Commodity Watch on Crude Oil on Friday: Crude oil prices advanced on Friday after two days of falls, buoyed after data indicating a jump in US retail sales supported ease some concerns about a recession in the world’s largest economy.
In effect, Brent crude was up 0.5%, at USD58.54/- per barrel in early trade, after declining 2.1% on Thursday and 3% on Wednesday, 15th/14th August.
US crude was up 0.8% at USD54.90 per barrel, having fallen 1.4% the last session and 3.3% on Wednesday.
A second consecutive week of unforeseen rises in U.S crude inventories is making up to the pressure.
U.S crude stocks grew by 1.6-mln barrels last week, compared with hopes for a fall of 2.8 -mln barrels, as per Energy Info (EIA).