Crude oil prices rose 3% today as a report showing weaker U.S. jobs growth in August suppressed the dollar, pushing up commodities, but crude futures remained on track for a big weekly loss on glut concerns.
Crude oil prices settled down more than 1% today, snapping two consecutive days of gains, on renewed concerns about an oil glut, a stronger dollar and expectations that Nigerian rebels will stop hampering that country's crude output.
Crude oil prices steadied today amid short-covering after a week-long selloff but were on track to end the month about 15% lower on persistent glut concerns, with the biggest decline seen for U.S. crude in a year.
Crude oil prices rose about 3% on Tuesday, recovering a chunk off losses from the previous session, as supply disruptions of 2.5 million barrels per day in Canada and elsewhere offset concerns about growing record high U.S. crude stockpiles.
U.S. crude prices jumped 12 % on Friday after a report once again suggested OPEC might resort to a production cut to reduce the world glut, and resilient stock markets and the euro added to the risk appetite in oil.
U.S. oil prices fell for a six straight day on Thursday, approaching 12-year lows hit last month, weighed by brimming crude inventories and a Goldman Sachs forecast that prices would remain low and volatile until the second half of the year.