On Friday, crude markets moderately declined, but generally remained intact, underpinned by everlasting supply cuts as well as strong demand that have resulted in a tightening market. However, the prospect of ascending American output capped oil prices.
Brent crude futures showed $63.76 per barrel, sliding 17 cents from its previous close.
Meanwhile, American West Texas Intermediate crude futures hit $57.07 a barrel, losing 10 cents. Although the benchmark stood near this week’s more than two-year maximum of $57.92 a barrel.
The high prices were caused by efforts led by the Organization of the Petroleum Exporting Countries as well as Russia to tighten the crude market by simply withholding supplies and firm demand and jumping political tensions.
The strong crude demand is quite visible in Southeast Asia, exactly where the number of tankers holding crude in storage around Malaysia and Singapore has halved since June.