The International Energy Agency (IEA) has said that a rise in global oil production, led by the US, is likely to outpace growth in demand this year.
The world’s largest steel producer has put in an offer for the financially troubled group ahead of today’s bids deadline.
Oil prices fell to two-month lows on Friday after data this week indicated US production hit record levels, raising concerns the market will become oversupplied
Crude prices climbed on Friday, with Brent crude hitting $70 a barrel, as the market continued gains from overnight after an optimistic outlook on the oil market by Goldman Sachs
Brent crude slipped below $69 a barrel on Tuesday, primarily due to a rally in the US dollar in recent sessions, and expectations of rising production levels in the US