VENTURE CAPITAL POST

Brent crude oil steadied above $60 a barrel on Wednesday after Saudi Arabia's oil minister said he expected the oil market to balance itself.

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.

Oil markets edged up on Friday to halt a two-day drop, helped by expectations that data later in the day would show a continuing decline in the U.S. oil rig count, a clear sign of the pressure the tumble in crude has put on oil producers.

Oil prices tumbled on Thursday as U.S. inventories were expected to hit record highs, while a possible rise in Saudi output could stoke oversupply built up in the past few months.

Stocks fell and lower-rated euro zone bond yields rose on Tuesday after talks between Athens and its European partners over the country's debt crisis collapsed, raising doubts about Greece's future in the currency bloc.

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 jumped for a third straight session on Monday as OPEC forecast greater demand for crude this year than previously thought and projected less supply from countries outside the producer group.

Oil rallied again on Friday, with benchmark Brent crude having its largest two-week gain in 17 years, as falling oil rig counts and violence in producer Libya helped further stall a selloff that began in June.

Iran is sweetening the terms it offers on oil development contracts to draw the interest of foreign investors deterred by sanctions and low crude prices, as its pragmatic president seeks to deliver on his promise of economic recovery.

Union workers were on strike for a second day on Monday at nine U.S. refineries and chemical plants in an attempt to force oil companies to sign a new national contract covering laborers at 63 plants.

U.S. export regulators are seeking more information from at least three would-be exporters of domestic condensate, including Marathon Oil, while half a dozen other firms have recently been cleared to sell the abundant ultra-light oil abroad, people familiar with the process told Reuters.

Asian stocks extended a global rally on Friday after the European Central Bank launched a landmark bond-buying stimulus program that buoyed investors' risk appetite, drove bonds higher and kept the euro pinned near 11-year lows.

For China's shipyards, the oil rig market that was supposed to be a blessing is in danger of becoming a curse. As crude prices slide, oil producers are slashing new project spending.

Global oil markets resumed their slide on Friday, with Brent and U.S. crude hitting April 2009 lows and ending down for a seventh straight week, although prices recovered from their lows after a sharp drop in the U.S. oil rig count.

The White House does not feel pressure to loosen restrictions on U.S. oil exports further and views debate over the issue as resolved for now, John Podesta, a top aide to President Barack Obama, told Reuters in an interview.