Oil prices edged higher in volatile trading as the market weighed Russia's comments about a possible meeting with Saudi Arabia on possible output cuts against a bigger-than-expected US crude storage build.
Oil fell more than 2 percent to its lowest in three months on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances OPEC will reach a deal to cut output.
Oil edged above $50 a barrel on Thursday as a further drop in US crude inventories countered investor doubts that OPEC will be able to implement a production cut.
The United Arab Emirates' energy minister said on Wednesday that OPEC members were committed to working with other oil producers to balance the oil market and there is a realisation that an oil price of $40 is not sustainable and needs to rise.
US oil futures held above $50 per barrel on Friday as the entire crude forward curve pushed above that level in a sign that financial markets have increasing confidence in the sector.
The world's two biggest oil producers Saudi Arabia and Russia said Monday they had agreed to ‘act together’ to stabilise oil prices as they seek to steady the markets.
Oil prices extended losses in Asia Wednesday on the back of a strong dollar while reported comments by Iran's oil minister that his country planned to boost output ramped up oversupply worries.
Oil futures rose on Tuesday supported by production suspensions in the USGulf due to an expected tropical storm and speculation that producers meeting in Algeria next month will act to prop up prices.
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.
Expectations on a rate hike by the US Federal Reserve and slow expansion in the domestic economy had their dampening effects on the Qatar Stock Exchange (QSE), which lost 185 points during the week.
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 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.
