U.S. stocks lost ground Tuesday, as investors were concerned that the Federal Reserve may begin hiking interest rates sooner than expected.
Crude prices rebounded Wednesday amid positive U.S. factory data and cease-fire talks between Russia and Ukraine.
U.S. crude price gained Thursday amid better-than-expected economic growth data from the country.
Crude price gained Wednesday though a government report showed that U.S. crude inventories increased last week.
U.S. energy analysts have drawn a rosy picture for one of the country's largest shale areas, predicting more reserves of crude oil.
The weekly average of the Organization of Petroleum Exporting Countries (OPEC) reference price for its basket of crudes stood at 108.95 U.S. dollars per barrel last week, up from 107.17 dollars the previous week, the Vienna-based cartel said Monday.
Oil prices continued to climb Wednesday on concerns about Syria but the pace slowed down as some traders locked in profits.
As West Texas Intermediate crude surpassed 100 dollars a barrel on the New York Mercantile Exchange Wednesday amid concerns that turmoil in Egypt would disrupt shipments from the Middle East, market observers believe U. S. oil price would keep climbing over uncertainties in oil production countries in the Middle East as well as stronger U.S. economic data.
U.S. oil prices rose to a nine- month high, as the Syrian conflict bolstered concern of supplies from the Middle East.
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