Oil Prices Linger Near 3-Month Highs as Crude Supply Appears in Check

Friday, 1 March 2019 21:32 WIB



Oil futures prices on Friday hovered near a three-month peak, amid signs that OPEC is adhering to its pledge to limit production.

Prices took to split paths on Thursday, with U.S. prices extending gains from a weekly drop in domestic crude supplies and global benchmark prices lower on weaker Chinese economic data, which fed concerns over a demand slowdown. That action leaves U.S. crude marginally higher on the week but Brent headed for a nearly 1% drop for the five-day stretch.

Both benchmarks, however, finished February higher, up a second consecutive month.

Early Friday, April West Texas Intermediate crude rose 14 cents, or 0.2%, to $57.37 a barrel on the New York Mercantile Exchange. The contract is set to gain about 0.2% for the week. Based on the front-month contracts, prices climbed 6.4% for the month of February, according to Dow Jones Market Data.

Global benchmark May Brent traded at $66.37, up 7 cents, or 0.1%, on ICE Futures Europe. The contract is down nearly 1% for the week. Front-month prices rose 6.7% for February.

Source : Marketwatch


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