Oil prices ended in positive territory on Monday after a drop in stockpiles at the delivery point for U.S. crude in the second half of last week outweighed pressure from near record high production in Saudi Arabia.
Tags: Saudi Arabia
Oil up 3 percent in largest gain in three weeks; volatility threatens
Oil rose 3 percent on Tuesday, the most in three weeks, as a weak dollar lifted commodities denominated in the currency and OPEC raised slightly its forecast for world oil demand growth.
Oil hits 2015 highs as Libya output slows, Saudis raise prices
Oil prices hit their highest for the year on Tuesday, aided by a disruption in Libyan crude exports, higher selling prices for Saudi oil and a weaker dollar that tends to inflate commodity prices.
Brent crude holds near 4-1/2 month high on Yemen, U.S. rig count
Brent crude prices held near a 4-1/2 month high above $65 a barrel on Monday, supported by concerns about fighting in Yemen disrupting Middle East supplies and signs that U.S. shale output may have started to decline.
Oil prices drop as Middle East tension eases
Oil prices extended declines from the previous session on Wednesday as tensions in the Middle East eased after Saudi Arabia ended an air strike campaign in Yemen, but industry leaders said the market could rebound as attention turned to rising demand.
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Crude futures fell from 2015 peaks in choppy trading on Friday, but Brent's 9.6 percent weekly gain was its biggest in more than five years as Middle East turmoil and signs of lower U.S. production lifted prices.
Saudi Arabia has reduced contractual crude supplies to some customers in Japan and South Korea since March by trimming the volumes of oil loaded, six industry sources familiar with the matter said on Monday.
Brent oil fell nearly 4 percent on Thursday after a preliminary pact between Iran and global powers on Tehran's nuclear program, even as officials set further talks in June and analysts questioned when the OPEC member will be allowed to export more crude.
Oil prices fell on Monday as officials from Iran and six world powers discussed a possible deal over Tehran's nuclear program that could bring an end to sanctions and allow an increase in Iranian oil exports.
The euro rose and European shares edged up on Tuesday, responding to signs the euro zone economy is gaining momentum, while a slowdown in factory activity in China kept oil and commodities-linked assets under pressure.
OPEC will not take sole responsibility for propping up the oil price, Saudi Arabia's oil minister said on Sunday, signaling the world's top petroleum exporter is determined to ride out a market slump that has roughly halved prices since last June.
Saudi Arabia's OPEC governor Mohammed al-Madi said on Sunday that he believed it would be difficult for oil to reach a price range of $100-120 per barrel again.
Oil prices have started to stabilize around $60 a barrel in past weeks and will continue to firm up, while crude demand will grow stronger, an adviser to Saudi Arabia's oil minister said on Sunday.
Metals company Alcoa Inc (AA.N) on Monday it would acquire titanium supplier RTI International Metals Inc (RTI.N) as it continues to invest in more profitable products for the aerospace and automotive industries.
