling the group is likely to leave its existing output ceiling in place at its June meeting.
Brent futures slipped below $110 a barrel on Tuesday on worries of a slowdown in demand growth in China and the United States, two of the world's biggest oil consumers, with a rise in the dollar weighing further on the mark
Commodities are in a long-term trend of solid demand growth, and a recent sell-off in natural resources markets is likely to prove a technical downswing, Investec fund manager George Cheveley said.
"I believe in the long-term s
Brent crude stayed above $100 a barrel on Tuesday after jumping more than 1 percent the previous day on unrest in Egypt and rising demand expectations.
Brent crude for March slid 50 cents to $100.51 a barrel at 0302 GMT, after topping $100
Oil snapped three straight sessions of declines and rose more than 1 percent towards $71 a barrel on Monday, but analysts said sentiment remains fragile.
US crude for July delivery rose 70 cents to $70.74 a barrel by 0455 GMT, while London
Oil hit its highest since October on Thursday as increased demand for raw materials continued, while 10-year Treasury yields eyed their highest levels in eight months on concern over the US budget deficit.
World stocks edged up and the dol
Oil paused for breath and shed $1 on Tuesday as investors, still unsure about the impact of the US bailout plan, booked profits after a historic one-day rise in prices of nearly 16 percent in the previous session.
Although prices surged a
Oil held steady on Thursday, after a second consecutive session of steep losses the day before, as a surprise build in US crude oil inventories, amid flailing demand, weighed down the market.
US crude futures eased 7 cents to $134.53 a bar