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