Oil Futures Settle Higher

Trading 05 avr 2019 Donner votre avis

Crude oil futures ended higher on Friday, supported by OPEC-led supply cuts and amid easing concerns about growth in the world's largest economy thanks to upbeat U.S. jobs data.

Rising optimism about U.S.-China trade talks too contributed to oil's rise.

West Texas Intermediate crude oil futures for May ended up $0.98, or 1.6%, at $63.08 a barrel.

On Thursday, crude oil futures ended down $0.36, at $62.10 a barrel.

Crude oil futures rose 4.9% in the week, recording its fifth straight weekly gain.

Brent Crude futures for June settled up $0.94, or 1.4%, at $70.34 a barrel.

Crude oil prices rose today, despite recent data that showed rise in U.S. crude inventories last week and a report from Baker Hughes said today that the number of U.S. oil rigs rose this week after declining in the previous six weeks.

According to a survey by S&P Global Platts, OPEC tightened the oil market considerably in March, slashing 570,000 barrels per day from its February output level, as Saudi Arabia continued to implement production cuts and Venezuela suffered from extensive power outages on top of US sanctions.

Data from the Labor Department said job growth in the U.S. showed a substantial reacceleration in the month of March, after nearly grinding to a halt in the previous month.

The report said non-farm payroll employment jumped by 196,000 jobs in March after edging up by a revised 33,000 jobs in February.

Economists had expected employment to increase by about 180,000 jobs compared to the uptick of 20,000 jobs originally reported for the previous month.

On U.S.-China trade front, there are signs of progress in U.S.-China trade talks after the latest round of high-level negotiations.

Chinese Vice Premier Liu He said the two sides have conducted fruitful consultations in the past two days, especially on important issues such as the text of economic and trade agreements.

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