[ad_1]
Oil prices are on track for a weekly gain and are trading at a record low for six weeks as US oil producers in the Gulf of Mexico cut production by more than half due to Tropical Storm Barry tensions continued to calm in the Middle East.
The International Energy Agency (IEA) said Friday that rising oil production in the US would exceed sluggish global demand and lead to an increase in supply worldwide over the next nine months.
MORE FOXBUSINESS.COM
Brent futures rose 64 cents, or nearly 1%, to $ 67.16 per barrel, and closed down 0.7% in Thursday's session.
Futures contracts on US crude increased 8 cents, or 0.1%, to $ 60.27. In the previous session, the US benchmark reached $ 60.94, its highest level since May 23.
Brent prices rose 4.5% this week, while WTI prices rose 5.5%. Both would be rebounds from the previous week.
Crude oil inventories in the United States declined for four weeks and prices were also supported by oil companies in the Gulf of Mexico that reduced production due to Tropical Storm Barry.
CLICK HERE TO GET THE FOX BUSINESS APP
The storm was to become a Category 1 hurricane with winds of at least 74 mph.
[ad_2]
Source link