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Europe intensified its competition for oil with Asia.

Some volatility in the oil market is likely this week, according to Barani Krishnan, a senior commodities analyst at uk.Investing.com.

'The impact of current cuts is starting to materialize in the physical market'.

One of Rigzone's regular market watchers takes a look at the U.S. debt-ceiling talks, the latest DOE developments, an upcoming battle for the WTI oil price and more.

'Saudi Arabia's decision will have significant implications for oil markets'.

Oil markets are increasingly gazing towards the OPEC+ meeting in June, SEB's Chief Commodities Analyst said.

'The market had been bracing for this scenario', analysts at FGE said.

Oil hovered around 15-month lows as a favored spread for hedge funds to trade plunged with banking turmoil shaking confidence across markets.

Crude dropped more than 6% Friday on demand concerns tethered to inflation measures.

Wages for U.S. oil workers set a fresh record in April.