Oil prices edged lower on Thursday, as traders assessed whether the previous day's jump to the highest prices in more than two months had adequately priced in risks for crude oil supply from mounting tensions in the Middle East.

Rupee rises to 85.46 vs USD on weak dollar, lower oil prices & strong equities. FII outflows limit gains. Key range: 85.25-85.75.

US Energy Secretary Chris Wright said it’s “unlikely” the country’s oil production will drop next year, contrary to the expectations released this week by a government agency.

By MacDonald Dzirutwe, Libby George and Julia Payne LAGOS/LONDON/BRUSSELS (Reuters) -Nigeria and Saudi Arabian oil company Aramco are struggling to reach an agreement on a record $5 billion oil-backed loan after a recent decline in crude prices sparked concern among banks that were expected to back the deal,

US crude oil production likely will fall over the next 18 months as producers cut back on drilling activity in response to lower oil prices, the US Energy Information Administration said.

Crude oil prices surged on geopolitical tensions before retreating as markets digested lower global demand forecasts.

Canada posted a $7.1-billion merchandise trade deficit in April – the largest on record – as exports fell sharply in the face of U.S. tariffs. The value of exports to the U.S. fell 15.7 per cent from the previous month, Statistics Canada reported. The decline was led by a sharp pullback in autos, consumer goods and crude oil exports.