Oil advanced to a four-month high as the Federal Reserve announced a plan to buy mortgage securities and on concern that protests in the Middle East and North Africa may lead to supply disruptions.
OPEC oil production declined for a second month in July as Iranian output tumbled to a 22-year low, a Bloomberg survey showed.
Oil dropped to a six-week low after the Federal Reserve cited “significant downside risks” to the economy of the U.S., the world’s biggest crude consuming nation.
Oil in New York tumbled below $80 a barrel and Brent crude fell under $90 as reports signaling a global economic slowdown added to concern that demand will slow amid rising supplies.
Crude oil tumbled after an Energy Department report showed unexpected increases in inventories of gasoline and distillate fuels.
Crude oil rose to a six-week high after gasoline surged on a report that U.S. refineries cut operating rates and supplies of the motor fuel declined.
Crude oil tumbled the most in four weeks after the al-Hayat newspaper reported Saudi Arabia will raise oil production to 10 million barrels a day next month, and on concern the global economic recovery is slowing.
Crude oil rose for a second day after a platform owned by Mariner Energy Inc . in the Gulf of Mexico was struck by an explosion, bolstering concern that regulations will reduce output in the region.
Crude oil rose to a one-week high as U.S. inventories tumbled after Hurricane Alex disrupted output and deliveries in the Gulf of Mexico. Jobless claims also fell.