Wednesday 's moves in oil followed recent sharp declines Movement.down.loss in the sector .

As we near the end of the week , oil prices are struggling to hold on to their five-month highs Position.high as fuel demand worries Negative_sentiment caused by a second wave of coronavirus infections outweighed declines Movement.down.loss in the U.S. Dollar .

Oil prices declines Movement.down.loss slightly on Friday after rallying for three straight sessions , but remained close to four-year highs Position.high on concerns Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on the OPEC member nation .

Still , analysts noted its output often falls Movement.down.loss when domestic demand for air conditioning declines Movement.down.loss from its summer peak and lower Movement.down.loss production does not necessarily mean lower Movement.down.loss exports .

Some analysts say it is too early to tell if the latest fall Movement.down.loss in prices is any different from previous declines Movement.down.loss , such as in 2012 and 2013 , when events such as civil war Civil.unrest in Libya and sanctions Embargo on Iran spurred sharp rebounds Movement.up.gain .

Oil prices declines Movement.down.loss slightly on January after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Iran .

Still , analysts noted its output often declines Movement.down.loss when domestic use for air conditioning declines Movement.down.loss from its summer peak and lower Movement.down.loss output does not necessarily mean lower Movement.down.loss exports .

Still , analysts noted its output often declines Movement.down.loss when domestic use for air conditioning declines Movement.down.loss from its summer peak and lower Movement.down.loss output does not necessarily mean lower Movement.down.loss exports .

Oil futures declines Movement.down.loss slightly on May after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on the OPEC member nation .

Fritsch said a positive number could put the brake on further price declines Movement.down.loss but was unlikely to push prices up Movement.up.gain , given the market 's reaction to the ADP employment number on Wednesday .

Futures pared early declines Movement.down.loss after vigorous Grow.strong U.S. employment data .

Oil futures declines Movement.down.loss slightly on Wednesday after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on the OPEC member nation .

Crude oil declines Movement.down.loss on stronger Grow.strong U.S. dollar .

The declines Movement.down.loss were led by France and Germany , which saw diesel consumption drop Movement.down.loss by 50,000 and 20,000 bpd respectively from a year earlier .