Oil prices tumbled on Thursday as US inventories were expected to hit record highs, while a possible rise in Saudi output could stoke oversupply built up in the past few months.
Meanwhile, production from the world's biggest e
Brent crude oil dropped towards $103 per barrel on Wednesday after data showing a surprise jump in US gasoline stockpiles sparked worries that summer demand in the world's top oil consumer could be weaker than expected.
Oil fell sharply on Thursday, with North Sea Brent down more than $6 per barrel, after the International Energy Agency said 60 million barrels of oil would be released from strategic stockpiles to help the global economy.
Oil prices went up slightly on Tuesday, with investors cautious ahead of expected monetary easing from the US Federal Reserve, capping gains from Saudi Arabia's upward shift in price tolerance.
US crude for December rose 12 cents to $8
Oil rebounded half a per cent to top $72 on Wednesday after China's manufacturing industry accelerated last month, easing investors' concern about the faltering pace of global economic recovery.
Prices tumbled 3.7 per cent on Tuesd
Oil rose to hold above $69 on Wednesday after a report showing a drop in US gasoline stockpiles signalled a glut centred on the world's top consumer will ease as motor fuel demand reaches its summer peak.
Prices slumped more than 2 per
Oil fell below $86 a barrel on Tuesday, dampened by the stronger dollar and an expected rise in US crude and fuel stocks, after hitting a 19-month high on positive economic news the previous day.
The dollar hovered near 8-1/2-month h
Iran, a regular exporter of fuel oil to Asia, will halt shipments of the heavy fuel from August as it builds domestic stocks ahead of winter, and due to a heavy fourth-quarter maintenance season, industry sources said on Thursday.