Oil prices rose for a fourth straight day on Friday as Goldman Sachs estimated the market is in deficit and a new storm started building in the Gulf of Mexico, putting crude on track for a weekly gain of about 10%.

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Oil prices fell on Thursday, after rising steeply in the two previous sessions, as concerns about weak fuel demand re-emerged and producers in the Gulf of Mexico prepared to resume output following Hurricane Sally.

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Oil prices rose for a second day on Wednesday, gaining more than 2%, as a hurricane closed U.S. offshore oil and gas production and an industry report showed U.S. crude inventories decreased.

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Oil prices slipped on Tuesday as worries over slow recovery in global fuel demand were reinforced by warnings by major oil producers, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses.

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Oil prices rose on Monday as a tropical storm in the Gulf of Mexico prompted drillers to evacuate rigs and shut in production, although gains were muted by concerns about excess global supplies and falling fuel demand.

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Prompt British wholesale gas prices fell on Thursday morning as Norwegian supply increased and demand remained subdued.

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British wholesale gas prices rose on Friday morning, supported by an improved gas demand outlook and supply concerns. ›

Oil prices were hovering around multi-week lows on Thursday as worries about falling U.S. gasoline demand and sluggish economic recovery from the COVID-19 pandemic dented sentiment. ›

Oil rose to $46 a barrel on Wednesday, gaining for a third day, supported by a report that U.S. crude inventories fell and as surveys showing stronger manufacturing raised hopes of a recovery from the coronavirus pandemic. ›

Oil prices gained on Tuesday, reversing overnight losses, as investors moved into risk assets and stayed away from the safe-haven U.S. dollar which hit multi-year lows. ›