West Texas Intermediate crude (WTI) settled at $108.43 a barrel, gaining $2.67, or 2.5% cent on Friday of last week and up 81 cents a barrel week over week. Brent crude futures settled at US$111.63 a barrel, rising $2.60, or 2.4% up $1.49 per barrel week over week.<\/p>\n\n\n\n
Prices rose on Friday despite the release of industry data showing US manufacturing activity slowed more than expected last month, adding to evidence that the country\u2019s economy was cooling as the Federal Reserve tightens monetary policy. <\/p>\n\n\n\n
Still, low crude and fuel supplies supported the oil market even as equities slumped and the US dollar, which typically has an inverse relationship with crude, rose. A planned strike among Norwegian oil and gas workers on July 5 could cut the country\u2019s overall petroleum output by around eight percent shaking the already fragile supply side as Libya declares Force Majeure.<\/p>\n\n\n\n
West Texas Intermediate crude (WTI) settled at $108.43 a barrel, gaining $2.67, or 2.5% cent on Friday of last week and up 81 cents a barrel week over week. Brent crude futures settled at US$111.63 a barrel, rising $2.60, or 2.4% up $1.49 per barrel week over week. Prices rose on Friday despite the release […]<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-6756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n