Oil prices rose more than a dollar to 2015 highs on Wednesday, as a month-long rally gained further impetus from a fall in US crude stocks and conflict in the Middle East.
Brent crude jumped by $1.36 to $68.88 a barrel by 0855 GMT
Brent crude oil futures slipped towards $66 a barrel on Tuesday, falling from a 2015 high, as Saudi Arabia considered halting bombing in Yemen to allow the delivery of aid, which eased concerns about oil supply from the Middle East.
Oil is likely to stay relatively weak for at least the next year, a Reuters poll forecast on Thursday, suggesting a slowdown in oil production in the United States will not be enough to offset a global supply glut.
Brent crude prices held near a 4-1/2 month high above $65 a barrel on Monday, supported by concerns about fighting in Yemen disrupting Middle East supplies and signs that US shale output may have started to decline.
The number of
Brent crude rose towards $57 a barrel on Wednesday, paring some of the previous session's sharp losses, after data showed US crude stocks fell for the first time in two months.
The benchmark closed nearly 4 per cent down in th
Brent crude oil prices steadied above $60 a barrel in early Asian trading on Tuesday, supported by traders entering the market after prices dropped sharply in the previous session on the back of record US stocks.
Brent futures fel
Brent crude oil prices remained below $58 a barrel on Tuesday as the International Energy Agency (IEA) said the US will remain the world's top source of oil supply growth until to 2020, defying expectations of a more dramatic slowdown in sha
Brent crude extended gains on Thursday to hold above $51 a barrel, after an unexpected fall in US crude stocks snapped a four-session decline the previous day.
Data showing the US economy remained resilient amid slowing global gro
Oil prices rose on Monday, after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the Opec member.
A fire caused by fighting at one of Libya's main export terminals has destro
Saudi Arabia's 2015 state budget assumes an oil price close to current levels of around $60 a barrel for Brent crude, a shift from past budgets which were based on prices well below market levels, analysts say.
The kingdom doe