Investing.com – Crude oil prices were mixed on Friday, hovering close to more than two-week highs as traders were digesting the previous session’s positive U.S. supply data.
The U.S. West Texas Intermediate April contract was steady at $62.73 a barrel by 02:05 a.m. ET (06:05 GMT), just off a more than two-week high of $63.09 hit on Thursday.
Elsewhere, for April delivery on the ICE Futures Exchange in London slipped 7 cents or about 0.12% to $66.31 a barrel, after hitting a more than two-week peak of $66.56 on Thursday.
Oil prices moved higher after the U.S. Energy Information Administration reported on Thursday that crude oil inventories fell by in the week ended Feb. 16, compared to expectations for a gain of around 1.8 million barrels.
The report came a day after the American Petroleum Institute reported a supply-drop of around .
Both reports come out one day later than usual due to Monday’s President’s Day holiday.
Fears that rising U.S. output could dampen global efforts to rid the market of excess supplies have systematically limited oil prices’ gains recently.
The Organization of the Petroleum Exporting Countries (OPEC), along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.
The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.
Elsewhere, eased up 0.08% to $1.769 a gallon, while dropped 0.73% to $2.597 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
