Oil prices rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant.

Oil prices eased on Monday as traders awaited more rate hike cues from US and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.

Oil prices fell more than a dollar a barrel on Friday as the dollar strengthened and oil traders booked profits from a strong rally, with crude benchmarks recording their third-straight weekly gain.

Refiners have reduced the price of one litre bottles of soybean oil by Tk 10 to Tk 179.

Oil prices were roughly unchanged on Monday as concerns about global macroeconomic headwinds and possible further interest rate hikes from the US Federal Reserve offset forecasts of tighter supplies amid OPEC+ cuts.

Benchmark Brent crude futures for August delivery which expires on Friday, settled up 56 cents, or 0.8 per cent, at $74.90. In the three months to the end of June, the contract finished down 6 per cent.

Brent crude futures were last up 0.2 per cent at $74.02 a barrel having earlier fetched as much as $74.80. The rouble dropped to a 15-month low early in Moscow.

In a second straight day of losses, Brent crude closed down 29 cents, or 0.4%, to $73.85 a barrel. US West Texas Intermediate (WTI) crude fell 35 cents, or 0.5%, at $69.16.

Global oil prices fell more than $1 on Monday, backing off last week's gains, as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States.

Oil rose on Friday and posted a weekly gain, as higher Chinese demand and OPEC+ supply cuts lifted prices, despite expected weakness in the global economy and the prospect for further interest rate hikes.

Brent crude futures dipped 21 cents, or 0.3 per cent, to $72.99 a barrel by 0400 GMT. US West Texas Intermediate (WTI) crude fell 20 cents, or 0.3 per cent, at $68.07 a barrel.

Oil prices traded up on Tuesday on bargain hunting, recovering some ground from the previous day's plunge, but gains were limited as investors remained cautious ahead of key policy decisions by the US Federal Reserve and other central banks.

Oil prices declined on Monday ahead of a U.S. Federal Reserve meeting as investors tried to gauge the central bank's appetite for further rate hikes, while concerns about China's fuel demand growth and rising Russian crude supply weighed on the market.

Oil prices edged lower early on Tuesday, coming off gains made the previous day as concerns about the global economic backdrop outweighed supply worries raised when Saudi Arabia announced its biggest output cut in years.

Brent crude futures fell 48 cents, or 0.6 per cent, to $75.10 a barrel by 0201 GMT while US West Texas Intermediate (WTI) crude for July delivery, the more actively traded contract, fell 45 cents, or 0.6 per cent, to $71.24.

Oil prices dipped on Wednesday, stalling a three-day rally, as an unexpected rise in US oil inventories sparked demand concerns, while investors awaited US inflation data to gauge the next rate decision in the top oil consuming nation.

Loose soyabean oil price up Tk 9 per litre, 5-litre bottle up Tk 54

Oil prices mostly rose over 2 per cent on Friday after energy firms posted positive earnings and US data showed crude output was declining while fuel demand was growing.

Oil prices were down in Asian trade on Thursday as the US dollar strengthened on rate-hike expectations and after recent economic data from the US and China did not do enough to encourage expectations that demand will improve.

Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in US price data had boosted market optimism.