Oil prices rose on Friday as fuel stocks fell
Oil contracts rose after sharp losses this week, supported by lower US fuel inventories and a possible decline in OPEC output, Reuters reported on Friday .
The agency showed decades of oil rose for a second straight session on Thursday after sharp losses this week, and stepped up the global London Brent crude contracts for the nearest maturity of 50 cents to reach at the settlement of $ 66.62 a barrel.
US crude futures rose 21 cents to close at $ 56.46 a barrel. US crude futures on Tuesday posted their biggest one-day loss in more than three years as concern over weak global demand and abundant supply continued.
US crude oil inventories jumped 10.3 million barrels last week, the biggest weekly gain since February 2017. Analysts polled by Reuters had expected an increase of 3.2 million barrels, data from the US Energy Information Administration showed on Thursday .
But data showed gasoline stocks fell 1.4 million barrels while distillate inventories fell 3.6 million barrels. Phil Flynn, an analyst at PricewaterhouseCoopers in Chicago, said that while the larger than expected increase in crude inventories was "shocking" The supply of refined products helped support crude prices.
The Organization of the Petroleum Exporting Countries (OPEC) is considering a cut of 1.4 million barrels per day (bpd) in production next year to avoid an oversupply such as those that pushed oil prices to a sharp drop between 2014 and 2016.