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MTECHTIPS:-Crude Oil Futures – Weekly Outlook: March 6 – 10

Monday, March 6, 2017 1:34
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MTECHTIPS:-Crude Oil Futures – Weekly Outlook: March 6 – 10

 

MTECHTIPS- Oil futures ended higher on Friday, as a broadly weaker U.S. dollar helped prices rebound from a sell-off that took them to multi-week lows in the prior session. Oil prices typically strengthen when the U.S. currency weakens as the dollar-priced commodity becomes cheaper for holders of other currencies. Uncertainty surrounding Libya’s crude production following reports of violence near the war-torn country’s biggest oil terminal also provided support. Prices, however, still ended with a weekly loss as concern over rising shale production and record-high U.S. crude inventories offset optimism that OPEC and its allies have been following through on their commitment to cut production. The U.S. West Texas Intermediate crude April contract climbed 72 cents, or around 1.4%, to end at $53.33 a barrel by close of trade Friday. The U.S. benchmark slumped more than 2% to $52.54 on Thursday, the lowest since February 8. Despite Friday’s gains, New York-traded oil futures declined 66 cents, or almost 1.2%, on the week. Elsewhere, on the ICE Futures Exchange in London, Brent oil for May delivery added 82 cents, or about 1.5%, to settle at $55.90 a barrel by close of trade. The global benchmark touched $55.03 a day earlier, its cheapest since February 8. For the week, London-traded Brent futures scored a loss of 9 cents, or less than 0.2%, the fourth straight weekly decline.

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