Oil prices edged up after early falls on Monday as parts of Asia returned from the Lunar New Year holiday, with Brent futures moving further away from $60 a barrel and U.S. contracts moving towards $51.
U.S. crude
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.
The U.S. dollar was nursing losses in Asia on Thursday while bonds held hefty gains as investors scaled back expectations on how fast, and how far, the Federal Reserve might raise interest rates in coming months and years.
Asian equities tracked a mild bounce on Wall Street, edging higher on Wednesday as pessimism about the Greek debt saga receded somewhat, while the dollar strengthened against the yen thanks to higher U.S. debt yields.
Oil rose to $62 a barrel on Tuesday, close to its 2015 high, supported by threats to Middle East supplies and expectations lower prices may prompt a slowdown in U.S. output.
Oil rose above $60 a barrel on Friday for the first time this year, bringing its gain this week to almost 4 percent, supported by signs that deeper industry spending cuts may curb excess supply.
A surprisingly aggressive dose of monetary stimulus from Sweden's central bank on Thursday injected life back into world markets which had been numbed by the stalemate in talks between Greece and its euro zone creditors.
Asian stocks and the euro fell on Thursday as markets erred on the side of caution over the ongoing Greek debt negotiations amid conflicting headlines on progress in the talks.
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.
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.
The dollar and U.S. government debt yields jumped on Friday as a strong American labor market report raised expectations that the Federal Reserve will increase interest rates by mid-year.
Crude oil prices rose as much as $1 on Friday, continuing a rebound from near six-year lows plumbed last week, but rising global inventories and steady OPEC supply will likely cap gains.
Asian shares edged higher in early trade on Friday and oil prices continued to rebound, even as investors remained wary ahead of the key U.S. nonfarm payrolls report for January later in the session.
Oil prices rose on Thursday, rallying a little after big losses in the previous session, after China took steps to pour fresh liquidity into the world's second-biggest economy to spur activity.
Oil prices crashed on Wednesday, with U.S. crude losing 9 percent in one of its biggest daily routs ever, as record high oil inventories in the United States cut short a four-day rally.
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