Oil prices dipped on Thursday, after hitting three-month highs this week, with analysts warning that larger gains would be unwarranted as refineries enter seasonal maintenance and a global glut weighs.
Brent oil prices eased on Thursday after ballooning U.S. crude inventories and a lack of any fresh action from the world's largest producer to temper supply snuffed out some of the bullish sentiment that has built this week.
What if I told you that there was a period in history where oil demand declined by 5 million barrels per day and non-OPEC supply increased by 5 million barrels per day, yet oil price rallied more than 50%? Would you believe me?
Russian oil companies have agreed not to increase oil production this year following preliminary deal between Russia, Saudi Arabia, Qatar and Venezuela reached last month, President Vladimir Putin told a meeting with the country's top oil firms.