Crude futures dipped slightly on Wednesday as ballooning US storage volumes continued to pressure prices although relatively healthy demand figures from Europe supported prices.
Brent oil futures were trading at $55.09 a barrel at
Oil prices dropped on Tuesday after activity in China's factory sector fell to an 11-month low and as Saudi Arabia said its production was close to an all-time high.
The flash HSBC/Markit Purchasing Managers' Index (PMI) d
Oil prices dropped over a percentage point on Monday after Saudi Arabia said that the market defined prices and the kingdom would not unilaterally cut its output to defend prices.
Since oil prices started to fall in June 2014, man
US shale drilling may be slowing, but not fast enough for Opec to change policy at its June meeting or to prevent oil prices maybe falling more, in the view of the group's Gulf members.
Actual oil output from the US could prov
Brent crude rose above $54 a barrel on Tuesday, recovering some of the previous session's losses when it dropped to a six-week low, although concerns over a worsening global supply glut kept a lid on gains.
US crude, or West T
Oil prices fell on Monday, with US crude dropping nearly 3 per cent to a six-year low as the dollar hit fresh highs and spare oil storage capacity runs low around the world.
Both US crude and Brent have dropped steeply this month
Oil prices might have stabilised only temporarily as the global oil glut is worsening due to production in the US showing no sign of slowing, the International Energy Agency (IEA) said.
The West's energy watchdog said the US m
Iraq is building up debts to the oil companies developing its giant fields, industry sources said, a further sign of how the oil-price drop is putting a squeeze on revenues in Opec's second-largest producer.
Western oil compan
Brent oil futures rose above $58 a barrel on Thursday as the dollar weakened and Iraqi security forces battled Islamic State fighters in Tikrit.
The dollar was down 0.66 per cent against a basket of currencies, making dollar-trade
Brent crude climbed towards $58 a barrel on Thursday for the second straight session as speculators covered their positions ahead of the April contract's expiry, while a strengthening dollar and a build in US crude stocks capped prices.