Oil prices have slumped all year, and the industry has been hesitant to get onboard with "drill baby drill." One exec see prices nearing a dangerous level.

Oil prices rose on Thursday, even as global trade tensions appeared to cool, with analysts pointing to low inventories and renewed Middle East risks as factors supporting the market.

Oil prices rose early Thursday as falling U.S. inventories and Middle East tensions tightened markets despite trade-related volatility.

Crude oil futures fell for the third straight session, dragged down by higher inventory levels of U.S. fuels and concerns about the wider economic impact of looming US tariffs.

Oil prices fell by about 1% on Wednesday as signs of stronger Chinese crude consumption were outweighed by investor caution about the wider economic impact from U.S. tariffs.

Goldman Sachs forecasts a decline in US crude oil output, citing the maturing Permian Basin and the impact of lower oil prices.

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Oil prices rose on Wednesday on expectations of steady demand in the U.S. and China, the world's two largest oil users, amid an improving economic outlook. Brent crude futures rose 29 cents, or 0.42%,

The crude oil market continues to see a lot of support just below, as the markets are trying to retain the recent breakout above what had been a massive barrier for some time. This is a market that is slightly bullish overall.

The energy company joined BP in flagging that weaker prices would weigh on results. Shell said earlier it anticipated a hit from weaker performance in its core integrated gas division.

Oil prices rose on Wednesday, boosted by expectations of firm summer demand in the world's two largest consumers, the United States and China, though gains were capped by analysts' caution about the wider economy.

WTI crude oil futures remained under pressure on Tuesday, trading near $66.40 per barrel as renewed global tariff threats and geopolitical developments weighed heavily on investor sentiment.