Iran is sending positive signals that it may support joint action to prop up the oil market, sources in Opec and the oil industry said, potentially aiding efforts to revive a global deal on freezing production levels at talks next month.
Brent crude oil fell on Friday after hitting an eight-week high, as weak fundamentals countered a lift in sentiment over talks next month on a possible output freeze, though futures remained on track to rise for a third consecutive week.
Libya's National Oil Corporation (NOC) said on Thursday that rival forces had agreed to let a tanker dock at Zueitina port to load oil and take it to a safe place.
The NOC expressed concern earlier this month after reports of
Brent crude oil prices rose above $51 a barrel on Friday to hit an eight-week high and were on track to rise for a seventh trading day, as hopes that producers could agree measures to support crude buoyed sentiment.
Saudi Arabia's oil exports rose in June as the kingdom kept the market well supplied, pumping near record high levels of crude to feed rising both local and international demand.
Crude exports in June rose
Oil prices dipped in early trading on Thursday as the prospect of record Saudi output weighed on markets and as traders cashed in on profits following an almost uninterrupted price rally this month of nearly 20 percent.
Saudi Arabia is sending signals that it could boost its crude oil supplies in August to a new record level, overtaking Russia, the world's top oil producer, as it gets ready for tough talks next month for a global output freeze pact.
Opec and non-Opec countries are again flirting with the idea of a production freeze to accelerate oil-market rebalancing, according to recent statements by several oil ministers.
"Rebalancing is already taking place," Sa
Oil prices could set new highs for 2016 over the next four to six weeks if Brent crosses the $50-a-barrel threshold and US crude pierces the $48 mark, technical analysts said.
During the session, both benchmark
Oil prices reached their highest levels in more than five weeks on Tuesday as the market rode optimism over potential producer action to prop up the market.
Oil production losses in Nigeria, where more than 700,000 barrels per day