Brent Crude

Brent oil was at its lowest since January as Opec output hit a recent high in July

The cuts in spending and the increased M&A activity in the market can be attributed to the falling oil price.

Charts show many hurdles before new lows below January's multi-year trough.

The number of US rigs actively drilling for oil has dropped for 27 successive weeks.

Break of current resistance will open doors to new multi-month highs.

Shale oil boom in US is expected to come to halt amid oil price cartel Opec's unchanged production target.

Capital Economics believes that Brent is "now back within a whisker" of its end-2015 forecast of $60 per barrel.

Oil hit its lowest price in six years in January, $45 a barrel, but has since climbed up to trading near $62.

Hasan Qabazard says Brent crude will trade between $40 to $50 a barrel in the fourth-quarter of 2015.

Market watchers now await oil cartel Opec's output decision, due out on 5 June.

US government data revealed that supplies fell last week, owing to a temporary fall in Alaskan output.

Recent rally in oil prices would force producers to drill, adding to existing glut, says Goldman Sachs analysts.

The number of US rigs actively drilling for oil have now fallen for the 23rd week in a row.

Riyadh upped crude production and 60% of rigs in US shut.

Goldman Sachs says that a "sequential decline" in crude oil prices might not begin until later in the year.

Capital Economics expects some major headwinds for crude oil prices, both on the supply and demand side.

Brent crude for spot delivery is now in a $60-$70 range, up from $52-$63 range in the first quarter.

Brent crude futures trading at $67.25 per barrel.

Saudi Arabia's oil minister Ali Al-Naimi says that only Allah knows where crude prices are heading.

Société Générale has raised its Brent crude forecast for the full year by $4.33 to $59.54 a barrel.

The technical reversal since January now has more fundamental reasons to take to new highs.

While Opec members led by Saudi Arabia are boosting production, Libya output is also recovering.

Front-month Brent crude futures were down 15 cents since their last settlement to $63.83 per barrel.

Libya's biggest oil port Es Sider may reopen in a week adding to an oversupplied market.

Oil prices still keeping the upward trend since mid-January.

Brent crude price, the global benchmark, is down 1.42% at $58.26 per barrel as at 12.30am ET.

Negotiations with Iran could be bearish for oil prices over the next 18 months, according to BofA's Francisco Blanch.

Saudi Arabia cut oil prices to Asia and the US late last year, in a battle for market share amid a global supply glut.

Lifting of sanctions on Iran following nuclear deal could add to oil supply glut.

Goldman says Brent crude will hover at $70 a barrel by end-2015 but prices could drop to $40 during the summer months.