Crude futures rose on Wednesday to recover ground from sharp drops in the previous session, boosted by expectations that US crude stocks could fall for a fourth straight week.
Prices were also supported by comments from western di
Crude oil futures edged lower towards $65 a barrel as the dollar strengthened on Monday, with a public holiday in the United States and much of Europe keeping trading muted.
Front-month Brent crude shed 17 cents to $65.20 a barrel
Crude oil futures edged up on Monday, buoyed by healthy Asian appetite and demand from the US driving season.
Front-month Brent crude prices had gained 2 cents to $65.39 per barrel by 0312 GMT. US crude prices were up 14 cents at
Crude oil prices began rising after initial dips on Thursday, but remained within a narrow range that has been in place since late April as contradicting views of an oversupplied versus a tightening market push prices up and down.
Crude oil prices bounced back on Wednesday from steep falls in the previous session as strong Japanese economic growth surprised markets and the business outlook in Australia also seemed to brighten, stoking producer hopes of increased demand.
Brent oil prices dropped on Tuesday on signs of weakness at the world's top energy consumer China, while US crude futures edged up on rising demand ahead of the summer driving season.
Brent futures were down 9 cents at $66.18
State-owned Qatar Petroleum (QP) will announce a restructuring plan in the coming months to adapt to the drop in oil prices, the head of its wholly owned international subsidiary said.
"The restructure comes at the right time
Oil prices edged up on Monday on supply concerns in the Middle East following fighting in Iraq and Yemen, but signs of strengthening US production capped gains.
Front-month Brent futures were up 9 cents at $66.90 a barrel by 0311
Oil slipped on Thursday as weak data from the world's top economies raised concern about the outlook for global fuel demand, offsetting data that showed a large drawdown in US crude stockpiles last week.
China, the world's
Oil extended gains on Wednesday after posting its strongest daily rise in weeks in the previous session, supported by bets that US crude stockpiles will fall for a second straight week as production slows.
US crude futures neared