Oil headed for its biggest weekly loss in a month after a government report showed a surprise increase in U.S. inventories and Saudi Arabia cut pricing for most of its crude grades.
Futures in New York were little changed on Friday, heading for a 1.4 percent loss this week. Government data showed U.S. crude stockpiles added 1.25 million barrels last week, compared with a drop of 5 million barrels forecast in a Bloomberg survey of analysts. Saudi Arabia lowered August pricing for most of its oil grades after U.S. President Donald Trump demanded that OPEC do more to stabilize markets.
West Texas Intermediate crude for August delivery traded at $73.09 a barrel on the New York Mercantile Exchange, up 15 cents at 9:07 a.m. Tokyo time. The contract has lost $1.02 so far this week.
Brent for September settlement added 16 cents, or 0.2 percent, to $77.55 a barrel on the London-based ICE Futures Europe exchange. Prices on Thursday slid 85 cents to close at $77.39. The contract is down 2.4 percent this week. The global benchmark traded at a $6.71 premium to WTI for the same month.
Source : Bloomberg