Oil prices fell on Monday as markets opened the week cautiously following western air strikes in Syria over the weekend, and as American drilling for new production continued to rise.
Oil marketsremained tense on Thursday on concerns of a military escalation in Syria, but prices were some way off Wednesday’s 2014 highs as bulging American supplies weighed.
Oil markets added to strong gains from the previous session on Tuesday on hopes that a trade dispute between the United States and China could be resolved without greater damage to the global economy.
SINGAPORE (Reuters) – Oil markets were stable on Friday, supported by ongoing supply cuts led by OPEC and Russia as well as by strong demand, although the prospect of rising U.S. shale output capped prices around recent gains.
Crude oil markets were slightly higher on Friday, supported by continuing supply cuts and expectations that an output deal will be extended at the end of the month.
U.S. oil markets had a muted reaction on Monday after Washington slapped sanctions on Venezuelan President Nicolas Maduro