Crude futures have steadied late in the session, following the stock market slightly higher, after earlier swinging lower on a weakening oil demand outlook.
Opinion: Investment bank Credit Suisse says there could be a new micro-LNG train getting ready to roll in WA, and smaller players such as Beach Energy could be in the driver's seat.
Oil prices have slumped to more than two-week lows as global stock markets fall, with investor sentiment made more bearish by a bigger-than-expected build in US crude inventories.
Oil prices dropped two per cent overnight as US equity markets broadly fell, even though energy traders worried about shrinking Iranian supply from US sanctions and kept an eye on Hurricane Michael, which closed some US Gulf of Mexico oil output.
Oil prices have risen about one per cent on growing evidence of falling Iranian crude exports before the imposition of new US sanctions, as well as a partial production shutdown in the Gulf of Mexico because of Hurricane Michael.
Oil prices almost fully recovered from a sharp drop overnight, paring losses as investors bet China's economic stimulus moves would lift crude demand in the world's number two economy.
Crude futures steadied after climbing to four-year highs, while both Brent and US crude marked weekly gains ahead of US sanctions on Iranian oil exports.
West Perth-based oil hopeful Norwest Energy has said a delay in regulatory approvals has pushed back the targeted start of a seismic survey at its Xanadu prospect in the Perth Basin until at least March 2019.
Oil prices fell overnight as the prospect of increased crude production from Saudi Arabia and Russia prompted profit-taking the day after futures hit four-year highs on a boost from imminent US sanctions on OPEC's number three producer, Iran.
Brent crude rose nearly two per cent after hitting a four-year high on overnight as the market focused on upcoming US sanctions on Iran, while shrugging off the year's largest weekly build in US crude stockpiles and reports of higher Saudi Arabian and Russian production.
Oil prices eased slightly after rallying for three straight sessions, but remained close to four-year highs on worries that global supplies will drop due to Washington's sanctions on Iran.
The government of East Timor has struck a deal to buy a 30 per cent stake in the Woodside Petroleum-operated Sunrise gas project, as it continues pressing for development of an LNG plant on its own territory.
Oil futures jumped more than $US2 a barrel, rising to levels not seen since November 2014, as US sanctions on Iran loom and a North American trade deal fosters growth.
Oil prices rose more than a percent, with Brent climbing to a four-year high, as US sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.
Oil prices eased after US data showed a surprise build in domestic crude inventories, but an impending drop in Iranian exports kept Brent futures above $US80 a barrel and on track for a fifth straight quarterly gain.
Oil prices jumped on global supply concerns following US sanctions on Iran's oil exports, with benchmark Brent surging to a four-year high, before retraced gains after US President Donald Trump called again on OPEC to boost crude output.
Oil prices eased, pulling back after US President Donald Trump urged OPEC to increase production at its meeting in Algeria, and slowing bullish momentum that had previously propelled the market toward four-year highs.
US oil futures surged nearly two per cent as they were bolstered by a fifth weekly crude inventory drawdown and strong domestic petrol demand amid ongoing global supply concerns over US sanctions on Iran that come into force in November.
Oil futures rose more than one per cent on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signaled an informal target near current levels.
Oil prices were little changed as the market weighed deepening trade tension between the US and China that is expected to dent global crude demand and potential supply tightening due to Iran sanctions.
Oil prices pulled back on concerns additional US tariffs would be placed on Chinese imports, after an earlier rally triggered by worries that more sanctions on Iran might constrict supply.
Oil prices have fallen more than two per cent, with Brent slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.
Oil futures have risen, with Brent reaching $US80 a barrel, after a larger-than-expected drop in US crude inventories and as US sanctions on Iran added to concerns over global oil supply
The competition watchdog has approved a Hong Kong consortium's $13 billion takeover bid for APA Group, Australia's biggest gas pipeline company, on the proviso that four major assets in Western Australia are sold to new owners.
Oil prices are steady, with US crude slipping on weak global equity markets while Brent inched up on geopolitical factors, including violent protests in Iraq.
Crude futures have reversed course, falling more than one per cent after US data showed petrol inventories rose unexpectedly last week, overshadowing a bullish drawdown in crude.
Oil prices fell more than one per cent after a US Gulf storm weakened and moved away from oil-producing areas and concerns mounted about global trade disputes and Turkey's currency crisis hurting demand.
