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Oil was lower in early Asian trade. The softer prices likely reflect optimism about taming the effect of the deep disruption to Middle East crude-oil exports, said XS.com.
Oil prices fell in early trade on Thursday, extending the previous day's losses, as reports of Saudi Arabia offering extra crude cargoes through Oman reduced fears of supply disruptions in the Middle East.
A U.S. oil and gas producer will announce a major investment into Venezuela on Wednesday, U.S. Energy Secretary Chris Wright told Fox News.
The national average price of regular gasoline jumped 16 cents in a single week to $4.
U.S. crude oil inventories fell for a third consecutive week while gasoline and distillate stocks saw increases.
WTI and Brent pull back as Saudi export fears ease, but bullish inventories and ongoing supply stress keep oil sensitive to fresh headlines.
Mark Zandi, Chief Economist at Moody's Analytics, says higher oil prices are hitting consumers and the economy hard, while the Fed is likely to raise rates despite a soft economy.
API CEO Mike Sommers discusses rising crude oil prices, falling U.S. petroleum reserves and energy supply disruptions. He analyzes potential policy changes to boost domestic refining capacity and address high gasoline and diesel prices.