Brent futures held near $111 a barrel on Tuesday as supply concerns crept back, with investors judging the historic deal between Iran and world powers would not result in an immediate increase in shipments from the Opec member.
An easing of tensions in the Middle East region and the rising US crude inventories have helped push down crude prices in Kuwait to 5-month lows, said a report.
Oil prices have eased back through October and early November, with s
Brent oil futures slipped below $110 per barrel on Friday, but were on track to end higher for the second straight week following sharp overnight gains, with investors waiting for the outcome of talks on Iran's nuclear programme.
Top oil exporter Saudi Arabia remains unconcerned by a rising tide of US shale output which threatens to eat into Opec's market share, its deputy oil minister said on Wednesday.
"The world economy over the long term will
Brent crude climbed above $106 per barrel on Wednesday, recovering some lost ground after oil was hit by speculation the US Federal Reserve may soon start to reduce its monetary stimulus and expectations of a build-up in US crude stocks.
Brent futures rose towards $106 a barrel on Wednesday after investors in Asia latched on to a fall in US oil product inventories, which revived hopes of an improvement in US demand and helped crude recover from a steep fall overnight.
Brent crude futures edged up towards $108 a barrel on Thursday after positive economic data from China, the world's second-largest oil consumer, helped offset another rise in US crude stockpiles that had depressed prices overnight.
Brent crude edged lower under $110 a barrel on Wednesday, supported by a weak dollar as disappointing US jobs data raised hopes the US Federal Reserve would stick to its economic stimulus this year.
Any delay in cutting back on th
Brent crude oil futures held steady above $110 a barrel on Monday on hopes the US Federal Reserve would delay curbing its massive economic stimulus programme until next year, which could help support oil demand in the world's largest oil con
An oil price in the range of $104 and $106 barrels-per-day (bpd) in the financial year 2013/14 could generate a budget surplus for Kuwait of between KD12 ($42.4 billion) and 14 billion this fiscal year, following the KD13 billion surplus recor