Brent oil settled 1 per cent higher on Friday on pre-weekend short-covering, while US crude settled lower but just above the $40-per-barrel support it has struggled to defend after a surge in inventories.
US crude's expiring s
Benchmark Brent crude oil prices inched up just above a key support level of $50 on Wednesday, recovering from multi-month lows, as investors await US oil inventories data to gauge supply.
Oil markets paused for a breather after p
Oil is likely to stay relatively weak for at least the next year, a Reuters poll forecast on Thursday, suggesting a slowdown in oil production in the United States will not be enough to offset a global supply glut.
Oil prices will reverse their recent gains as global crude inventories begin to increase again, with US crude likely to drop as far as $40 a barrel in the near-term, Goldman Sachs said.
Oil prices rose by almost a third between Ja
Oil prices edged up after early falls on Monday as parts of Asia returned from the Lunar New Year holiday, with Brent futures moving further away from $60 a barrel and US contracts moving towards $51.
After early trading losses, b
Oil prices were little changed on Tuesday, with Brent holding above $48 following comments from a top Opec official that prices may have found a floor.
Opec secretary-general Abdullah Al-Badri said oil prices may have bottomed out
Oil closed up as much as 5 per cent on Friday, its biggest gain in over two years, as some traders took profits on short positions after prices this week hit their lowest since 2009.
A sharp bout of short-covering prior to expiry
Brent crude hovered at below $98 on Thursday after better-than-expected US home sales data and a pledge by the Federal Reserve to keep monetary policy steady drummed up market sentiment.
President Barack Obama's call for lower corporate ta
Oil fell for a fifth-straight session to about $84 on Tuesday, almost erasing April's gains, as a forecast increase in US crude inventories fanned concern about excess supplies and sluggish demand growth.
US crude stockpiles probably rose