Oil markets opened strongly on Tuesday, with Brent crude remaining near a four-year reached the previous session.
The bulls have gained the upper hand in oil markets of late, with estimates of $90 oil before the end of the year.
Within six weeks, Saudi Arabia has gone from advocating higher prices to trying to stop the rally at $80 a barrel
Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.
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