Investing.com - New York-traded crude oil futures ended Friday’s session close to a two-week low, as renewed concerns over a glut of oil in the Midwest pressured prices.
Meanwhile, London-traded Brent futures rallied to a nine-month high following the release of encouraging international trade data.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March eased down 0.1% Friday to settle the week at USD95.78 a barrel by close of trade.
On the week, New York-traded oil futures lost 1.85%, the first weekly decline in nine weeks.
New York-traded oil prices came under pressure after a report from energy-market research group IIR Energy said Phillips 66's 306,000-barrels-a-day refinery in Wood River, Illinois, will shut down in late February for maintenance.
The report underlined concerns that more crude would be added to a glut of oil supplies already in storage at Cushing, Oklahoma, the trading hub for NYMEX oil.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery rose 1.4% Friday to settle the week at USD118.89 a barrel, the strongest level since May 2.
The London-traded Brent contract added 2% over the week, while the spread between the Brent and the crude contracts widened to USD23.11 a barrel, the most since November 26.
The spread between the two contracts has been widening ever since operators of the Seaway Pipeline said on January 31 that restrictions will limit flows on the key pipeline until the fourth quarter of 2013.
The European-benchmark drew support from indications that the global economy was gaining momentum, following the release of upbeat trade data out of the U.S. and China.
Official data on Friday showed that the U.S. trade deficit narrowed to the smallest since January 2010 in December, fuelling hopes that figures for fourth quarter growth may be revised upwards.
The Commerce Department said trade deficit narrowed to USD38.5 billion from a USD48.6 billion deficit in November, compared to expectations for a deficit of USD46.0 billion.
Meanwhile, in Asia, China’s trade surplus narrowed less-than-expected in January from December, as exports jumped 25% and imports climbed 28.8%.
The country's trade surplus hit USD29.2 billion last month, down from a USD31.6 billion surplus reported in December. Analysts were expecting a USD22 billion surplus.
The Asian nation is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Lingering geopolitical tensions in the Middle East and North Africa also provided support to Brent prices.
In the week ahead, oil traders will be anticipating U.S. data on retail sales and consumer sentiment, while euro zone data on fourth quarter growth will also be in focus.
Meanwhile, London-traded Brent futures rallied to a nine-month high following the release of encouraging international trade data.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March eased down 0.1% Friday to settle the week at USD95.78 a barrel by close of trade.
On the week, New York-traded oil futures lost 1.85%, the first weekly decline in nine weeks.
New York-traded oil prices came under pressure after a report from energy-market research group IIR Energy said Phillips 66's 306,000-barrels-a-day refinery in Wood River, Illinois, will shut down in late February for maintenance.
The report underlined concerns that more crude would be added to a glut of oil supplies already in storage at Cushing, Oklahoma, the trading hub for NYMEX oil.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery rose 1.4% Friday to settle the week at USD118.89 a barrel, the strongest level since May 2.
The London-traded Brent contract added 2% over the week, while the spread between the Brent and the crude contracts widened to USD23.11 a barrel, the most since November 26.
The spread between the two contracts has been widening ever since operators of the Seaway Pipeline said on January 31 that restrictions will limit flows on the key pipeline until the fourth quarter of 2013.
The European-benchmark drew support from indications that the global economy was gaining momentum, following the release of upbeat trade data out of the U.S. and China.
Official data on Friday showed that the U.S. trade deficit narrowed to the smallest since January 2010 in December, fuelling hopes that figures for fourth quarter growth may be revised upwards.
The Commerce Department said trade deficit narrowed to USD38.5 billion from a USD48.6 billion deficit in November, compared to expectations for a deficit of USD46.0 billion.
Meanwhile, in Asia, China’s trade surplus narrowed less-than-expected in January from December, as exports jumped 25% and imports climbed 28.8%.
The country's trade surplus hit USD29.2 billion last month, down from a USD31.6 billion surplus reported in December. Analysts were expecting a USD22 billion surplus.
The Asian nation is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Lingering geopolitical tensions in the Middle East and North Africa also provided support to Brent prices.
In the week ahead, oil traders will be anticipating U.S. data on retail sales and consumer sentiment, while euro zone data on fourth quarter growth will also be in focus.