Crude oil futures fell today, bringing losses this month to more than 8%, as disappointing Chinese data and worries over a supply glut overshadowed geopolitical concerns.
Oil has gained for a fourth day, the longest winning streak since April, on signs the pace of drilling is slowing in the US amid a global oversupply.
Saudi Arabia’s government has reiterated its commitment to work with OPEC members and other producers to stabilise the oil market.
Oil's global glut will be prolonged as US stockpiles see their longest run of gains in seven months.
Oil traders are preparing for another downward turn in prices by March 2016, market data suggests.
Oil halted its decline after falling the most in six weeks as signs of rising demand in China countered an increase in OPEC production.
US shale firms are snapping up $50 oil hedges, risking a rally reversal.
Oil halted a surge above $46 as investors weighed Iran’s progress toward raising output amid a market glut against signs of reduced U.S. supplies.