Oil prices edged up to fresh 2016 highs on Thursday, buoyed by a fall in US crude inventories, a weaker dollar and strong demand, although some analysts warned that the recent rally was starting to look overblown.
Saudi Arabia expressed confidence on Thursday that oil prices will keep recovering, cementing expectations that a divided Opec will decide to keep crude gushing at its meeting in Vienna.
2015 crude production climbed to 10.2mn bpd; reserves remained unchanged at 261.1bn barrels
Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months on signs that a global supply glut is easing, one week ahead of an OPEC meeting.
China’s crude steel output hit a record high of 70.65mn tonnes in March, data showed on Friday
Oil prices pushed higher Friday as strong US jobs growth data sparked hopes for improved demand in the world's largest crude consumer.
Crude futures rose in Asian trade on Friday, buoyed by renewed optimism prices may have bottomed out after official US data showed oil production fell to its lowest level since November 2014.
Oil prices rose more than 2 percent on Monday after China moved to boost its slowing economy and Saudi Arabia pledged to work with other crude producers to limit market volatility, developments that fed hopes the oil selloff would end.
Brent crude is likely to average $65 a barrel in 2017 as the current prices are “far too low to spur” necessary investment, resulting in the “market rebalancing” eventually, a new study shows.
Crude oil futures extended gains from the previous session on Thursday as a weaker dollar and unconfirmed talk of producers potentially meeting to discuss output cuts lifted the market despite record US stocks due to overproduction.
Oil prices hit their lowest since 2003 on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country over the weekend.
US crude oil futures fell in Asian trade on Friday, heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian supply looms over the market.
