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Crude markets started the week on a feeble note following the second straight weekly decline, pressured by China lockdowns and weighed by a surplus boost after announced plans to release a record volume of crude and oil products from strategic stocks.
Crude oil prices extended their gains to near $109 a barrel early on Tuesday as the focus remains on supply concerns, driven by expectations for more sanctions on Moscow following the US' decision to build a case against Russia for war crimes in Ukraine.
Oil prices reverse early losses and rise to over $105 a barrel on Monday in volatile trade as supply concerns continue from the Ukraine war and the lack of clarity on Iran oil, despite expected supply boost from the release of strategic reserves by the US and the International Energy Agency (IEA).
Oil prices dipped in and out of the negative territory on Friday ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a supply boost by the US.
Oil prices fell sharply early on Thursday as the US administration considered releasing 1 million barrels of crude a day for several months from their Strategic Petroleum Reserve (SPR).