Brent crude oil futures drifted lower on Friday, further below $103 a barrel, as a strong dollar and plentiful supplies continued to pressure prices.
October Brent crude was down 13 cents to $102.50 a barrel by 1122 GMT. US crude
Brent crude oil dropped below $109 a barrel on Friday, heading for its third straight weekly loss, with diplomatic efforts over Syria and Iran helping ease worries about risks to supply from the Middle East.
The United States and
Iran has discovered one of its biggest oil fields with high quality crude in a southern province, the semi-official Mehr news agency quoted an official as saying on Saturday.
'The preliminary studies show enormous crude reserves in thi
Oil should hit $120 a barrel or more this year as the market situation increasingly resembles 2008, with supplies struggling to keep pace with demand, oil tycoon T Boone Pickens said.
Brent crude in London settled at a 28-month high of $99
Opec would consider raising crude output if the oil price rose to around $90 to $95 a barrel, delegates from the producer group said on Tuesday.
Crude oil futures traded at around $83.80 a barrel on Tuesday, above the $70-$80 mark that Ope
Oil reversed earlier losses to gain a few cents towards $82 on Wednesday after China said imports jumped in February, boosting evidence that emerging Asian economies will lead global demand back into growth this year.
China imported 18.5 m
Oil fell to fresh four-week lows as equity markets slumped and commodities remained under pressure from US President Barack Obama's proposed tightening of bank trading rules.
US crude fell $1.54 to settle at $74.54 a barrel, the lowest set
Oil traded flat at below $79 a barrel, off a five-week high the previous session, as a firming dollar offset colder US weather and concerns over political developments in Iran.
US crude for February delivery rose 13 cents to $78.90 a barre
Saudi Arabia has signed a deal to store 'millions of barrels' of oil in commerical storage in Japan, Saudi Arabian Oil Minister Ali al-Naimi said on Tuesday.
'Asia will be a huge market and this will be a big take off,' Nai