Oil headed for the longest run of weekly gains since May amid signs of rising U.S. fuel demand and easing crude production.
Futures
gained as much as 0.8 percent in New York and are set for a fourth
weekly advance. Gasoline consumption the past four weeks was at the
highest level since September, while crude output remained near the
least since November 2014, according to data from the Energy Information
Administration Wednesday. Stockpiles still remain at the most since
1930. A measure of price volatility Thursday closed near the lowest in
two months.
Oil
has recouped its losses this year after slumping to a 12-year low last
month amid speculation stronger demand and falling U.S. production will
ease a supply glut. The price plunge is still having an affect on energy
producers, with Anadarko Petroleum Corp. cutting about 1,000 jobs after
plans to park drilling rigs, slash dividends and sell assets.
West
Texas Intermediate for April delivery added as much as 29 cents to
$38.13 a barrel on the New York Mercantile Exchange, and traded at
$38.11 at 8:45 a.m. Hong Kong time. The contract fell 45 cents to $37.84
on Thursday. Total volume traded was about 65 percent below the 100-day
average. Prices are up 6.1 percent this week.
Brent
for May settlement lost $1.02, or 2.5 percent, to $40.05 a barrel on
the London-based ICE Futures Europe exchange on Thursday. The contract
is up 3.4 percent this week for a third weekly advance. The global
benchmark crude closed at a premium of 65 cents to WTI for May.
Source: Bloomberg
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