Crude oil climbed to a five-week high on Tuesday, with prices underpinned by tensions following a US missile strike on Syria and a shutdown at Libya’s largest oilfield
Oil prices held near one-month highs on Friday after the United States attacked a Syrian air base but stocks and the dollar recovered early falls when a US official played down the risks of an escalation.
Speculation that the Organisation of petroleum exporting countries (Opec) will extend its deal to curb output and ease a global glut is sending oil toward its biggest weekly increase this year.
Oil prices eased on Friday as traders took profits following three days of straight gains on the expectation that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year would be extended
Oil prices rose more than 2 percent on Wednesday as U.S. crude inventories grew less than expected, supply disruptions continued in Libya and the OPEC-led output cut by producing countries looked likely to be extended.
Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year.
Oil prices rose on Tuesday thanks to a weakened dollar, supply disruption in Libya and the latest comments from officials suggesting OPEC could extend its deal cutting global production.
Oil prices dipped on Monday as rising US drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended.
Goldman Sachs on Sunday said an extension of the joint OPEC and non-OPEC oil production cut is not warranted unless supply and demand fundamentals deteriorate.
A joint committee of ministers from OPEC and non-OPEC oil producers recommended extending by six months a global deal to reduce oil output, a draft press release from their meeting on Sunday showed.