Oil prices stabilized on Monday as market participants better absorbed the shock of last week's vote in Great Britain to leave the European Union and recognised the referendum would have little effect on global fuel demand.
Oil prices fell on Friday, as a stronger dollar pulled crude off the 2016 highs hit this week, although strong refinery demand and global supply disruptions lent some support.
Oil prices edged down slightly Tuesday but held around 11-month highs thanks to a weaker dollar and forecasts for another drop in US inventories.
Oil prices pushed higher Monday thanks to a softer dollar after last week's well-below-forecast US jobs report, but the gains were limited as producers increased their rig count as the commodity held around the key $50 level.
Oil prices were slightly lower but Brent crude held around $50 a barrel in choppy trading on Friday on signs the market was moving back to more balanced supply and demand, and on an OPEC meeting viewed as supportive.
Oil prices rose on Thursday after data showing a weekly drawdown in US crude stockpiles helped crude markets recover from OPEC's decision not to set a ceiling for its production.
Oil prices dipped to around $49 a barrel on Monday as Iraq raised its crude exports target ahead of an Opec meeting while Canadian production was set to restart after huge wildfires.
Oil futures slipped in Asian trade on Friday after hitting resistance at the $50 a barrel mark as investors worried higher prices could reactivate shuttered crude output, adding to global oversupply.
Oil advanced Wednesday, with New York prices reaching 2016 highs, as data revealed falls to US crude inventories owing to wildfires slashing production across the Canadian border.
Oil traded at around $49 a barrel on Tuesday within sight of a six-month high, supported by supply outages in Nigeria, Canada and other producers that are eroding a persistent glut.
Oil prices jumped more than 2% on Friday and were poised for a third week of gains as market sentiment turned more upbeat amid signs a persisting global supply glut may be easing.
Crude futures fell on Wednesday after Kuwaiti oil workers ended a three-day strike that had cut the nation's crude output by around half, with worries about an oversupplied market returning to the fore.
