Oil prices were steady on Friday, supported by traders placing new hedges in the futures market in anticipation of a decline in U.S. crude inventories, but held back from advancing by the prospect of rising global supplies.

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Prompt British wholesale gas prices rose on Thursday as domestic production ramped down in anticipation of a planned outage at the Forties pipeline on Friday, leaving the system slightly undersupplied.

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Oil prices rose on Thursday, recouping a portion of the losses of the last two days that were driven by reports showing surprise gains in U.S. inventories of crude, along with mounting concern over trade friction between the U.S. and China.

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Prompt British wholesale gas prices fell on Wednesday morning as higher exports from main supplier Norway and lower projected demand left the system oversupplied.

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Oil prices fell on Wednesday after industry data showed U.S. stockpiles of crude unexpectedly rose, and as economic growth slowed, especially in Asia, amid the escalating trade dispute between the United States and China.

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Prompt British wholesale gas prices fell on Tuesday morning as lower exports and strong output from the country’s wind farms contributed to an oversupplied market.

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Oil was steady near $70 a barrel as supply risks from Saudi Arabia to the U.K. threaten to strain global markets. ›

British wholesale gas prices fell slightly on Friday on expectations for stronger wind power output in coming days and as robust flows from Norway created an oversupplied system.

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Oil is poised for a fourth weekly decline as the unexpected halt in Saudi shipments via a Red Sea waterway was seen as short-lived, while concerns lingered over how the U.S.-China trade spat will affect demand.

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British wholesale gas prices fell on Thursday morning amid high temperatures and oversupply. ›