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Loading...Oil prices on Friday tallied a gain for the week, month and quarter, boosted by optimism that the crude market was well on its way towards rebalancing.
U.S. West Texas Intermediate (WTI) crude futures tacked on 11 cents, or around 0.2%, to end at $51.67 a barrel by close of trade. It reached its best level since April 19 at $52.86 on Thursday.
For the week, WTI prices gained around 2% to notch their fourth-straight weekly climb. It ended September with an increase of roughly 9.5% and saw quarterly rise of about 12%.
Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., shed 37 cents, or roughly 0.7%, to settle at $56.79 a barrel. The contract had reached its highest in more than two years earlier in the week.
The global benchmark closed the week with a gain of 1.2%, its fifth-consecutive weekly climb. Brent futures scored a nearly 10% gain for September and ended the quarter up roughly 19%.
Prices have gained more than 20% from their June lows, meeting the definition of a bull market, as data showed strong compliance from major producers with their supply cut agreement and a plethora of energy agencies suggested global demand is increasing.
gasoline futures declined 2.3 cents, or 1.5%, to end at $1.591 on Friday. It closed down around 3.7% for the week, but still ended the quarter up about 14%.
Natural gas futures lost 1.0 cent, or 0.3%, to settle at $3.007 per million British thermal units. It saw a weekly gain of nearly 1.6%.
The American Petroleum Institute (API), an industry group, is to publish its weekly report on U.S. oil supplies on Tuesday. On Thusrday we will see The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles. On Friday Baker Hughes will release weekly data on the U.S. oil rig count.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadhziev
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