Oil prices eased on Monday, paring some of last week's 2% rally, despite evidence of slowing U.S. production and a fourth weekly increase in U.S. investor holdings of crude futures.
Brent crude oil rose toward $50 a barrel on Wednesday as a drawdown in U.S. crude oil stocks outweighed the negative impact of weak economic manufacturing data from China.
Oil prices rose more than 2 percent on Monday after data showed U.S. drilling slowed and a report said $1.5 trillion worth of planned production was uneconomic at current prices.
Oil prices fell on Friday after the U.S. central bank warned on the health of the global economy and bearish signs persisted that the world's biggest crude producers would keep pumping at high levels.
Crude futures fell about 3 percent on Friday after Wall Street's most influential voice in oil trading, Goldman Sachs, slashed its price outlook through next year, citing oversupply and concerns over China's economy.
Crude oil prices fell more than 2% on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit.
Global shares rose on Wednesday, led by an 8% surge in Japanese stocks, helping lift the dollar as the prospect of more economic stimulus from China soothed investors rattled by recent market turmoil.
Crude oil prices were under pressure after Mario Draghi magic seemed too eased off. Oh, sure, after Mario Draghi said he was disappointed with growth and the lack of inflation, oil got a bounce. Yet, when Asian and European stocks gave up the gains, oil prices falter until a headline came out about those Chinese Military ships that are moving off of the coast of Alaska.
U.S. stock markets plummet, dragging down the global crude oil market after a weak reading in the Chinese Manufacturing data. But was the data really that bad?