Oil prices fell below $60 on Friday, tumbling as the dollar strengthened and as a supply glut in top consumer, the US, trumped worries about falling production from Libya.
The market had come under pressure from Wednesday's En
Oil prices bounced back more than a dollar on Monday, after hitting 5-1/2-year lows of $60.28 earlier in the session, as traders began pricing in expectations of improving manufacturing data to be published later this week.
US crude tumbled 10 per cent in its biggest one-day drop in more than five years on Friday, and benchmark Brent broke below $70 a barrel, as Opec's decision not to cut output sent oil traders and analysts scurrying to find a new trading floo
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