Crude Oil Up 8.6% For Biggest Weekly Gain Of The Year

World oil prices rising

In such an environment, the North Sea Brent Crude increased $0.13 cents Dollars and was sold at $51.10 USD a barrel.

Crude oil prices settled higher in futures market on Thursday, as support from four weeks of falling USA crude supplies contributed to a fourth-consecutive session of gains. US crude settled at $49.71 a barrel, up 67 cents, or 1.4 per cent, and on the week gained almost 9 per cent.

USA crude and gasoline inventories fell much more steeply than expected this week and the world's biggest oil exporter Saudi Arabia said it would further reduce oil output in August.

At the St. Petersburg meeting of oil producers, Saudi Oil Minister Khalid Al-Falih's said: "Exports have now become the key metric for financial markets, and we need to find a way to reconcile credible export data with production data in our monitoring". Physical markets have firmed due in large part to very strong refining margins.

Meanwhile, Norway's Statoil said on Thursday it expected a 5 percent increase in output this year amid higher oil prices, but the company reduced its planned exploration spending. WTI-Brent spread was stable on Jul-2017.

OPEC also called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices.

The gains in Brent pushed the difference between the two benchmarks to the widest in two months.

US gasoline futures for delivery in August were up more than 1 percent at the highest since May 24. This report details current and projected cargo flows - including Middle East exports to the USA - along with a host of trends, from OPEC to Venezuela to China.

"The market will likely be paying even more attention to drilling activity in the U.S.in the coming weeks, particularly after suggestions from certain industry players that the rig count in the U.S.is slowing", ING said in a research note on Wednesday.

Related news:

Hot News

isis-killer-beheading-video-story-top NWS puts most of state under Flash Flood Watch through Friday evening
Jul 29, 2017 - 00:42
This will add to already high river levels but the worst would be flash flooding in low lying areas and those with poor drainage. The low-pressure system and actual cold front will bring additional rain which could lead to some local flooding issues.

isis-killer-beheading-video-story-top Cuomo announces 'adopt-a-station' plan for NYC subways
Jul 28, 2017 - 00:34
Cuomo, who controls the authority, has agreed to pay for the rest, but Mr.de Blasio has resisted giving the authority more money. On Tuesday, Lhota urged the state and the city to share the cost.

isis-killer-beheading-video-story-top Stockton teen 'broken apart' after streaming sister's death, Lawyer says
Jul 28, 2017 - 00:32
Contrasting Samrao's position, Merced's Chief Deputy District Attorney Harold Nutt believes that the case is clear cut. I love my sister this is the last thing I thought was going to happen to us. "I don't --- care at all".

isis-killer-beheading-video-story-top Microsoft launches Windows Bounty program, offering awards up to $250000
Jul 28, 2017 - 00:31
It's always better to find and fix a bug before it becomes a problem, especially when it comes to security. Last month, the Edge bounty program was made an ongoing scheme no longer tied to any particular timeframe.

isis-killer-beheading-video-story-top Ed Sheeran shortlisted for Mercury Prize
Jul 28, 2017 - 00:31
Among the 12 contenders for the album of the year prize, grime and hip hop artist Stormzy is nominated for his debut offering Gang Signs And Prayer.

WhatsApp now has 1 billion daily users, over 250 million on Status
Jul 28, 2017 - 00:30
More users of course supports Facebook's ad business, which received $9.16 billion in revenues, up 47 percent year-on-year. According to the WhatsApp , it has successfully acquired 1 billion daily active users on its service.

isis-killer-beheading-video-story-top Bill Belichick on CTE study: 'I'm not really a medical expert'
Jul 28, 2017 - 00:30
Wainright died in April 2016 at age 48 from a heart attack triggered by bleeding in the brain, said his wife, Stacie. He says this does not mean the majority of athletes who play football, including the NFL, are destined to have CTE .

isis-killer-beheading-video-story-top Ahead of NSA Doval's visit, is China relenting on Doklam dispute?
Jul 28, 2017 - 00:27
Mr Doval will also call on Chinese President Xi Jinping tomorrow along with fellow top security officials of the BRICS countries. Yang also separately met his counterparts from South Africa and Brazil, Xinhua reported.

isis-killer-beheading-video-story-top Orlando City acquire Team USA striker Dwyer in record deal
Jul 27, 2017 - 18:34
This deal has been seemingly years in the works, as Orlando City has made it no secret since 2015 that they want Dwyer on board. He ranks second on the team with five goals this season, and he's scored 57 goals in 128 games during his MLS career.

isis-killer-beheading-video-story-top Top Aides Asking Trump To Stop Publicly Criticizing Sessions
Jul 27, 2017 - 18:33
But he was a senator, he looks at 40,000 people and he probably says, 'What do I have to lose?' And he endorsed me. When asked about the future of Sessions, Trump replied: "We shall have to see what happens".

isis-killer-beheading-video-story-top Centre rushes 12 additional NDRF teams to flood-hit Gujarat
Jul 27, 2017 - 18:32
The desert state saw heavy rains in Jalore, Pali and Sirohi districts which caused inundation, leaving several people marooned. The state government has announced an ex gratia of Rs 4 lakh each to the families of those who killed in the floods .

isis-killer-beheading-video-story-top Crazy Facts & Rumors About Kim Kardashian's Surrogate Who's Pregnant With Twins
Jul 27, 2017 - 18:29
They parents are said to be paying the surrogate $45,000 in 10 monthly installments of $4,500, according to a TMZ report. In spite of her medical problems, Kardashian and West are as of now guardians to girl North , 4, and child Saint , 1.

isis-killer-beheading-video-story-top Military spends more on Viagra than transgender troops' health care'
Jul 27, 2017 - 18:28
In a reply to this, Trump shook his head, pointed at a student and responded, "You go ahead, she's very rude". Trump said he made the decision after consulting with generals and military experts.

isis-killer-beheading-video-story-top Robot vacuum company mulls selling maps of homes
Jul 26, 2017 - 01:12
Customers can already control their Roomba through Amazon Alexa. "This is a dynamic space and we can't really say more than that". Angle followed up the statement with a Q&A that seems to imply that the company is still in the very early stages of these talks.

isis-killer-beheading-video-story-top Lyft and Taco Bell team up for late-night drive-thru munchies
Jul 26, 2017 - 01:11
The feature is being tested in Orange County, California, but Lyft expects to roll it out nationally in 2018. When a customer chooses Taco Mode instead of Line, the Lyft app's auto icons will suddenly turn into tacos.