Crude Oil Up 8.6% For Biggest Weekly Gain Of The Year

Crude Oil Up 8.6% For Biggest Weekly Gain Of The Year

Crude Oil Up 8.6% For Biggest Weekly Gain Of The Year

Kuwait has complied at an average rate of 98% with its pledged reduction of 131,000 barrels a day, while the UAE has implemented only 54% of its promised 139,000 barrel-a-day cut on average, the International Energy Agency said in its latest oil report.

Oil prices edged up on Friday, reaching two-month highs and on track to post the strongest weekly percentage gains this year amid short covering and as investors digested signs of easing oversupply.

Brent crude futures up 0.33 percent, at $51.66 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were at $49.08 per barrel, up 0.08 percent, according to Reuters. Physical markets have firmed due in large part to very strong refining margins. WTI-Brent spread was stable on Jul-2017.

Yesterday, the EIA once again helped to lift oil market spirits by reporting another hefty decline in USA commercial crude oil inventories for the week ending July 21. The committee did not back capping Libyan output as it said its production was unlikely to exceed 1 million bpd in the near future compared to its capacity of 1.4 million-1.6 million bpd before unrest erupted in 2011 and plunged the nation into chaos.

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However, some analysts' assessments of the oil market remained bearish.

OPEC also called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices.

Oil prices have rebounded over the past month due to large inventory draws, falling United States rig count and strong demand data, with prices rising above Goldman's September 2017 forecast of $50 a barrel Brent, the investment bank noted.

Investors were eyeing an update on the USA rig count expected later on Friday to assess any signs of a slowing down in drilling activity.

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