Weak demand so far has kept oil prices stable amid the Red Sea crisis, but it could change
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.
Asian shares were mixed on Wednesday, while oil prices slid to six-month lows as traders waited for the year's final policy decision from the Federal Reserve and clues on whether the central bank will cut rates next year.
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 was little changed on Thursday as investors remained cautious ahead of expected production cuts by the OPEC+ group.
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 fell on Thursday, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from China.
Brent crude futures dipped 21 cents, or 0.3 per cent, to $72.99 a barrel by 0400 GMT. US West Texas Intermediate (WTI) crude fell 20 cents, or 0.3 per cent, at $68.07 a barrel.
Oil prices traded up on Tuesday on bargain hunting, recovering some ground from the previous day's plunge, but gains were limited as investors remained cautious ahead of key policy decisions by the US Federal Reserve and other central banks.
Oil prices declined on Monday ahead of a U.S. Federal Reserve meeting as investors tried to gauge the central bank's appetite for further rate hikes, while concerns about China's fuel demand growth and rising Russian crude supply weighed on the market.
Oil prices edged lower early on Tuesday, coming off gains made the previous day as concerns about the global economic backdrop outweighed supply worries raised when Saudi Arabia announced its biggest output cut in years.
Brent crude futures fell 48 cents, or 0.6 per cent, to $75.10 a barrel by 0201 GMT while US West Texas Intermediate (WTI) crude for July delivery, the more actively traded contract, fell 45 cents, or 0.6 per cent, to $71.24.
Oil prices dipped on Wednesday, stalling a three-day rally, as an unexpected rise in US oil inventories sparked demand concerns, while investors awaited US inflation data to gauge the next rate decision in the top oil consuming nation.
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Oil prices mostly rose over 2 per cent on Friday after energy firms posted positive earnings and US data showed crude output was declining while fuel demand was growing.
Oil prices were down in Asian trade on Thursday as the US dollar strengthened on rate-hike expectations and after recent economic data from the US and China did not do enough to encourage expectations that demand will improve.
Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in US price data had boosted market optimism.
