After a midweek surge and a large weekly gain, oil’s advance seems to be slowing, raising questions on how well it’ll hold the upward momentum for the coming week.
West Texas Intermediate, the benchmark for New York-traded crude, and London’s Brent, the global gauge for oil, settled Friday’s trade up less than 1% each after drifting through most of the day with little meaningful change. Both benchmarks had put in a spirited performance earlier in the week on data showing strong U.S. oil consumption.
In the latest session, WTI settled up 43 cents, or 0.8%, at $56.66 a barrel, after reaching a 3-week high of $56.72.
Brent ended trading for the regular U.S. session up 35 cents, or 0.6%, at $62.02, reaching a three-week high of $62.09 before the close.
For the week, WTI ended up 5.4% gain while Brent posted an advance of 4.4%.
Source : Investing.com