- Crude oil wrapped up its best week of the year, with U.S. crude +8.6% on the week to settle at $49.71/bbl and Brent even stronger at +9% to a two-month high $52.50/bbl, lifted by renewed commitments from Saudi Arabia and OPEC to curb production and steeper than expected declines in U.S. crude and gasoline inventories.
- "We can see from Saudi deliveries this month that they are not just talkin’ the talk, but walkin’ the walk,” says Matt Smith, director of commodity research at ClipperData.
- "Positive signs came from the draw in gasoline stocks this week, as the U.S. moves into the peak driving season," according to Ashley Kelty, oil analyst at Cenkos Securities.
- Despite some bullish signs, "the latest price rise is on a fragile footing," Commerzbank (DE:CBKG) analysts contend, noting OPEC production likely would rise in the coming months as the group has not officially capped output from Libya and Nigeria.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
- Now read: The United States Oil ETF To Rally, Take Two
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Crude oil surges to biggest weekly gain this year
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