Brent crude oil prices rose more than a dollar to above $60.50 a barrel on Tuesday, tracking firmer Asian markets, but analysts warned the market remained oversupplied.
U.S. stocks closed lower on the last trading day of February after mixed U.S. economic data on a day when European stocks hit records and oil prices rebounded for their first monthly gain since June.
Crude oil futures rebounded on Friday and Brent headed for its first monthly gain since July, helped by strong investor inflows, an improving demand outlook and supply outages.
Crude oil futures fell on Tuesday as expectations that this week's reports will show U.S. crude inventories rose again countered supportive news of Libyan oilfields being shut.
Brent fell toward $58 a barrel on Tuesday, extending the 2-percent loss in the previous session, as oversupply fears lingered, overshadowing any optimism on the outlook for the global economy.
Crude oil futures fell more than 2 percent on Monday as investors worried about oversupply and a strong dollar, but heating oil futures jumped 5 percent due to operational problems at major U.S. refineries.
Crude prices ended mixed on Friday as the number of U.S. rigs drilling for oil fell far less than expected this week, while heating oil jumped 6 percent after severe winter cold crimped output at three refineries.
World stocks eased off five-month highs on Friday and the euro fell before a European finance ministers' meeting that could potentially cut Greece adrift and set it on the path to exiting the euro zone.
Brent crude extended its rally on Tuesday, moving further away from six-year lows hit in January, but some analysts warned that prices had risen too far and could face a downward correction.
Oil prices steadied on Monday as Japan's economy emerged from recession and as strong demand for refined products translated into healthy orders for crude.
Oil prices rallied sharply on Thursday after two days of losses as news of deeper industry spending cuts and a sinking U.S. dollar revived buying.
Brent hovered near $55 a barrel on Thursday after data showed U.S. crude stockpiles set a record for the fifth week in a row, renewing fears that supply is still far outpacing demand.
Brent crude prices slipped on Monday as a slump in Chinese imports pointed to lower fuel demand in the world's biggest energy consumer, outweighing falling U.S. oil rig counts and signs of healthy U.S. growth.
Oil prices rose strongly again on Monday, tacking on a total of 11 percent over two straight sessions, as some investors bet that a bottom had formed to the seven-month long rout on the market even as others remained pessimistic.
Oil gave up early gains with Brent futures slipping below $48 on Tuesday as a stronger dollar weighed, offsetting comments from producer group OPEC that prices may have found a floor.
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