Oil Rebounds, Set for Third Straight Weekly Rise
Oil benchmarks
on both sides of Atlantic resumed its upward trajectory on Friday,
reversing a temporary slide seen the day earlier and remain poised to
book third straight week of gains.
WTI up 12%, Brent gains 8% this week
Currently
both crude benchmarks are heading higher for a retest of fresh
five-month highs, with WTI now rising 1.30% to $ 43.73 while Brent oil
gains +1.15% to $ 45.03. Oil prices are staged a solid comeback this
session after retreating from 5-month tops yesterday, as sentiment
remains favourable towards the black gold amid positive fundamentals.
The
recent upbeat data from China and more cash inflows into the
commodities’ markets by investors have helped underpin the oil recovery.
Moreover, falling US oil production combined with a smaller-than
expected rise in the US crude stockpiles also adds to the upbeat
sentiment around oil markets.
Ahead in the day, all eyes remain on the Bakers Hughes oil rigs count data and USD moves for further momentum on the oil prices.
