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HuaweiOil prices rose slightly for a fifth straight session on Wednesday despite a forecast for weaker global demand growth and expectations of rising US crude stocks.
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Oil prices fell in Asian trade on Friday as the market awaited the release of US payrolls data amid lingering concerns over a prolonged budget stalematein Washington, analysts said.
Oil prices were down in Asian trade Thursday, with sentiment subdued by concerns a prolonged budget stalemate in the United States could hamper recovery in the world’s biggest economy.
World oil prices rebounded on Tuesday on bargain hunting after hitting multi-week lows the previous day amid economic strains in China and the United States, analysts said.
The price of oil fell below $93 a barrel on Tuesday, dragged down by the prospect that political uncertainty in Italy could rekindle Europe’s debt crisis, weighing on the global economy.
Oil prices climbed in Asian trade on Friday following heavy losses in New York stoked by a rise in stockpiles and concerns about the global economy, analysts said.
Global oil prices diverged on Wednesday amid easing supply concerns over an important US pipeline, analysts said.
Oil storage capacity just outside the Strait of Hormuz has become increasingly important for oil companies which ship fuel to Asia, especially after Iranian threats last year to block the world’s most important oil shipping route.
Oil storage capacity at the UAE port of Fujairah is expected to rise by two million cubic metres, or mcm, this year to just over six million cubic metres, port data shows.
The price of oil moved up closer to $98 a barrel Wednesday, spurred on by a report indicating a fall in U.S. crude stockpiles.