Crude oil futures fell for the third straight week due to OPEC's decision to unwind production cuts, while demand uncertainties and bearish data on US inventories added to concerns.
Oil rises as Fed rate-cut optimism offsets demand fears thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
OIL prices climbed 1 per cent on Wednesday (Jun 5), rebounding from four-month lows, as hopes of an interest rate cut by the US Federal Reserve in September outweighed demand concern after data showed builds in US crude and fuel stocks.
Shares of energy companies rose as a rate cut from the European Central Bank quelled some economic concerns. Oil futures rose for the second straight session as the economic outlook brightened.
Saudi Arabia cuts July Arab Light crude oil OSP to Asia | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.