Oil prices edged higher on a weaker dollar and diplomatic tensions in the Gulf, but Brent held below the $50 per barrel level that was breached for the first time in six weeks on Thursday. Investors were also taking positions ahead of a meeting between OPEC and non-OPEC members in Russia on Monday at which they will discuss compliance with agreed production cuts and progress towards rebalancing an oversupplied market. Benchmark Brent crude futures were up 24 cents at $49.54 a barrel at [Read more]

NEW YORK (Reuters) - Oil settled lower on Thursday in choppy trading, as nagging worries about abundant global crude supplies sank prices after an early rally boosted Brent above $50 per barrel for the first time since June 7. Traders predicted prices would hold near current levels ahead of Monday's meeting between key OPEC and non-OPEC producers in St. Petersburg, Russia. The market has been watching reports that Saudi Arabia, the world's largest crude producer, is considering an additional [Read more]

Oil prices held steady on Thursday, hanging on to gains made the previous session when falling U.S. crude inventories lifted the market, as analysts offered mixed supply outlooks for the commodity ahead of a key OPEC meeting next week. Crude oil prices are still capped below the key $50-per-barrel mark on concerns about high production from the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output along with non-OPEC producers. Brent crude futures , the [Read more]

Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang. Brent crude futures , the international benchmark for oil prices, were at $48.64 per barrel at 0613 GMT, down 20 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.22 per barrel, down 18 cents, or 0.4 percent. U.S. crude stocks rose last week, adding 1.6 million barrels in the [Read more]

NEW YORK (Reuters) - Oil prices rose slightly on Tuesday as Saudi exports fell and solid demand soaked up some of what is seen as an oversupplied market, but Ecuador's decision to opt out of a supply reduction pact complicated the outlook for the OPEC-led cut agreement. Benchmark Brent crude LCOc1 settled up 42 cents to $48.84 a barrel, while U.S. light crude oil CLc1 settled up 38 cents to $46.40. "Saudi Arabia showed a reduction of output so there's a little bit of strength from the data [Read more]

Oil prices were stable on Tuesday, supported by strong consumption but weighed by ongoing high supplies from producer club OPEC and also the United States. Brent crude futures , the international benchmark for oil prices, were at $48.55 per barrel at 0130 GMT, up 13 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.12 per barrel, up 10 cents, or 0.2 percent. In a sign of strong demand, data on Monday showed refineries in China [Read more]

NEW YORK (Reuters) - Oil prices were about 1 percent lower on Monday as investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective but output increases in some top producers eased, keeping losses in check. Libya's national oil production stood at 1.03 million barrels per day (bpd), little changed from its level since the end of last month, an oil industry official said. U.S. drillers added two oil rigs in the week to July 14, bringing the [Read more]