Oil prices hit their lowest in 11 days on Tuesday on news that U.S. shale oil output in May is expected to post the biggest monthly increase in more than two years, fuelling concerns that U.S.
U.S. factory output fell unexpectedly in March, charting its biggest decline in seven months as auto production contracted in a check on the manufacturing sector's expansion.
Oil prices extended gains on Wednesday despite an increase in U.S. crude inventories, lifted by Libyan supply disruptions and expectations of an OPEC-led output cut being extended.
A severe disruption to Libyan oil supplies and comments from officials suggesting OPEC could extend its production cuts deal to the end of the year boosted oil prices on Tuesday.
The Federal Reserve has begun preparing the public and markets for higher inflation, but has left unanswered the question of how high inflation might go and for how long?
Oil fell around 1% on Monday as investors continued to unwind bets on higher prices after record cuts last week because of concerns that growing U.S. oil output could hamper an OPEC-led production cut deal.
Oil prices slipped on Monday, wiping out some of the previous session's gains, as lower growth targets in China and concerns over Russia's compliance with a global deal to cut oil output sparked renewed worries over a crude oil supply glut.
Oil prices fell on Thursday after U.S. crude stocks hit an all-time high and official data showed Russian oil production unchanged in February, with no further cuts to tighten the market and drain global oversupply.
Iraq's Kurdistan has agreed on new deals to borrow $3 billion from trading houses and Russian state oil firm Rosneft that will be guaranteed by future oil sales to strengthen its fiscal position as the semi-autonomous region fights Islamic State.
Global oil prices dipped on Tuesday but continued to trade in a tight range with the OPEC-led output cuts offset by increasing crude production from the United States.
