Brent crude price News

They earlier touched their highest in more than 3-1/2 years at $79.49 a barrel.

Brent crude futures rose to $71.09 per barrel at 0104 GMT, up 7 cents from their last close. Brent surged more than 3 percent on Tuesday to hit its highest level since late 2014, at $71.34 a barrel.

IOC, India's largest oil firm, will invest Rs 1.75 lakh crore over the next seven years on expanding refinery capacity, building petrochemical plants and laying pipelines, a company official said.

Global oversupply with weak demand, continue to put a cap on prices despite geopolitical unrest.

Brent crude fell close to $51 a barrel, its lowest since 2009, with cuts to Saudi Arabia`s official selling prices to Europe this week adding more pressure to the 55 percent price rout since June.

Brent crude continued its march downwards on Friday, dropping to a 5-1/2-year low of $63 a barrel for a weekly loss of more than 8 percent, amid persistent concerns over a global supply glut and a bearish demand outlook.

Crude prices fell in Asia Thursday following an unexpected surge in US stockpiles and reports that the OPEC oil cartel is unlikely to slash production when it meets in November.

Brent crude futures steadied near 14-month lows above $101 a barrel on Wednesday, with ample supplies putting prices at risk of further losses as worries over geopolitical tensions ease.

Brent crude prices fell to a 14-month low on Tuesday, giving up early gains as recovering Libyan output, sustained Iraqi production and weak demand offset concerns about threats to supply.

India's oil retailers surge after Brent crude falls below $114 a barrel on Tuesday, as data showing near-record high oil exports from Iraq indicated supplies remained unaffected by the escalating violence at OPEC's No. 2 producer.