On Friday, crude prices held revenues on data demonstrating that American stockpiles added for a seventh straight week, though at a pace, which was quite below expectations, and news of crude being sold out of storage in Southeast Asia.
American West Texas Intermediate CLc1 futures were intact at $54.45 a barrel, pulling back from early losses. WTI futures found themselves on track for a weekly profit of nearly 2%, which would be its biggest gain so far this year.
Brent crude futures LCOc1 rose 3 cents, hitting $56.61 and they was on track for a weekly revenues of about 1.4%.
American crude inventories inched up by approximately 564,000 barrels in the week to February 17, ascending for a seventh week, though below experts’ expectations for a surge of 3.5 million barrels, as the Energy Information Administration informed.
The Organization of the Petroleum Exporting Countries as well as other crude producers including Russia have already promised to minimize crude output by nearly 1.8 million barrels per day in order to tackle a global glut, which has kept crude prices depressed since 2014.
