Oil closed lower on Thursday in volatile trade, as a soaring dollar and the U.S. pursuit of an Iranian nuclear deal offset earlier gains from supply concerns in Libya and Iraq.
Tags: U.S. crude
German stocks power to new high; euro, Fed in focus
German stocks surged to a record high on Monday as investors shrugged off a bounce by the euro and focussed on the expected boost to corporate earnings from the currency's recent slump, which saw it touch a 12-year low earlier in the day.
Oil drops 9 percent on week on stronger dollar, glut warning
Global oil prices tumbled on Friday and fell 9 percent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency (IEA) that the oil glut is growing.
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Brent crude oil fell almost 2 percent toward $61 a barrel on Monday after Iran said a deal on its nuclear program could be agreed this week if the West lifted sanctions, which could boost the country's oil exports.
Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in North Sea and renewed fears of gas supply disruption in Europe supported prices.
Oil rose towards $62 a barrel on Thursday as indications of a coming recovery in demand offset a further jump in U.S. crude stockpiles which underlined currently ample supplies.
Asian stocks rose on Wednesday, taking their cues from Wall Street's gains after Federal Reserve Chair Janet Yellen suggested the Fed would not rush into raising interest rates.
Crude oil futures fell on Tuesday as expectations that this week's reports will show U.S. crude inventories rose again countered supportive news of Libyan oilfields being shut.
Brent fell toward $58 a barrel on Tuesday, extending the 2-percent loss in the previous session, as oversupply fears lingered, overshadowing any optimism on the outlook for the global economy.
Oil prices edged up after early falls on Monday as parts of Asia returned from the Lunar New Year holiday, with Brent futures moving further away from $60 a barrel and U.S. contracts moving towards $51.
Oil markets edged up on Friday to halt a two-day drop, helped by expectations that data later in the day would show a continuing decline in the U.S. oil rig count, a clear sign of the pressure the tumble in crude has put on oil producers.
The U.S. dollar was nursing losses in Asia on Thursday while bonds held hefty gains as investors scaled back expectations on how fast, and how far, the Federal Reserve might raise interest rates in coming months and years.
