Crude futures dipped below $47 a barrel on Friday on concerns that a persistent global glut of crude oil and refined products will impede any price recovery.
Losses were capped by slightly better-than-expected Chinese economic dat
Oil prices rallied from sharp losses on Thursday but brokers said the downtrend could resume soon as record-high stocks and worries over slowing economic growth dampened sentiment.
Brent crude oil was up 60 cen
Oil prices continues to rise on Thursday with Brent crude oil futures trading at $49.30 per barrel at 1208 GMT 50 cents above their last settlement but lower than the day's high of $49.53.
US West Texas Intermediate (WTI
Oil rose after the biggest quarterly gain since 2009 as falling US supply added to speculation the global surplus is easing, said a report.
Futures gained 0.6 per cent in New York, taking its advance for the week to 2 per cent. US
Oil markets are improving as supply and demand are almost balancing, Saudi Arabia's energy minister said in comments aired on Thursday.
"We see that the market has returned into balance. Supply and dem
Oil prices fell on Friday, as a stronger dollar pulled crude off 2016 highs hit this week.
Brent oil futures were trading at $51.15 per barrel at 0910 GMT, down 80 cents while US West Texas Intermediate (WTI) f
Oil prices fell on Friday, as a stronger dollar pulled crude off the 2016 highs hit this week, although strong refinery demand and global supply disruptions lent some support.
International Brent crude oil futures were trading at
Kuwait set its July official selling price (OSP) for crude sales to Asia at $1.50 a barrel below the average of Oman/Dubai crude, up 30 cents a barrel from June, trading sources said on Thursday.
This is the highest selling price
Oil investors are finally buying into the notion that the biggest risk to the price now is likely to be supply falling short of demand, rather than from any stubborn overhang of unwanted crude, the options market shows.
Oil prices hit their highest in eight months on Tuesday, buoyed by the dollar nearing one-month lows and by falling Nigerian oil output after a spate of attacks on infrastructure.
Brent crude futures were up 67 cents on the day at