Oil Futures Rise on Friday, Fall for the Fifth Consecutive Week

Crude oil prices ended higher on Friday but suffered a weekly loss for the fifth time in a row, according to Bloomberg MarketWatch.

August West Texas Intermediate crude advanced 27 cents, or 0.6%, to settle at $43.01 a barrel on the New York Mercantile Exchange. For the week, WTI ended roughly 4.4% lower.

On the London ICE Futures Exchange, August Brent crude, the global benchmark, added 32 cents, or 0.7%, to end trading at $45.54 a barrel. It fell 3.9% for the week.

An OPEC monitoring committee said Thursday that compliance reached 106% in May, the highest since the production deal was first initiated earlier this year.

Oil prices can “fall further, but prices below $50 or $55 are not sustainable over time [as] insufficient global investment will limit new supply,” said Brian Youngberg, senior energy analyst at Edward Jones. “We see prices rising later in the year and into 2018.”

Prices fell earlier this week as data from the Energy Information Administration showed a weekly climb in U.S. crude production. The report also showed that crude stockpiles declined for a second week in a row.

Natural gas prices also finished higher after settling nearly flat Thursday. The EIA revealed that supplies climbed by a larger-than-expected 61 billion cubic feet for the week ending June 16, but the increase was less than the 82 billion-cubic-foot five-year average rise for that week, according to Tim Evans at Citi Futures.

July natural gas rose 3.5 cents, or 1.2%, to settle at $2.929 per million British thermal units on the New York Mercantile Exchange. Prices lost nearly 3.6% for the week.

 

%d bloggers like this: