Oil prices rose in early trading on Thursday, supported by a report of another fall in US crude inventories as well as a weaker dollar, although a glut of refined products and economic growth concerns continue to weigh on markets.
Brent crude climbed above $124 a barrel on Thursday as US crude inventories fell unexpectedly last week and a sharply weaker dollar triggered a rush into riskier assets.
The dollar struck its lowest in almost three years against a basket o
Oil was steady near $84 on Wednesday, capped by a stronger dollar as financial markets remained focused on Europe's debt problems, while an industry report signalled a drawdown in US fuel inventories may be slowing.
Oil climbed to a six-month high above $84 for a second straight session after an industry report showed declines in US inventories across fuel categories, a sign chronic oversupply may subside at the world's top user.
US crude for Dece
Oil retreated by 0.8 per cent towards $77 on Thursday, slipping from its highest since early May, as the pace of demand growth was questioned following mixed economic and inventory data from the US.
US industrial production rose faster tha
Oil edged higher towards $72 on Tuesday as a forecast for another drop in US inventories helped stabilise a volatile market driven by concerns that Europe's debt crisis would cut into energy demand.
US crude stockpiles probably fell by 900
Oil stood above $70 a barrel on Thursday, extending its gains of the previous day, propped up by a smaller-than-expected rise in US crude stocks and gains in the euro currency.
The euro held above four-year lows on Thursday, as its latest
Oil fell towards $83 after soaring US inventories signalled demand in the world's top energy user is lagging the recovery in the global economy.
The International Monetary Fund said the world's recovery from recession had been quicker than
Oil prices fell for the third day in a row, retreating further from 18-month highs, as bloated inventories stoked concerns about weak demand and technical signals sparked a selloff.
The downturn erased early gains fueled by economic optimi
Oil reversed earlier losses to gain a few cents towards $82 on Wednesday after China said imports jumped in February, boosting evidence that emerging Asian economies will lead global demand back into growth this year.
China imported 18.5 m