Oil prices diverged on Friday, with Brent hitting 4-1/2-month highs on continued fighting in Yemen as US crude fell on concerns of another upcoming stock build, though both benchmarks headed toward weekly gains.
Fighting between Y
Oil prices extended gains on Thursday as renewed fighting in Yemen brought focus back on potential supply disruptions in the Middle East.
Saudi-led coalition warplanes continued bombing Yemen on Wednesday despite an announcement b
Oil prices extended declines on Wednesday as Middle East tension eased after Saudi Arabia ended a military campaign in Yemen, while industry data showed that a larger-than-expected build in US oil inventories.
Saudi Arabia announc
Oil prices eased on Tuesday on expectations of another rise in US stockpiles and as Saudi Arabia keeps output near record highs, but prices remained near a 2015-peak reached last week.
Crude prices have climbed around 18 per cent
Crude futures fell from 2015 peaks in choppy trading on Friday, but Brent's 9.6 per cent weekly gain was its biggest in more than five years as Middle East turmoil and signs of lower US production lifted prices.
US crude also
US crude oil production will peak at 10.6 million barrels per day in 2020, a million barrels more than the high forecast a year earlier, undeterred by the worst price rout since the financial crisis, a report said.
The US governme
Oil prices edged up in early Asian trading on Monday following a strong session on Friday, as financial traders increased their bets on higher prices amid a slowdown in US drilling.
Front-month Brent crude futures rose 18 cents to
Oil prices rose on Friday, posting a weekly gain on lift from lowered expectations that an agreement on Iran's nuclear program will result in a rapid return of more Iranian barrels to the market.
Strong US refined products fut
Oil prices rose more than a per cent on Thursday, clawing back a part of the 6 per cent slump in the previous session that was triggered by a shock jump in US crude inventories and record Saudi output, although analysts said sentiment remained b
Brent crude rose above $54 a barrel on Tuesday, recovering some of the previous session's losses when it dropped to a six-week low, although concerns over a worsening global supply glut kept a lid on gains.
US crude, or West T