Crude Oil Up 8.6% For Biggest Weekly Gain Of The Year

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The market was bolstered by bigger-than-expected inventory drawdowns on Wednesday and signals from Saudi Arabia that the world's biggest oil producer would further reduce output in August.

Oil prices edged up on Friday, reaching two-month highs and on track to post the strongest weekly percentage gains this year amid short covering and as investors digested signs of easing oversupply.

At 12:40pm, WTI Crude was up 0.88 percent at US$49.18, while Brent Crude was trading up 1.20 percent at US$51.58 - price levels not seen since the first week of June. Physical markets have firmed due in large part to very strong refining margins.

27 de julio de 2017, 15:44London, Jul 27 (Prensa Latina) The fall in the oil stock in the United States shot up the price of that product to its top level in nearly eight weeks. USA crude stocks fell sharply by 7.2 million barrels last week to 483.4 million, more than the expected decrease of 2.6 million barrels, according to the weekly report by the Energy Information Administration on Wednesday. WTI-Brent spread was stable on Jul-2017. RBOB gasoline futures remained flat at 1.620 a gallon at the NYMEX.

Crude Oil On Brink Of Cracking USD50
Oil Prices up - 28-07-17

US gasoline futures for delivery in August were up more than 1 percent at the highest since May 24.

US crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories dropped, the Energy Information Administration said on Wednesday. The committee did not back capping Libyan output as it said its production was unlikely to exceed 1 million bpd in the near future compared to its capacity of 1.4 million-1.6 million bpd before unrest erupted in 2011 and plunged the nation into chaos.

Prices were up 8.6% this week, hitting a 2-month peak. In the prior week, the North American Rig Count was 1156 and United States rig count was 950.

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