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.
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.
Oil prices slumped as much as 4% after the threat of further disruptions to Nigerian supplies receded and gasoline futures sold off as U.S. refineries returned to production.
Oil prices fell in light trade Monday, eased by the end of a Nigerian oil workers' strike over the weekend.
Prices for crude oil and gasoline rose on supply concerns ahead of the Memorial Day weekend, the kickoff to the summer driving season. Strikes and violence in Nigeria also propped up the oil market.
Gasoline prices climbed and crude prices fell after another round of outages at U.S. refineries stoked supply concerns ahead of Memorial Day weekend, the unofficial start of the summer driving season.
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.
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.
Oil climbed towards $63 a barrel on Thursday, supported by refinery closures that are cutting gasoline supplies in top consumer the United States just ahead of the summer driving season.
U.S. oil rose more than 1% Tuesday as unrest in Nigeria cut off more supplies from the world's eighth largest crude exporter.
U.S. crude oil futures ended a choppy session only slightly higher, as slumping RBOB gasoline futures helped pare crude oil's early strength on disrupted African output and concern about further interruptions.
Oil climbed above $62 a barrel as supply disruptions in Africa compounded worries about inadequate gasoline stock levels in the United States, just weeks ahead of peak summer driving season.
OPEC must increase its oil output before the summer to prevent a sharp decline in industrialised nations' crude oil stocks, the International Energy Agency said on Friday.
U.S. crude oil futures ended slightly higher on Thursday, as gasoline rallied amid concerns that fuel supplies remain tight.
Oil prices fell on a U.S. inventories report showing an unexpectedly large increase in crude stocks and the first rebound for gasoline inventories in three months.
Crude oil and gasoline prices climbed Tuesday after the U.S. government, citing ongoing problems at the nation's refineries, said U.S. drivers will likely be paying more to fill their tanks this summer than previously forecast.