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Oil achieves the biggest weekly gain after losses lasted five weeks
18:15 - 06/30/2017
Contracts tended crude oil futures on Friday, to achieve the biggest weekly gains since mid-May to end a wave of losses lasted five weeks.
The futures increased US crude 5.1 percent since the beginning of the week, while the International benchmark Brent crude contract rose 4.8 percent, the biggest weekly increase since the week ending Van on 19 May.
By at 06:46 GMT, US crude 0.6 percent, or 27 cents increased to $ 45.20 a barrel.
Brent crude rose 0.6 percent, or 30 cents to $ 47.72 a barrel.
The markets found support this week in the data to indicate a decline in US production after crude prices reached their lowest level in ten months last week in light of the growing supply glut.
100 thousand barrels per day US production fell to 9.3 million barrels per day last week, its biggest weekly drop since July 2016.
Global oil supplies are still plentiful, despite production cuts pursued by the Organization of the Petroleum Exporting Countries (OPEC) and some independent producers by 1.8 million barrels per day since January. Finished / 25
http://www.almaalomah.com/2017/06/30/170953/
18:15 - 06/30/2017
Contracts tended crude oil futures on Friday, to achieve the biggest weekly gains since mid-May to end a wave of losses lasted five weeks.
The futures increased US crude 5.1 percent since the beginning of the week, while the International benchmark Brent crude contract rose 4.8 percent, the biggest weekly increase since the week ending Van on 19 May.
By at 06:46 GMT, US crude 0.6 percent, or 27 cents increased to $ 45.20 a barrel.
Brent crude rose 0.6 percent, or 30 cents to $ 47.72 a barrel.
The markets found support this week in the data to indicate a decline in US production after crude prices reached their lowest level in ten months last week in light of the growing supply glut.
100 thousand barrels per day US production fell to 9.3 million barrels per day last week, its biggest weekly drop since July 2016.
Global oil supplies are still plentiful, despite production cuts pursued by the Organization of the Petroleum Exporting Countries (OPEC) and some independent producers by 1.8 million barrels per day since January. Finished / 25
http://www.almaalomah.com/2017/06/30/170953/
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