Crude oil futures rose Friday, trimming modest weekly losses after a warning on the global oil glut.
The International Energy Agency warned that U.S. production would offset OPEC’s supply quota plan again in 2018.
“On considering the final component in the balance – non-OPEC production – we see that 2018 might not be quite so happy for OPEC producers,” the IEA noted.
“A lot could change in the next few months but it looks as if the producers’ hopes for a happy New Year with de-stocking continuing into 2018 at the same 500 kb/d pace we have seen in 2017 may not be fulfilled.”
Traders await the Baker Hughes U.S. rig count report due later this afternoon. The number of domestic rigs has been rising in recent weeks.
Jan. WTI oil gained 26 cents, or 0.5%, for the day, settles at $57.30/bbl. Prices were 0.1% lower for the week.
The material has been provided by InstaForex Company – www.instaforex.com