Brent crude futures steadied above $86 a barrel on Wednesday, clinging to gains from the previous session as buyers gradually returned to a market hammered to four-year lows by abundant supply.
Expectations that oil demand may pic
Brent edged up on Tuesday, holding above $85 a barrel as robust China oil demand supported prices, although gains were capped by oversupply and lingering fears of a weak global economy.
Implied oil demand at the world's larges
Brent slipped below $86 and is headed for its fourth weekly loss in a row, despite climbing by almost a dollar earlier, as investors see no respite in a four-month rout sparked by ample supply and slowing demand from Europe to China.
Brent crude oil fell below $88 a barrel on Monday, its lowest in almost four years, after key Middle East producers signalled they would keep output high even if that meant lower prices.
Saudi Arabia has privately told oil market
Global oil prices lost more than a dollar on Monday in early Asian trades, as Kuwait said Opec is unlikely to cut ouptut to support prices and Saudi Arabia privately told oil markets that it is ready to accept oil prices perhaps down to $80 a ba
Brent crude futures fell below $90 a barrel on Friday, close to a four-year low, as rising supply and more grim economic news stretched a months-long slump in oil prices.
US crude also slumped nearly $2 to hit its lowest since 201
Brent crude futures fell to just above $91 a barrel on Wednesday, holding to a months-long tumble in prices as lower economic growth forecasts raised new concerns about global oil demand amid rising US inventory levels.
Brent crude futures slipped further away from $93 a barrel on Tuesday and partially erased the previous session's gains, with concerns about abundant supply outweighing the positive boost to prices from the US dollar's recent weakness.
Brent crude futures fell to near $92 a barrel on Monday, extending this year's rout that saw the international benchmark hit a 27-month low in the previous session due to a strong US dollar and ample oil supply.
Brent lost nea
Oil prices hit their lowest level since June 2012 on Thursday, with benchmark Brent prices dropping below $92 a barrel, as price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data.