Investing.com – Crude oil prices rose on Friday, recovering from the previous session’s sharp losses as optimism over the tightening of the market persisted.
The U.S. West Texas Intermediate crude November contract was up 14 cents or about 0.25% at $51.41 a barrel by 04:00 a.m. ET (08:00 GMT).
Elsewhere, for December delivery on the ICE Futures Exchange in London was up 13 cents or about 0.24% at $57.37 a barrel.
Crude prices found support after the Energy Iformation Administration reported this week that inventories fell by , marking the fourth straight weekly decline. However, gasoline stockpiles were up for the week, while distillate stockpiles rose by 500,000 barrels.
The report also showed that domestic crude production slumped by 11% from the previous week to 8.4 million, as production had to be shut because of Hurricane Nate, which hit the U.S. Gulf coast earlier in October.
Prices were also boosted by expectations that major global producers will extend a deal to curb production beyond its current expiry date next March.
The commodity had weakened on Thursday after the outgoing governor of China’s central bank , a reference to excessive optimism about economic growth.
Elsewhere, were up 0.30% at $1.65 a gallon, while rose 0.35% to $2.883 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.
Source: Investing.com
