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InstaForex - Official partner of Dragon Racing

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InstaForex - Official partner of Dragon Racing

2018.11.1605:53:00UTC+00Oil Prices Rise More Than 1 Percent

Oil rose on Friday, although the commodity remained on course for a weekly loss of about 4 percent, marking its sixth weekly loss.

Global benchmark Brent crude climbed 1.6 percent to $67.67 a barrel, helped by a decline in U.S. fuel stockpiles and talk of OPEC-led production cuts next year. U.S. crude futures were up 1.4 percent at $57.24 a barrel.

Prices were mainly supported by expectations that supply cuts will be agreed at OPEC's meeting on December 6.

OPEC's de facto leader, Saudi Arabia, wants the cartel to cut output by about 1.4 million barrels per day (bpd), around 1.5 percent of global supply, media reports suggested earlier this week.

Meanwhile, Russia - which has been raising production since June to offset Iranian losses - is not interested in joining the output cuts, Reuters reported, quoting two high-ranking Russian sources.

The Energy Information Administration on Thursday reported a huge crude oil inventory build for the week to November 9 of 10.3 million barrels, while gasoline inventories and distillate fuel inventories declined.

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