Oil prices were stable on Tuesday, with Brent crude lingering near 2015 highs on the back of an outlook for healthy demand amid ongoing production cuts led by Opec and Russia.
Flooding from tropical storm Harvey caused ongoing large-scale US refinery outages on Tuesday, while crude prices rose on the back of supply disruptions in Colombia and Libya.
Crude oil rose for a sixth straight session on Thursday to its highest since June 19 on a decline in US output, but ongoing worries about global oversupply continued to drag.
Crude oil eased from a five-week high on Tuesday as rising US shale oil production offset concerns over geopolitical tensions in the Middle East and output cuts being made to support prices.
Oil prices rose on Tuesday, supported by a weaker dollar, but crude continued to be weighed down by surging US production and uncertainty over whether an Opec-led supply cut is big enough to rebalance the market.
Oil prices fell on Monday, pulled down by rising US drilling activity and by doubts whether an Opec-led production cut initially due to end in mid-2017 would be extended.
Oil prices edged up on Friday, supported by a fall in Saudi exports to the United States, but overall markets remained under pressure on the back of a world market awash with fuel. Benchmark Brent crude futures were at $50.65 per barrel at 0633 GMT, up 9 cents from their last close.
Oil prices on Tuesday fell close to its lowest in a week as the market discounted the latest talk by Opec that it would extend output cuts beyond June.