Crude Oil Market Latest News Update

coiCrude oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output.

 

U.S. crude futures have added 5.1 percent this week, while benchmark Brent has gained 4.7 percent, marking the biggest rise for both markets since the week ending May 19.U.S. crude was trading up 0.7 percent, or 29 cents, at $45.22 a barrel at 0223 GMT on Friday, with Brent climbing 0.6 percent, or 28 cents, to $47.70 a barrel.

 

“Oil prices received momentum from Wednesday’s U.S. data and the market rejected the lows that we saw. It has been a bullish week for the oil market,” said Michael McCarthy, chief market strategist at Sydney’s CMC Markets.

 

Data indicating a fall in U.S. production bolstered markets this week after crude prices hit a 10-month low last week in the face of a mounting supply glut.U.S. crude output fell 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016.

 

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