Oil fell towards $49 a barrel on Monday, pressured by high output from Middle East OPEC members and as a stronger US dollar weighed on commodities.
Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets.
Brent North Sea crude on Friday rose above $51, reaching the highest level since just before Britain's vote to quit the EU that sent markets crashing.
Oil prices reached their highest levels in more than five weeks on Tuesday as the market rode optimism over potential producer action to prop up the market.
Oil prices rose about 1 percent in choppy trading on Friday, a day after its biggest gains in a month, as a weaker denominating currency, the US dollar, helped support crude.
Oil prices extended losses in Asia on Wednesday after industry data showed a rise in US crude stockpiles, supporting oversupply concerns.
Oil prices fell in Asia on profit-taking Friday following two days of gains, with concerns about a global oversupply keeping optimism in check.
Oil prices extended their decline in Asia Tuesday as the global glut returned to focus, while worries about the effects of Turkey's coup on shipments also eased.
Oil prices extended their rise in Asia Monday as robust economic data from the United States and China fuelled hopes of a pick-up in demand from the world's top two economies.
Brent crude oil prices were stable at $49.7 a barrel at the end of June, QNB said in its latest ‘Qatar monthly monitor’.
Oil prices extended gains in Asia on Wednesday, tracking a recovery in equity markets as leaders look to temper fears over the effects of Britain's shock EU exit, while traders bet on measures to negate any turmoil.
Oil prices rose on Tuesday as a looming strike in Norway threatened to cut output in western Europe's biggest producer, although Britain's vote to leave the European Union was still weighing on markets.
