Breaking News
0

Crude Oil Prices Settle Higher to Post 8.6% Weekly Gain

CommoditiesApr 13, 2018 02:38PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - Crude oil prices settled at higher, notching their biggest weekly gain since July as rising geopolitical tensions and an ongoing decline in global inventories offset data pointing to continued U.S. oil output.

On the New York Mercantile Exchange crude futures for May delivery rose 32 cents to settle at $67.39 a barrel, while on London's Intercontinental Exchange, Brent gained 58 cents to trade at $72.60 a barrel.

The number of oil rigs operating in the US rose by 7 to 815, their highest level since March 20, 2015, according to data from energy services firm Baker Hughes.

The bearish data, however, did little to curb sentiment on oil prices after an report from the International Agency Energy showed that the glut in oil supplies has mostly diminished. The energy watchdog further stoked demand for oil, predicting that global oil supplies would likely fall below the five-year average levels in the coming months.

The bullish report came a day after OPEC said in its monthly report that total production from the group fell to the lowest since March 2017. OPEC output fell by 201,400 barrels a day last month, the most since November, to 31.96 million barrels a day, led by Venezuela, Saudi Arabia and Libya.

Crude oil prices rallied 8.6% this week as traders continued to bet that rising geopolitical tensions in the oil-rich Middle East, could lead to supply disruptions, extending the rally in oil prices.

Geopolitical tensions were ratcheted up this week as U.S. President Donald Trump warned Russia to “get ready,” hinting at U.S. missile strikes on Syria. Despite, Trump backing away from his aggressive stance on Thursday, geopolitical tensions persisted, fuelling the uptick in oil prices.

Crude Oil Prices Settle Higher to Post 8.6% Weekly Gain
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Patrick Mueller
Patrick Mueller Apr 13, 2018 4:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Amen
Reply
0 0
Lee Jerry
Lee Jerry Apr 13, 2018 2:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Because the fear of war :( Pray for a peaceful weekend, no more casualties please....
Reply
0 0
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email