Oil futures fell below $49 on Friday, easing from a seven-month high hit this week, with analysts predicting range-bound markets for the next few months as supply outages slowly help to clear a global glut of crude.
Prices also ca
Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing.
Oil prices have rallied in recent week
Oil rose towards $50 a barrel on Wednesday for the first time in seven months, driven by expectations that shrinking supply will help erode any overhang of unwanted crude, particularly after industry data showed a sharp fall in US inventories.
Oil prices rose on Tuesday as investors anticipated a weekly drawdown in US crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support.
"We're gearing up on
Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in US crude inventories served as a reminder that supply remains ample despite output problems.
Supply losses in Canada and Nigeria
Oil prices edged to new 2016 highs on Friday, lifted by a weak dollar and falling production in the US, although a looming rise in Middle East output capped gains.
Brent crude futures were trading at $48.30 a barrel at 0644 GMT, u
Brent prices for 2017 ended trading above $50 per barrel on Wednesday for the first time since mid-December following the largest and most sustained rally in prices since the oil slump started.
The average for the 12 futures contr
The World Bank has raised its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook as an oversupply in markets is expected to recede.
Amid improving market sentiment and
The UAE will raise domestic prices for gasoline and diesel in May after global oil prices increased, the ministry of energy said on Thursday.
The price of a litre of octane 95 gasoline will rise to Dh1.67 ($0.46) at the start of n
Oil hit its highest level this year on Wednesday, driven by a falling dollar and evidence of declining US supply, putting the price on course for its strongest monthly performance since last April.
Brent crude futures were up $1.0