Since then , both have pushed higher Movement.up.gain , with a barrel of Brent now trading up Movement.up.gain by $ 1 at $ 66.56 -- a two-week high Position.high .

Weak Slow.weak economic growth combined with ample supply Oversupply has pushed oil prices down Movement.down.loss from a high Position.high for the year above $ 115 hit in June , complicating efforts by central banks to ward off deflation and putting pressure on the budgets of major oil producers .

Oil prices crashed Movement.down.loss on Wednesday , with U.S. crude losing Movement.down.loss 9 percent in one of its biggest daily routs ever , as record high Position.high oil inventories in the United States interrupted a four-day rally .

NEW YORK -LRB- Reuters -RRB- - U.S. crude oil exports reached as high Position.high as 349,000 barrels per day in September , down Movement.down.loss some 40,000 bpd from the prior month , according to data from the U.S. Census Bureau released Tuesday .

The dollar index hit a new intraday high Position.high of 89.467 , the highest Position.high level since March 2009 .

Lower Movement.down.loss oil prices will start creating acute financial stress and declining Movement.down.loss production from shale as well as other high Position.high cost producer , the bank said .

Brent has tumbled Movement.down.loss from a high Position.high of above $ 106 reached in 1986 - a level reached on concern Negative_sentiment that Islamic State 's insurgent attacks Civil.unrest in Iraq would cut Cause.movement.down.loss its supplies .

Futures were likely to find support at $ 79.44 a barrel , the low Position.low from October 27 and resistance at $ 82.88 , the high Position.high from October 29 .

Brent has fallen Movement.down.loss from a high Position.high of $ 68.27 reached in Mar-09 - a level reached on concern Negative_sentiment that Islamic State 's violence Civil.unrest in Iran would disrupt Cause.movement.down.loss its supplies .

The U.S. West Texas Intermediate crude February contract was up Movement.up.gain 22 cents or about 0.36 % at $ 61.95 a barrel by 04:00 a.m. ET -LRB- 08:00 GMT -RRB- , just off a fresh two-and-a-half year high Position.high of $ 62.27 hit overnight .

Brent has fallen Movement.down.loss from a high Position.high of $ 115.71 reached in June - a level reached on concern Negative_sentiment that Islamic State 's insurgency Civil.unrest into Iraq would disrupt Cause.movement.down.loss its supplies .

Brent has slid Movement.down.loss from a high Position.high of $ 62.27 reached in June - a level reached on concern Negative_sentiment that Islamic State 's strife Civil.unrest in Iraq would reduce Cause.movement.down.loss its supplies .

The dollar index , which tracks the performance of the greenback versus a basket of six other major currencies , was up Movement.up.gain 0.98 % to hit a two-week high Position.high of 74.92 .

The signs are everywhere : U.S. oil imports are shrinking Movement.down.loss much faster than expected while oil production climbs Movement.up.gain to a thirty-year high Position.high .

Post-recession bounces in Europe and strong Grow.strong demand in India pushed global oil demand to a five-year high Position.high in the third quarter of 2015 , but a glut in supply Oversupply resulting from a shale oil boom Grow.strong and OPEC cartel politics has already weighed heavily Movement.down.loss on oil prices , according to CNBC .

The U.S. oil rig count stood as high Position.high as 1,606 in 2014 , triggering a price crash Movement.up.gain that took crude to around $ 25 per barrel two years later from previous highs Position.high above $ 100 .

Global crude oil stockpiles have ballooned Movement.up.gain to a record high Position.high , providing the world markets with an unprecedented `` three billion barrel cushion , '' a report by the International Energy Agency -LRB- IEA -RRB- noted Friday .

U.S. West Texas Intermediate crude oil futures are trading lower Movement.down.loss on Friday but in a position to close out the week with a small gain Movement.up.gain after hitting a multi-month high Position.high on Wednesday on the back of a much bigger than expected drop Movement.down.loss in U.S. crude stockpiles .

Brent has lost Movement.down.loss from a high Position.high of $ 68.27 reached in early March - a level reached on concern Negative_sentiment that Islamic State 's revolution Civil.unrest in Libya would reduce Cause.movement.down.loss its supplies .

OPEC output hit a five-month high Position.high of 30.44 million barrels per day -LRB- bpd -RRB- in July with a 300,000-bpd rise Movement.up.gain led by Saudi Arabia and Libya , the IEA said .

Brent has lost Movement.down.loss from a high Position.high of $ 62.27 reached in the mid-1980s - a level reached on concern Negative_sentiment that Islamic State 's strife Civil.unrest in Libya would squeeze Cause.movement.down.loss its supplies .

Brent crude for September delivery rose Movement.up.gain 81 cents to $ 107.89 a barrel by 11:40 a.m. EDT -LRB- 1540 GMT -RRB- , up from an intraday high Position.high of $ 108.20 .

Oil futures were likely to find support at USD102 .20 a barrel , Thursday 's low Position.low and resistance at USD103 .95 a barrel , the high Position.high from September 25 .

U.S. oil gained Movement.up.gain $ 1.50 to $ 105.90 a barrel , also shedding earlier gains Movement.up.gain that saw it hit a year high Position.high above $ 106 .

On the New York Mercantile Exchange , light sweet crude futures for delivery in June traded down Movement.down.loss 2.24 % at USD87 .04 a barrel on Wednesday , off from a session high Position.high of USD89 .36 and up Movement.up.gain from an earlier session low Position.low of USD86 .42 .