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Friday, June 9, 2023

Oil prices continue Steady Rise Since April Lows

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U.S. benchmark crude futures rose 2.3 percent Friday to close at the highest level since March 6.

The 9.6 percent increase for the week marks the seventh gain in the last eight weeks. Oil traders Vitol Group and Trafigura Group and exporter Saudi Aramco all talked up the strength of the demand recovery in recent days, and prices for some of the world’s major oil products have begun to roar higher.

OPEC+ gave reassurance on output cuts on Thursday.

Inventories in Cushing, the delivery point for West Texas Intermediate futures, have fallen every week since early May. WTI traded above the $40 a barrel for much of the session on Friday before fresh evidence of a rise in U.S. coronavirus cases dampened sentiment.

Data from the Energy Information Administration last week showed output declined for an eleventh straight week to just above 10 million barrels a day last week.

That comes as the number of U.S rigs drilling for oil has fallen 72 percent over the past 14 weeks to a level not seen since before the shale-oil revolution kicked off at the beginning of the last decade.

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