Investing.com - U.S. crude
rose to almost five-week highs on Friday after upbeat U.S. data on
producer prices and consumer sentiment, before retracing those
gains amid concerns over the declining demand outlook.
On the New York Mercantile Exchange, crude oil futures for
delivery in May ended Friday's session at $103.40 a barrel,
unchanged for the day. U.S. crude futures rose to a session high of
$103.79 earlier in the day, the most since March 4.
Nymex oil futures ended the week with gains of 2.59%, the
biggest weekly increase since December.
Oil prices were boosted after data on Friday showed that U.S.
producer prices rose 0.5% in March, the largest increase in nine
months and ahead of expectations for a 0.1% increase.
A separate report showed that the University of Michigan's U.S.
consumer sentiment index rose to 82.6 this month, its highest level
Crude retreated from session highs after the International
Energy Agency cut its global demand forecast for this year in its
closely watched monthly report. The IEA said sanctions on Russia
following its annexation of Crimea could weigh on oil demand.
Crude oil prices continued to remain underpinned by declining
gasoline stockpiles ahead of the U.S. summer holiday driving
In its mid-week report, the U.S. Energy Information
Administration said total motor gasoline inventories decreased by
5.18 million barrels in the week ended April 4, falling well below
one-year and five-year average levels.
The May Brent oil contract ended Friday's session unchanged at
$107.40 on the London-based ICE Futures Europe exchange, after
rising to highs of $107.87 earlier in the trading day. Brent gained
1.34% on the week.
Brent's gains were checked by expectations that crude exports
from Libya could soon resume after a standoff with rebels
The spread between the Brent and the Nymex crude contracts stood
at $4.00 a barrel by close of trade on Friday, compared to $5.05 in
the preceding week.
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Forex App