Brent crude was steady above $125 a barrel on Tuesday after sharp gains in the previous session, supported by fresh signs of a sustained US recovery and the prospect of tighter crude supplies from the North Sea.
Oil prices rose a second day on Monday, gaining 2% as loading delays for North Sea crude cargoes added to concerns about global supply disruptions and as supportive US manufacturing data countered disappointing economic figures from Europe.
Brent crude rose above $123 on Monday after positive manufacturing data from China eased fears of a sharp economic slowdown in the world’s second-largest oil consumer and continuing tension in the Middle East threatened supplies.
BP has accused the US government of withholding evidence that may show the 2010 Gulf of Mexico oil spill was smaller than federal officials claimed, a key issue in determining the oil company’s liability, a report said.
Brent crude rose towards $123 on Friday as investors bet on a tighter gasoline market in the world’s largest oil consumer during the peak summer driving season and on persistent worries of a supply disruption in the Middle East.
An investigation was ongoing into the cause of an explosion at a gas compressor station in Susquehanna County in north-east Pennsylvania on Thursday that could potentially affect production in the Marcellus Shale.
Oil prices fell for a third straight session on Thursday, snapping key technical support after growing talk of a release of strategic petroleum reserves (SPR) by consumer nations spurred profit-taking.
Brent crude held steady near $124 on Thursday as news of a surge in US crude inventories and Western nations’ talks on releasing strategic oil reserves offset supply disruption concerns over tension in the Middle East.
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