Crude oil market in Europe and Africa are reacting to Red Sea crisis by tightening the market
Oil prices rose in Asian trade on Monday, rising nearly 1% in early trade, supported by lower exports from Russia and as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruption.
Oil prices ticked up on Tuesday as investors played cautious ahead of key interest rate decisions and inflation data releases, but concerns over supply surplus and slower demand growth kept a lid on gains.
Oil prices reclaimed some ground on Thursday after tumbling to a six-month low in the previous session but investors remained concerned about sluggish demand and economic slowdowns in the US and China.
Oil prices fell nearly 1 percent on Wednesday as OPEC+ producers unexpectedly delayed a meeting on production cuts.
Oil futures nudged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict.
Oil prices slipped by 1 percent on Tuesday, erasing most of Monday's gains, as mixed economic data from the world's second largest oil consumer China and winter demand worries offset the impact of Saudi Arabia and Russia extending output cuts.
Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the US Federal Reserve, as the market also closely watched the latest developments in the Israel-Hamas conflict.
Oil prices fell on Thursday, reversing gains in the previous session, after OPEC showed no signs of supporting Iran's call for an oil embargo on Israel and as the United States plans to ease Venezuela sanctions to allow more oil to flow globally.
Oil prices rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant.
Oil prices were roughly unchanged on Monday as concerns about global macroeconomic headwinds and possible further interest rate hikes from the US Federal Reserve offset forecasts of tighter supplies amid OPEC+ cuts.
Benchmark Brent crude futures for August delivery which expires on Friday, settled up 56 cents, or 0.8 per cent, at $74.90. In the three months to the end of June, the contract finished down 6 per cent.
Oil prices plummeted more than 3 per cent on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.
Oil prices rose more than $2 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day.
At least 3,000 barrels of crude oil have been spilled in an Amazonian region after leaks from Peru's main oil pipeline, the state oil company said.
The minister of finance has sought the opinion of the ministry of energy on how to revise prices of petroleum downwards.
The oil price falls below $28 a barrel amid fears the lifting of Western sanctions on Iran could worsen the existing oversupply problem.
Oil has continued its rollercoaster ride into the new year, with Brent crude falling below $35 a barrel for the first time in 11 years.