Oil prices fell on Thursday on profit-taking, after markets rallied the previous day on another unseasonal draw in U.S. crude oil stocks helping bullish sentiment from an expectation of an OPEC-led cut in production.
Oil prices rose by around 1% on Wednesday, boosted by evidence of declining production in China and falling U.S. inventories, while an upbeat OPEC statement on its planned output cut also supported the market.
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 rose today to their highest in nearly a month, with benchmark Brent crude trading more than 10% above the start of August, as speculation intensified about potential producer action to support prices in an oversupplied market.
Global stock markets rose today, after the Bank of England cut interest rates and revived a bond-buying program to cushion the blow to the economy from Britain's June 23 vote to leave the European Union.
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.