Oil prices bounced back more than a dollar on Monday, after hitting 5-1/2-year lows of $60.28 earlier in the session, as traders began pricing in expectations of improving manufacturing data to be published later this week.
Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook.
Brent is down roughly nine per cent this week, some
Brent crude ticked higher on Thursday but remained below $65 per barrel, and not far above five-year lows hit in the previous session, with the market's bearish tone largely intact.
Comments by the Saudi Arabian oil minister s
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
Global oil prices slid further on Friday, with Brent on track for the first weekly close below $70 a barrel since 2010, as strong US employment data did little to lift the oil market's bearish mood a day after Saudi Arabia cut official selli
Oil rose more than 1 per cent on Wednesday with Brent climbing above $71 a barrel, recovering slightly from losses in the prior session as a turbulent market struggled to find a price floor.
The market has swung between sharp gain
Brent crude slipped below $72 a barrel on Tuesday, giving up some of the gains seen on Monday when prices rallied for the first time in six sessions and closed up more than 3 per cent.
Oil futures on both sides of the Atlantic hav
US crude fell more than $2 to a five-year low in Asian trade on Monday, while Brent futures touched a fresh four-year low, extending a steep sell-off after Opec decided not to cut production last week, keeping markets well supplied.
Kuwait Oil Minister Ali Al Omair yesterday (November 29) urged non-Opec crude producers to co-operate to help stabilise the oil market and prevent sharp fluctuations in prices, a report said.
The minister called on producers from
Brent crude fell to a fresh four-year low under $72 a barrel on Friday after Opec decided not to cut output, a move investors said would leave oil markets heavily oversupplied.
Saudi Arabia blocked calls from poorer members of the