US crude futures rose by almost $2 and Brent by more than $1 on Tuesday on the prospect of a production cut by Opec as well as on a weakening dollar and news that Libya had curbed output after rockets hit an area near a refinery.
Brent crude oil prices fell to a 17-month low below $100 per barrel in volatile trade on Tuesday, a fourth straight daily decline as ample supplies weighed, while US crude rose on the expectation of dwindling fuel stockpiles.
Brent and US crude oil rallied more than $2 per barrel to multi-month highs on Monday, lifted by rising tension in Ukraine after Russian President Vladimir Putin declared he had the right to invade his neighbour.
Russia is the wor
Oil edged below $106 a barrel on Tuesday, weighed down by concerns that weak data from the US and China, the world's largest consumers of oil, could slow global growth though a spate of supply problems offered some support.
Brent oil futures eased towards $107 a barrel on Monday as investors dumped risky assets over worries about weaker emerging market economies, but U.S. crude held up due to a spell of cold weather.
The U.S. Federal Reserve is widel
Oil futures rose to above $100 a barrel on Monday, extending the two previous sessions' gains as low prices drew buyers back into the market following sharp drops earlier in the month.
Brent has lost nearly 8.5 percent since t
Slowing global economic growth and receding worries over a loss of Middle East supply are likely to bring lower oil prices for the rest of this year and in 2013, a Reuters poll shows.
Hopes that economic stimulus measures and new
Brent crude oil gained on Wednesday, with investors awaiting the outcome of the meeting this week of the producer group Opec, while gains were capped by worries about Europe's debt crisis and prospects for oil demand.
Iran's oil exports ha
Brent crude fell on Friday, staying below $102 per barrel and extending its May swoon, after weak manufacturing activity data from No. 2 oil user China fueled further selling ahead of a key US employment report.
China's official Purchasing
Crude oil futures dropped on Thursday by more than 1 per cent, ending May with their biggest monthly decline in more than three years as bloated US stockpiles and weak economic data added to worries about the euro zone crisis, all dampening oil de