Crude prices rose on Tuesday after the US Energy Information Administration said it expected US shale oil output to record its first monthly decline in over four years.
Front-month Brent crude futures were trading up 34 cents a $5
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
Brent edged above $59 a barrel on Tuesday after a 2-per cent slide the session before, buoyed by cautious optimism on the outlook for the global economy.
But the international oil benchmark is still 6-per cent off a peak reached a
Brent crude eased for a fourth straight session on Tuesday but held above $100 a barrel after dropping below that level on the previous day for the first time in 16 months, with prices supported by hopes of production cuts by Opec.
Brent held above $108 a barrel on Friday, hovering near a three-month high on hopes of a steady recovery in U.S. demand following strong economic data and reassuring comments from the Federal Reserve on monetary stimulus.
Brent crude fell toward $112 a barrel on Friday as unabated euro zone debt woes and a surprise build in US oil stockpiles tempered gains from fears of supply disruption on mounting tensions between Iran and the West.
Investors are treading
US crude futures fell on Wednesday, heading for a decline of 7.7 per cent in their biggest monthly loss since May, on fears that another recession in the United States and a debt crisis in the euro zone could cut fuel demand.
An industry r