Oil is on track to post a weekly gain as a report showing stronger U.S. fuel demand buoy the market.
Futures slipped 0.3 percent Friday, but are up 1.2 percent for the week. Prices strengthened this week after a U.S. government report showed growing demandand a drop in fuel stockpiles and amid a strengthening greenback. Increasing supply and export capacities will push America’s total petroleum exports to be on par to those of Saudi Arabia by the year’s end at around 9.5 million barrels a day, according to Rystad Energy AS.
West Texas Intermediate for April delivery was 20 cents lower at $56.46 a barrel on the New York Mercantile Exchange. April WTI rose 44 cents to close at $56.66 Thursday.
Brent for May settlement gained 31 cents to settle at $66.30 a barrel on the London-based ICE Futures Europe exchange on Thursday.
Source : Bloomberg