Brent crude slipped below $112 a barrel on Thursday as investors’ focus shifted from a deal to avert the U.S. “fiscal cliff” to rising oil supply and more budget battles ahead in Washington. Brent crude fell 57 cents to $111.90 a barrel by 0219 GMT, after rising more than 1 % on Wednesday to settle at the highest since October
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Brent crude prices were steady above $111 a barrel on Monday while U.S. crude futures edged higher, cutting the spread between the two benchmarks by a penny to its narrowest since September as a U.S. pipeline expansion project neared completion.
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Brent crude edged higher and U.S. heating oil futures received support from winter temperatures, while U.S.
crude slipped as Wall Street equities dipped and the dollar strengthened. Brent February crude rose 58 cents to $111.98 a barrel by 1651 GMT, having reached a session peak of $112.47. U.S. February crude was down 12 cents at $93.07 a barrel, having swung from $92.67 to $93.80.
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Oil prices rose on Friday, recovering from an earlier dip after news that the U.S. House of Representatives will consider a bill to raise the debt ceiling enough to allow the country to pay its bills for another three months. Brent March crude rose 79 cents to close the week at$111.89 a barrel, having risen from around $107 a barrel in early December.
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Brent crude oil slipped below $112 on Monday, ending a three-day rally as economic worries and concerns about oversupply offset fears of unrest in North Africa. Brent futures for March slipped 39 cents to 111.50 per barrel by 1506 GMT. U.S. crude shed 40 cents to $95.16 per barrel after touching a four-month high last week. U.S. markets were closed on Monday for a holiday
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Oil traders sold crude to book profits on Friday after strong data from major economies increased optimism about the state of the world economy and underpinned gains made during the week. Brent flat Vs. Thursday at $113.28 , off the session high of $113.84. U.S. crude fell 7 cents to settle at $95.88, off a high of $96.56. Crude was up 0.3 % on the week.
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Brent crude futures seesawed on Monday, while strong U.S. gasoline futures helped support U.S. crude after news that Hess Corp plans to close a New Jersey refinery. Brent March crude dipped 1 cent to $113.27 a barrel at 1:06 p.m. EST (1806 GMT), having traded swung from $112.60 to $113.80. The $113.80 session peak was 4 cents below Friday’s session high. U.S. March crude was up 39 cents at $96.27 a barrel, also seeing choppy trading moving from $95.47 to $96.81.
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Brent crude touched a three-month high on Wednesday after better-than-expected European data spurred optimism over the global economy, but oil later pared gains on surprisingly weak U.S. growth figures. Brent crude futures were 24 cents higher at $114.60 a barrel by 1701 GMT after hitting $115.24, their highest since Oct. 16, 2012. U.S. crude oil was down 3 cents at $97.54 a barrel.
