Oil remained weak in Asia on Thursday after data showing record US stockpiles sent prices tumbling to the lowest level in nearly six years in the previous session and analysts said a global glut would continue to keep the market under pressure.
Crude oil dipped in early Asian trade on Thursday after a volatile session the previous day, when prices rebounded sharply from near-six-year lows that reflected a global oversupply.
Wednesday's 4.5 per cent surge in Brent cru
US crude and Brent futures dropped to fresh 5-1/2-year lows on Monday as worries about a surplus of global supplies amid weak demand continued to drag on oil markets.
Opec's decision in November to maintain output had accelera
Oil prices fell below $60 on Friday, tumbling as the dollar strengthened and as a supply glut in top consumer, the US, trumped worries about falling production from Libya.
The market had come under pressure from Wednesday's En
Brent crude fell more than $1 on Wednesday, resuming its fall caused by a glut of oil in the market after a short-lived reprieve the previous day when a weaker dollar had provided some support.
Worries about oversupply have pushed
Benchmark Brent crude slipped to its lowest in five years on Tuesday, dropping below $66 a barrel after plunging more than 4 per cent the day before on worries over a deepening supply glut.
The chief executive of Kuwait's nati
Oil prices fell by more than a dollar on Monday to near their lowest levels since 2009 after Morgan Stanley cut its price forecast for Brent, saying oversupply will likely peak next year with Opec deciding not to cut output.
A panel of national representatives reviewed Opec's oil market outlook for 2015 this week, Opec sources said, preparing the ground for a policy-setting meeting next week that will decide how to address a looming oversupply of crude.
UAE energy minister Suhail bin Mohammed Al Mazroui said that oil market fundamentals had not changed, and the Organisation of the Petroleum Exporting Countries (Opec) had not contributed to oversupply.