Oil is poised for a second weekly drop after a larger-than-expected gain in American crude stockpiles eclipsed tensions between the U.S. and Saudi Arabia over the disappearance of a prominent critic of the kingdom.
Futures in New York headed for a 3.6 percent loss this week as government data showed U.S. inventories grew by more than double what analysts had forecast. Prices were little changed on Friday after President Donald Trump said it “certainly looks” like missing journalist Jamal Khashoggi is dead and warned of “very severe” consequences for the killing.
West Texas Intermediate for November delivery traded 13 cents higher at $68.78 a barrel on the New York Mercantile Exchange at 11:52 a.m. in Singapore. The contract declined 1.6 percent to $68.65 on Thursday. Total volume traded was about 22 percent below the 100-day average.
Brent for December settlement was at $79.45 a barrel on the London-based ICE Futures Europe exchange, up 16 cents. The contract fell 1 percent to $79.29 on Thursday, and is down 1.2 percent for the week. The global benchmark’s premium was at a $10.61 to WTI for the same month.
Source : Bloomberg