Oil prices jumped more than 1% on Friday amid OPEC supply cuts and Middle East tensions, but still did not fully recoup losses earlier in the week on economic slowdown jitters and swelling inventories - their steepest drops since the start of the year.
Saudi Arabia is the de-facto leader of OPEC.
Oil fails to retain the upward trend from earlier this year as it snaps the monthly opening range, and the weakening outlook for global growth may continue to drag on the price of crude amid the ongoing trade dispute between the US and China, the two largest consumers of oil. China blamed Washington for wrecking trade talks and insisted the USA must alter its "wrong practices" before negotiations can resume.
Brent for July settlement advanced 80 cents, or 1.2 per cent, to US$68.56 a barrel on the London-based ICE Futures Europe exchange after tumbling 4.6 per cent Thursday. "As a result, the oil market is at a crossroad with both these risks carrying the potential to send prices $10 a barrel in either direction..." The decline reflects a cocktail of factors including disappointing American manufacturing data, rising US shale production, softer demand from refineries, and concerns about the US-China trade war's impact on global economic demand.
Amazon reportedly developing a wearable that recognizes human emotions
As with any Lab126 project, there's no telling whether or not the Dylan wearable will ever actually see the light of day. This new device is one way to accomplish that, along with the new wireless Bluetooth earbuds that Amazon is working on.
British PM expected to quit on Friday
Mrs May has previously agreed to set out the timetable for the contest to replace her after a vote on her latest Brexit deal. A replacement Commons Leader is expected to be announced later on Thursday, Downing Street said.
Violent protests leave 6 dead in Indonesia
An ambulance filled with stones was found by police and dozens of people carrying envelopes of money when they were arrested. At least three officers were injured in the clashes and carried away, an AFP reporter on the scene said .
The American Petroleum Institute (API) said on Tuesday that US crude stockpiles rose by 2.4 million barrels last week, to 480.2 million barrels, compared with analyst expectations for a decrease of 599,000 barrels.
USA crude oil inventories rose last week, hitting their highest levels since July 2017, the government's Energy Information Administration said on Wednesday. The drop in oil prices will also give the Organization of Petroleum Exporting Countries and its allies more incentive to extend their production cuts beyond June. Data from the American Petroleum Institute on Tuesday had shown an increase of 2.4 million barrels, according to sources.
"Without a resolution to the ongoing trade dispute quickly, which now looks very unlikely, oil could struggle to push higher", Lawler said.
Brent's price structure remains in backwardation, in which prices for prompt delivery are higher than those for later dispatch, suggesting a tight balance between supply and demand. Global oil markets generally remain "well supplied" but also "thinly balanced" between supply and demand.