Oil headed for a weekly increase as U.S. crude stockpiles dropped further and the nation’s currency weakened.
Futures have climbed 3.8 percent in New York this week after reaching the highest since December 2014 on Thursday. Crude stockpiles fell for a 10th week to the lowest level since February 2015, according to Energy Information Administration data Wednesday. The weaker dollar has made oil more attractive to investors.
West Texas Intermediate for March delivery was at $65.72 a barrel on the New York Mercantile Exchange, up 21 cents, at 11:02 a.m. in London. Total volume traded was about 9 percent below the 100-day average.
Brent for March settlement added 15 cents to $70.57 a barrel on the London-based ICE Futures Europe exchange after falling 11 cents on Thursday. Prices are up 2.9 percent this week, rebounding from the first weekly drop since mid-December. The global benchmark crude traded at a premium of $4.87 to WTI.
Source : Bloomberg