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U.S. oil rose above $72 on Tuesday, and London Brent hit another 11-month high above $76, the 10th straight day of gains that have lifted crude by $6 to within striking distance of its record.
U.S. oil eased on Monday, while London Brent rose to an 11-month high above $76 a barrel, as rising global oil demand and North Sea field maintenance exacerbated supply worries.
Oil surged to an 11-month high above $76 a barrel on Friday, closing in on the all-time record as Nigerian disruptions and OPEC output cuts stirred supply concerns amid rising U.S. refinery demand stirred.
Oil and gasoline prices advanced Thursday after seesawing on a government report that surprised traders with bearish inventory data and bullish refinery utilization rates.
Oil set a 10-month high above $73 a barrel on Wednesday, supported by low U.S. fuel inventories and expectations of strong gasoline demand in the world's top consumer.
Inflation data will set the agenda today as traders await the release of the CPI. Stock markets around the world are higher.
Gasoline futures dropped more than 1%, and oil and gas futures also fell as a cyclone approaching the Persian Gulf veered away from major oil facilities.
Oil rallied above $65 a barrel as fresh refinery and pipeline problems in the U.S. reignited fears over gasoline supplies as the summer peak in gasoline demand in the world's largest consumer approaches.
Regulators postponed a decision Friday on revoking the license of BP's Russian joint venture for a giant gas field, days before President Vladimir Putin heads into a Group of Eight summit amid grumbles about the Kremlin using energy as a political weapon.
Oil rose Thursday, recovering from early losses to close above $64 a barrel as U.S. government data showed crude oil inventories fell unexpectedly last week.
U.S. crude finished up slightly on Wednesday after Tuesday's sharp selloff and gasoline futures fell to a 3-week low ahead of weekly data on U.S. petroleum inventories.
ExxonMobil, which holds its annual meeting today, will attempt to allay shareholder concerns about environmental and governance issues, including whether Chairman Rex Tillerson should be reelected. One analyst said that despite public concern for the environment, which he attributes to higher energy prices and surging gas prices at the pump, Exxon's primary responsibility of making money for investors in the long term hasn't changed.
Norway's Statoil posted weaker-than-expected first-quarter profit due to lower oil and gas prices on Wednesday, but said it was poised to grow after resolving production problems at several North Sea fields.
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U.S. oil prices finished just below $66 Wednesday as U.S. warships put on a show of force off Iran's coast, coinciding with a United Nations agency report that said the Islamic republic had expanded its nuclear program.
U.S. oil fell below $65 as easing concerns that of a potential U.S. gasoline shortfall ahead of peak driving season in the world's top consumer.
Gasoline prices are soaring -- but one "Morning Call" guest says the best revenge is investing well. Rob Cox, U.S. editor of Breaking Views, joined CNBC's Mark Haines to talk about "the middle squeeze" at the pump -- and how to play it.
U.S. oil surged more than a dollar to its highest settle in three weeks as unrest in Nigeria kept markets on edge for further supply disruptions from Africa's top exporter.
U.S. crude oil futures were slightly higher in choppy trading on Friday, attempting to extend Thursday's RBOB gasoline-led rise as refinery snags and sluggish inventory gains keep supply concerns in focus.
U.S. oil finished just shy of $65 a barrel and Brent broke through $70 as U.S. refinery breakdowns choked gasoline supplies in the U.S. just ahead of peak summer demand.