Oil prices edged up on Wednesday despite dismal US economic data and a spectacular jump in US crude reserves that signaled weaker demand in the world’s biggest oil-consuming nation.

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WTI oil prices continued to slide on Friday, closing under $74 a barrel as a sell off in stock markets and a strengthening US dollar weighed on crude oil futures.

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Oil prices slumped Thursday on new signs of listless economic growth reinforced concerns about whether Americans would spend more on fuel any time soon.

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After five continuous days of losses, Oil prices rebounded in Asian trade on Tuesday, Aug 17.

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Afghanistan discovered an oilfield containing an estimated 1.8 billion barrels of crude in the north of the country, a Mines Ministry official said.

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U.S. President Barack Obama says the oil spill in the Gulf of Mexico is over, but his efforts to help Gulf residents hurt by it are not. The president spoke Saturday during a weekend trip to the Gulf resort town of Panama City Beach, Florida.

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Economic recovery is pushing up estimates of oil demand this year and next, but dangers to growth in advanced and some emerging countries are on the prowl, the International Energy Agency (IEA) said on Wednesday.

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Gasoline prices are now a penny below where they were a week ago and could head lower after a retreat in oil prices over the past few days.

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World oil prices fell sharply Wednesday in line with tumbling global equity markets as investors set aside a positive International Energy Agency report on demand.

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Iran is abandoning a project to produce liquefied natural gas (LNG) as part of a policy review that will see Tehran focusing more on exporting gas through pipelines, a top oil official said.

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