Economic news

Crude oil prices firmed up

Crude oil futures on Friday were on the way to for largest weekly gain since mid-May, finishing five weeks of losses with prices oriented on the United States inventories reduction.

U.S. crude futures rose 5.1%, this week, while Brent rose 4.8%, marking the highest growth for both markets since the week ending May 19.

U.S. crude futures traded higher 0.6%, or 27 cents at $45.20 per barrel on Friday, with Brent climbing 0.6%, or 30 cents and was trading in the range of $47.72 per barrel.

"Oil prices got momentum from Wednesday’s U.S. data and the market rejected the lows that we saw earlier. It was a bullish week for the oil market," said Michael McCarthy, chief market strategist at Sydney’s CMC Markets.

Data showing a fall in U.S. production strengthened markets this week after crude prices fell to 10-month low last week in terms of supply glut.

U.S. crude production fell 100,000 barrels a day to 9.3 million barrels last week, and the weekly drop was the most powerful since July 2016.



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