Oil prices eased on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017. Brent crude futures LCOc1 were at $78.63 per barrel at 0534 GMT, down 16 cents from their last close, and more than 2.2 percent below the $80.50 multi-year high they reached on May 17.
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.
Key crude oil prices rose by 1 percent to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran.
US oil prices rose above $70 a barrel on Monday for the first time since November 2014, as a deepening economic crisis in Venezuela threatened the country’s already tumbling oil supplies.
Oil prices rose on Wednesday, lifted by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains.
Oil rose on Tuesday, holding above $70 a barrel for a third day, supported by concerns that tensions in the Middle East could lead to supply disruptions, although with global output rising fast, investors remained cautious.
Oil prices edged up on Tuesday, lifted by tensions in the Middle East, although rising output in the United States and shaky stock markets put a lid on further gains.
Oil markets climbed on Monday on the back of a drop in the number of US rigs drilling for more production and as the US economy continued to create jobs, which industry hopes will drive higher fuel demand.
Petrol Price On The Boil Again, Climbs Back To Rs 80 Per Litre In Just 14 Days; Diesel Price Rising Too
Petrol price in Mumbai climbed back at Rs 80 a litre on Saturday in just weeks on the back of rising crude oil price. Petrol and diesel prices have been a rising streak since the beginning of this month.
Oil markets were split on Tuesday, with US crude was pushed up by reduced flows from Canada while international Brent prices eased.