Oil benchmarks on both sides of Atlantic resumed its upward trajectory on Friday, reversing a temporary slide seen the day earlier and remain poised to book third straight week of gains.
WTI up 12%, Brent gains 8% this week
Currently both crude benchmarks are heading higher for a retest of fresh five-month highs, with WTI now rising 1.30% to $ 43.73 while Brent oil gains +1.15% to $ 45.03. Oil prices are staged a solid comeback this session after retreating from 5-month tops yesterday, as sentiment remains favourable towards the black gold amid positive fundamentals.
The recent upbeat data from China and more cash inflows into the commodities’ markets by investors have helped underpin the oil recovery. Moreover, falling US oil production combined with a smaller-than expected rise in the US crude stockpiles also adds to the upbeat sentiment around oil markets.
Ahead in the day, all eyes remain on the Bakers Hughes oil rigs count data and USD moves for further momentum on the oil prices.