Oil futures crawled higher Friday, headed for weekly gains, a day after fresh signs of rising OPEC production knocked energy markets sharply lower.
October futures on West Texas Intermediate crude the U.S. benchmark, rose 0.5%, or 34 cents, to $68.92 a barrel. The contract remains below the $70.37 mark hit earlier this week, the highest settlement since July 20, according to Dow Jones Market Data. But with that midweek achievement, the contract is on track to log a 1.7% weekly gain.
November Brent was up 0.2%, or 14 cents, to $78.32 a barrel on ICE Futures Europe. It hit the highest point since May earlier this week, accounting for a roughly 1.7% weekly gain.
Friday's slight gains marked a turnaround from a sharp fall for oil futures Thursday, the worst day in roughly a month as an industry report showed global supplies at a record. U.S. benchmark prices dropped back Thursday from the nearly two-month high seen just a day earlier.
Source : Marketwatch