Oil prices eased on Monday as a stronger dollar and economic concerns in China weighed on fuel demand outlook although Brent held above $90 a barrel, supported by tightening supplies after Saudi Arabia and Russia extended supply cuts.
Oil prices reversed course on Wednesday after rising over 1 percent in the previous session, on a firmer dollar and as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia.
Oil prices were marginally lower on Monday as investors stayed fretful over the pace of economic growth in China, and the prospect of further US interest rate hikes that could dampen fuel demand.
Oil prices eased on Monday as traders awaited more rate hike cues from US and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.
Oil prices held steady on Tuesday as rising Covid-19 cases in China sparked fears of lower fuel consumption from the world's top crude importer and a cut in OPEC's 2022 global demand forecast offset worries about tight supply.
Oil prices settled up by more than 5 per cent on Friday amid uncertainty around future interest rate hikes by the US Federal Reserve, while a looming EU ban on Russian oil and the possibility of China easing some COVID restrictions supported markets.
The government is bent on raising fuel prices by Tk 10-30 each litre, despite vehement opposition from consumer rights groups and experts.
Oil dropped more than $2 on Monday as a flare-up in Covid-19 cases in Beijing dented hopes of a pick-up in Chinese demand, while worries about more interest rate hikes to control rampant inflation added further pressure.
Oil prices drifted higher on Wednesday, anticipating a report of low U.S. oil stocks, while expectations of solid demand in the upcoming driving season also lent support.