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.
Oil prices rose on Monday over supply concerns in the Middle East and as the US market showed further signs of tightening while demand in Asia keeps rising.
Oil markets edged up on Friday, recovering some of the previous day’s losses, as analysts pointed to signs of a tightening market.
Asia is set to ramp up crude oil imports from the United States in late 2017 and early next year, with buyers searching out cheap supplies after hurricanes hit U.S. demand for the commodity at a time of rising production in the country.
Oil prices eased on Thursday as U.S. fuel inventories rose despite efforts by OPEC to cut production and tighten the market.