Investing.com – Crude oil prices rallied on Friday, supported by news in the previous session of a third weekly decline in stockpiles and amid global signs the market is tightening.
The U.S. West Texas Intermediate crude November contract was up71 cents or about 1.40% at $51.33 a barrel by 03:45 a.m. ET (07:45 GMT), off Wednesday’s more than one-week highs of $51.41.
Elsewhere, for December delivery on the ICE Futures Exchange in London was up 80 cents or about 1.44% at $57.06 a barrel.
Prices rose after the U.S. Energy Information Administration said in its weekly report on Thursday that crude oil inventories fell by in the week ended October 6.
The commodity was also supported after the Organization of the Petroleum Exporting Countries indicated, in its monthly report on Wednesday, that amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018.
In its own monthly report on Thursday, the International Energy Agency said that global supply and demand for crude oil .
Meanwhile, traders were awaiting a decision later on Friday by U.S. President Donald Trump on whether .
Trump was expected not to certify the agreement, which has to be re-certified every 90 days and is due for renewal on Sunday.
The Persian nation is an OPEC member and key Middle Eastern oil producer.
Elsewhere, were up 1.04% at $1.604 a gallon, while added 0.17% to $2.994 per million British thermal units.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Investing.com – Crude oil prices rallied on Friday, supported by news in the previous session of a third weekly decline in stockpiles and amid global signs the market is tightening.
The U.S. West Texas Intermediate crude November contract was up71 cents or about 1.40% at $51.33 a barrel by 03:45 a.m. ET (07:45 GMT), off Wednesday’s more than one-week highs of $51.41.
Elsewhere, for December delivery on the ICE Futures Exchange in London was up 80 cents or about 1.44% at $57.06 a barrel.
Prices rose after the U.S. Energy Information Administration said in its weekly report on Thursday that crude oil inventories fell by in the week ended October 6.
The commodity was also supported after the Organization of the Petroleum Exporting Countries indicated, in its monthly report on Wednesday, that amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018.
In its own monthly report on Thursday, the International Energy Agency said that global supply and demand for crude oil .
Meanwhile, traders were awaiting a decision later on Friday by U.S. President Donald Trump on whether .
Trump was expected not to certify the agreement, which has to be re-certified every 90 days and is due for renewal on Sunday.
The Persian nation is an OPEC member and key Middle Eastern oil producer.
Elsewhere, were up 1.04% at $1.604 a gallon, while added 0.17% to $2.994 per million British thermal units.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
