Oil prices edged up on Wednesday in a further sign of support around current levels, but analysts fretted that the outlook for the next six months remained bleak due to oversupply.
Oil fell as much as 5 per cent on Tuesday after t
Crude oil dipped in early Asian trade on Thursday after a volatile session the previous day, when prices rebounded sharply from near-six-year lows that reflected a global oversupply.
Wednesday's 4.5 per cent surge in Brent cru
Global oil prices continued the week's rout with benchmark Brent crude falling for a fourth consecutive session on Tuesday to its lowest in almost six years, despite China reporting record crude imports.
Oil fell 5 per cent to its l
Oil edged up on Tuesday, recovering from a five per cent plunge in the previous session that saw prices touch fresh 5-1/2 year lows in an oversupplied market.
Growth in oil supplies showed no sign of abating, with output in Russia
Saudi Arabia made deep cuts to its monthly oil prices for European buyers on Monday, a move some analysts said reflects the kingdom's deepening defence of market share, although it also hiked prices in Asia from record lows.
Brent oil extended losses into a fourth session on Tuesday, with prices hovering close to a more than five-year low above $57 per barrel, as persistent worries about a global supply glut offset concerns about output disruptions in Libya.
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.