Crude oil prices edged up in early trading on Wednesday following reports of falling stockpiles and rising refinery activity, but analysts said the market would remain under pressure for the rest of the year and into 2016.
Oil prices edged down on Friday after rising more than two per cent in the previous session, buoyed by lower US crude inventories and geopolitical tension in the Middle East.
US crude futures are in their longest winning streak si
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.
Oil rose on Tuesday from a dive to a four-month low in the previous session as the euro gained against the dollar ahead of a confidence vote in Greece aimed at avoiding a messy default of its sovereign debt.
US crude for July delivery rose
Oil rose on Wednesday in a technical rebound and as the dollar held near a 10-week low against a basket of currencies after the US government pledged to cut spending while investors await weekly stocks data.
US crude inventories probably r
Oil got support from a weaker dollar on Wednesday to trade slightly above $75, shrugging off an industry report showing surprise gains in US inventories.
The outlook for oil demand remained sluggish after the Federal Reserve on Tuesday sto
US crude futures fell to near $74 on Tuesday, extending losses for a second day, as expectations of higher crude inventories fed fears of a slowdown in global economic growth.
Investors took profit on oil after equities slid on skepticism
Oil fell on Tuesday, pressured by a decline in European stock markets and a sharp drop in US housing starts but prices found some support from expectations of lower crude inventories.
European shares declined, dragged lower by weakness in
Oil fell to stay below $75 on Tuesday as forecasts for a seventh straight weekly gain in distillate fuel inventories at top consumer the US tempered expectations of a drop in crude stockpiles.
Forecasts for a fourth consecutive weekly fall
Oil fell to $72 on Wednesday, extending a nearly 2 per cent drop in the previous session on gains for the dollar and negative sentiment pervading financial markets.
The dollar hovered near a four-year high against the euro hit the previous