Oil prices rose on Friday after yesterday's sharp decline on U.S. stockpile data with a focus on good Japanese data on Industrial output, although other economic data from the major consumer of oil was mixed. Today data on U.S. GDP will be in the focus. Markets remain volatile.
Brent Crude added 1.98%, currently trading at USD61.24 a barrel. On January 13th Crude hit a low at USD45.19. West Texas Intermediate gained 2.01% currently quoted at USD49.14, still below USD50 a barrel.
Although prices stabilized recently worldwide supply still exceeds demand in a period of low global economic growth limiting the impact of positive macroeconomic news.