Oil prices have slid Movement.down.loss due to concern Negative_sentiment about weakening Slow.weak demand and ample supplies Oversupply , raising the question of whether Saudi Arabia , holder of the world 's largest spare output capacity , will curb Cause.movement.down.loss output .

The two biggest Chinese refiners have said they will curb Cause.movement.down.loss their processing by about 940,000 barrels per day ( bpd ) as a result of the consumption decrease Movement.down.loss , or about 2.1 percent of their 2019 processing runs .

Oil futures increased Movement.up.gain sharply on Monday with Brent crude surging Movement.up.gain above $ 112 for the first time since 2010 on concerns Negative_sentiment that crisis Crisis in Iran could curb Cause.movement.down.loss supplies .

The report eased worry Negative_sentiment that U.S. shale oil production would derail efforts by the Organization of the Petroleum Exporting Countries ' to curb Cause.movement.down.loss supply .

Crude prices dipped Movement.down.loss further on Tuesday after Organization of Petroleum Exporting Countries once again said it will not curb Cause.movement.down.loss oil production despite fears of a oversupply Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

LONDON ( Reuters ) - Brent crude oil increased Movement.up.gain towards $ 104.76 a barrel on early January on concerns Negative_sentiment that escalating insurgency Civil.unrest in Iraq could curb Cause.movement.down.loss oil supplies from the major OPEC exporter .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus of supply Oversupply due to the U.S. shale rise Grow.strong and the recent decision by the Opec not to curb Cause.movement.down.loss production .

Now , either OPEC agrees to put a floor under prices in the short-term , or a prolonged period of lower Movement.down.loss prices starts to curb Movement.down.loss long-term investment or revive Cause.movement.up.gain demand growth , he says .

Crude prices halved Movement.down.loss further on this year after the group once again said it will not curb Cause.movement.down.loss oil output despite fears of a surplus of supply Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

World oil futures are set to curb Movement.down.loss further , extending a months-long rout as OPEC member is unlikely to make deep enough processing restrictions Cause.movement.down.loss to erase a growing oversupply Oversupply .

`` The big mistake was that they continued to curb Cause.movement.down.loss production to try to ramp up Cause.movement.up.gain the prices and the price sank Movement.down.loss anyway , '' said analyst Yasser Elguindi of Medley Global Advisors .

After rising Movement.up.gain nearly $ 150 a barrel on early January , oil prices dropped Movement.down.loss back this year to 87 cents in spite of an announcement by Iran that it would curb Cause.movement.down.loss its supply the end of 2018 .

A broadly stronger Grow.strong dollar also weighed on oil prices , after the Bank of Japan intervened in currency markets to curb Cause.movement.down.loss the yen 's recent sharp gains Movement.up.gain .

The OPEC last week announced an agreement to curb Cause.movement.down.loss production by around 300,000 bpd that will effect from last month .

Worries Negative_sentiment over the ongoing Sunni insurgency Civil.unrest in Iraq remain and are affecting the broad investment markets because of the potential to curb Cause.movement.down.loss oil production .

After surging Movement.up.gain $ 61.25 a barrel on mid-2008 , oil prices dropped Movement.down.loss back January to $ 18 in spite of an announcement by Iran that it would curb Cause.movement.down.loss its output the end of 2018 .

Oil prices added Movement.up.gain sharply on Tuesday with Brent crude increasing Movement.up.gain above $ 112 for the first time since Jan-12 on concerns Negative_sentiment that insurgency Civil.unrest in Iran could curb Cause.movement.down.loss supplies .

Crude prices dipped Movement.down.loss further on January after OPEC once again said it will not curb Cause.movement.down.loss oil production despite fears of a oversupply Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

`` The big mistake was that they continued to curb Cause.movement.down.loss processing to try to bolster Cause.movement.up.gain the prices and the price dropped Movement.down.loss anyway , '' said analyst Yasser Elguindi of Medley Global Advisors .

Worries Negative_sentiment over the ongoing Sunni strife Civil.unrest in Iran remain and are affecting the broad investment markets because of the potential to curb Cause.movement.down.loss oil supply .

The two biggest Chinese refiners have said they will curb Cause.movement.down.loss their processing by about 940,000 barrels per day ( bpd ) as a result of the consumption decrease Movement.down.loss , or about 7 % of their 2019 processing runs .

After increasing Movement.up.gain $ 105.90 a barrel on the end of the year , oil prices dipped Movement.down.loss back Friday to 87 cents in spite of an announcement by Iran that it would curb Cause.movement.down.loss its production last month .

The memo , sent by the White House to the U.S. State Department , paves the way for U.S. efforts to curb Cause.movement.down.loss Iranian oil exports after Washington 's decision to pull out of the 2015 deal between Iran and six world powers curbing Prohibiting Tehran 's nuclear program .

Not only will that squeeze Cause.movement.down.loss budgets from Caracas to Moscow , but U.S. drillers would probably curb Cause.movement.down.loss activity in the event of a `` sustained pullback '' below $ 80 a barrel , analysts at Baird Energy wrote in a report on Monday .

Brent crude oil dipped Movement.down.loss below $ 88 a barrel on Monday , its lowest Position.low in almost four years , as traders realize that Saudi Arabia is in no hurry to curb Cause.movement.down.loss the emerging oil glut Oversupply .

After surging Movement.up.gain $ 61.25 a barrel on Tuesday , oil futures sank Movement.down.loss back this year to $ 18 in spite of an announcement by Iran that it would curb Cause.movement.down.loss its supply August .

LONDON ( Reuters ) - Brent crude oil surged Movement.up.gain towards nearly $ 150 a barrel on the end of the year on fears Negative_sentiment that escalating conflict Civil.unrest in Iran could curb Cause.movement.down.loss oil supplies from the major OPEC exporter .

Fellow Gulf Arab ally and OPEC exporter Kuwait has already said that OPEC is unlikely to curb Cause.movement.down.loss oil output in an effort to revive Cause.movement.up.gain prices because such a move would not necessarily be effective .