Crude oil prices began rising after initial dips on Thursday, but remained within a narrow range that has been in place since late April as contradicting views of an oversupplied versus a tightening market push prices up and down.
Crude oil prices bounced back on Wednesday from steep falls in the previous session as strong Japanese economic growth surprised markets and the business outlook in Australia also seemed to brighten, stoking producer hopes of increased demand.
Oil prices fell on Thursday after hitting 2015 highs in the previous session as an Opec delegate indicated the group would stick to its strategy of pursuing market share rather than cutting output and traders took profit from a multi-week rally.
Brent crude oil hit a high for the year above $67 a barrel on Tuesday after protests stopped crude flows to the eastern Libyan oil port of Zueitina, hampering exports.
Zueitina was one of the few Libyan ports still exporting oil a
Oil prices slipped away from five-month highs in early Asian trading on Thursday as Japanese factory output weakened for the second straight month.
Japanese industrial output fell 0.3 per cent in March adding to mounting evidence
Oil fell more than 1 per cent on Tuesday ahead of weekly US crude inventory data that is expected to hit another high and as Saudi Arabia pledged to supply more oil to China if needed.
US commercial crude stockpiles were expected
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