Oil edged higher as traders balanced broader risk-on sentiment with concerns about consumption after the International Energy Agency slashed its demand forecast.
Oil climbed as supply disruptions in Libya, increased tensions in the Middle East and an OPEC statement stressing its commitment to stabilizing prices ushered bulls back into the market.
Oil edged higher after another choppy session as traders weighed increased tensions in the Middle East and production outages in the US against a broader risk-off sentiment in financial markets.
Oil rose to near the top of its recent trading range after a smaller-than-expected increase in US crude stockpiles added to signs of a tightening physical market.