Oil prices were stable on Wednesday, supported by healthy economic growth and expectations that a weaker dollar could spur fuel demand.
Oil prices fell on Wednesday, weighed down by data that showed an increase in U.S. crude oil and gasoline inventories.
U.S. oil prices hit their highest levels since mid-2015 on the last trading day of the year as an unexpected fall in American production, as well as a fall in commercial crude inventories, stoked buying.
Heading into 2018, traders said market conditions were relatively tight due to ongoing supply cuts led by the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), as well as top producer Russia.
Oil prices fell 0.8 percent on Monday, extending recent weakness ahead of next week’s OPEC meeting, while a rally in the dollar hurt commodities across the board.
Crude was down slightly on Friday as expectations that OPEC and other producers will extend their production cut agreement were offset by U.S. drillers adding the most oil rigs in a week since June, indicating output will continue to grow.
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.
Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.
Oil prices rose on Friday, nearing their highest levels in more than two years, supported by rising global demand and physical prices and continuing expectations that OPEC and other producing countries will extend a deal to cut output.
Oil prices rose on Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising.