Oil prices fell around 2 per cent in early Asian trade on Wednesday, as a stronger than expected build in US crude oil stocks and weaker US manufacturing data fuelled a rout in prices that started in the previous session.
Oil prices fell in Asia on Monday as traders took profits, snapping gains last week that saw the biggest two-day rally in six years.
Brent crude futures for October delivery slipped nearly $1, or 2 per cent, putting the benchmark
Oil prices were broadly unchanged from their previous close in early trading on Thursday after tumbling 4 per cent a day earlier as US stockpiles rose for the first time in months on the back of high production.
Oil prices fell in early Asian trade, with US crude dropping below $59 after Greece imposed capital controls as lenders refused to extend the country's bailout.
Brent crude for August delivery was down 81 cents at $62.45 a bar
Oil prices are likely to stay relatively weak for the rest of this year due ample supply from traditional Middle East producers and a resurgence of US shale production, according to a Reuters survey.
Reuters monthly survey of 28 a
Oil prices rose more than a dollar to 2015 highs on Wednesday, as a month-long rally gained further impetus from a fall in US crude stocks and conflict in the Middle East.
Brent crude jumped by $1.36 to $68.88 a barrel by 0855 GMT
Brent crude oil futures slipped towards $66 a barrel on Tuesday, falling from a 2015 high, as Saudi Arabia considered halting bombing in Yemen to allow the delivery of aid, which eased concerns about oil supply from the Middle East.
Oil is likely to stay relatively weak for at least the next year, a Reuters poll forecast on Thursday, suggesting a slowdown in oil production in the United States will not be enough to offset a global supply glut.
Brent crude prices held near a 4-1/2 month high above $65 a barrel on Monday, supported by concerns about fighting in Yemen disrupting Middle East supplies and signs that US shale output may have started to decline.
The number of
Brent crude rose towards $57 a barrel on Wednesday, paring some of the previous session's sharp losses, after data showed US crude stocks fell for the first time in two months.
The benchmark closed nearly 4 per cent down in th