Oil markets rose two percent on Friday as the dollar softened but Brent crude remained on track to its biggest weekly loss in four months from profit-taking in recent sessions.
As quoted in the publication:
A wildfire that has shrunk Canadian oil sands crude production by a third and reports of a militant attack on a Chevron (CVX.N) platform in Nigeria’s oil-rich Niger Delta region also supported prices, analysts said.
“The global surplus still exists and there is still a possibility that oil prices could retrace further,” Dominick Chirichella, senior partner at the Energy Management Institute, said.
“However, the market is trading more and more in sync with the forward-looking or perception view, with the current bearish fundamentals mostly priced into the market.”
Brent crude futures LCOc1 were up $1 at $46.01 a barrel by 11:44 a.m. EDT (1544 GMT).
U.S. crude’s West Texas Intermediate (WTI) futures CLc1 rose 93 cents to $45.25.