29th May 2015
Crude oil prices rose on Friday, May 29th, after a decline in US inventories helped lift demand for the black gold. However, on a weekly basis, oil prices were set to record losses.
Friday saw Brent crude rise to trade above the $63 per barrel level while US crude trades above the $58 per barrel mark.
Prices pared losses made throughout the week after data showed that US inventories declined last week. Figures from the US Energy Information Administration on Thursday showed that crude oil inventories declined by 2.8 million barrels last week, down for the fourth week in a row.
This decline boosted demand and sent prices higher. However, this failed to turn around oil’s poor performance throughout the rest of the week, after it came under assault from a stronger US dollar.
Crude oil prices look set to record weekly losses, bringing an end to the record weekly winning streak in US crude. Brent crude is around three per cent lower on the week - its second consecutive loss - while US crude prices lost around two percent.
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