Oil trimmed a weekly advance after surging to the highest level in more than three years Wednesday as a record run of U.S. inventory declines drained the nation’s crude tanks.
While futures slid as much as 0.9 percent on Friday in New York after a gain in the dollar, prices are up 2.8 percent for the week. Stockpiles dropped for a 10th week to the lowest level since February 2015, according to government data Wednesday. The market will return to balance sometime this year, OPEC Secretary General Mohammad Barkindo said in a Bloomberg Televisioninterview in Davos.
West Texas Intermediate for March delivery declined as much as 60 cents to $64.91 a barrel on the New York Mercantile Exchange and was at $65.18 at 8:04 a.m. in Hong Kong. WTI fell 10 cents to $65.51 on Thursday.
Brent for March settlement lost 11 cents, or 0.2 percent, to $70.42 a barrel on the London-based ICE Futures Europe exchange on Thursday. Prices are up 2.6 percent this week. The global benchmark crude ended the session at a premiumof $4.91 to WTI.