Crude oil prices recovered on Thursday after a two-day slide, although high US stocks and strong global production, along with a firm dollar, were keeping markets under pressure.
The gains followed two days of steep falls as a res
Crude oil futures edged lower towards $65 a barrel as the dollar strengthened on Monday, with a public holiday in the United States and much of Europe keeping trading muted.
Front-month Brent crude shed 17 cents to $65.20 a barrel
Crude oil futures edged up on Monday, buoyed by healthy Asian appetite and demand from the US driving season.
Front-month Brent crude prices had gained 2 cents to $65.39 per barrel by 0312 GMT. US crude prices were up 14 cents at
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