Oil prices edged up on Thursday, supported by news of an attack on a Nigerian pipeline and moving off a five-week low reached the previous session when U.S. crude stocks data compounded doubts that a glut in global oil supplies could be reduced.
The price of crude oil has been caught in one of its most volatile couple of weeks in months after Oragnization of the Petroleum Exporting Countries (OPEC) and rival Russia hinted they may discuss a possible output freeze, as demand slows and a global surplus becomes more entrenched.
Crude oil prices fell to their lowest levels since April today, with Brent on track for its biggest monthly loss since December 2015, pressured by slowing economic growth that threatened to increase a supply overhang of crude and refined products.
More bulls are getting on the crude oil bandwagon as it is clear that the path to market balance is getting closer every day. Investment banks surveyed by The Wall Street Journal hiked its price forecast for the third consecutive month this May, predicting that Brent crude, the international benchmark, will average $43 a barrel in 2016. That's up $2 from April's survey.