Elsewhere in the U.S. , the Energy Information Administration said in its weekly report that U.S. crude oil inventories fellMovement.down.lossby 1.233 million barrels last week following a gainMovement.up.gainof 250,000 in the preceding week .
Prices for oil traded in London gainedMovement.up.gain$ 110 a barrel on Tuesday after U.S. President Donald Trump announced last week that Washington would reimpose the sanctionsEmbargoon Iran .
Investing.com - Oil futures surgedMovement.up.gainback above $ 50 on Monday as investors looked ahead to a meeting between OPEC and non-OPEC producers this weekend to finalize the details of a planned production reductionCause.movement.down.loss.
`` They decided they had enough -- they were the swing producer and they increasedMovement.up.gainproduction and drove prices downMovement.down.lossdramatically , '' said Dr. Gary Ross , chief executive of PIRA Energy Group , who has followed oil markets since the 1970s .
Oil futures jumpedMovement.up.gainmore than 4 percent on Friday as China reported its lowest levelPosition.lowdaily number of new coronavirus cases since Monday , stoking investor hopes that fuel demand growth in the world 's second-largest oil consumer may begin to growGrow.strongfrom the epidemic .
The IMF this week upwardly revised its estimates for world economic growth to more than 2 % for both 2012 and Thursday , upMovement.up.gainfrom its 3.70 % outlook on its last update in the preceding week , which `` further improves the already fairly rosyGrow.strongdemand prospects on the oil market , '' Commerzbank ( DE : CBKG ) analysts say .
The collapseMovement.down.lossin fuel oil and vacuum gasoil exports is a double blow for some European refineries , which use these products as feedstock when crude futures riseMovement.up.gain.
Elsewhere , gasoline futures roseMovement.up.gain0.58 % to $ 1.808 a gallon , while natural gas futures edged upMovement.up.gain0.25 % to $ 2.843 per million British thermal units .
November nonfarm payrolls notched their largest increaseMovement.up.gainsince Jan 2012 , jumping to 321,000 compared with October figures of 243,000 .
Fritsch said a positive number could put the brake on further price stallsMovement.down.lossbut was unlikely to push futures upMovement.up.gain, given the market 's reaction to the ADP employment number on Wednesday .