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U.S. crude moves up near 2-week highs

Investing.com -

Investing.com - U.S. oil moved up near two-week highs on Friday, as news this week of a decline in U.S. oil production continued to support demand for the commodity.

U.S. crude futures for August delivery were up 0.89% at $45.33 a barrel, close to Thursday's two-and-a-half week high of $45.44.

On the ICE Futures Exchange in London, the September Brent gained 0.82% to $48.02 a barrel, just off the previous session's two-week peak of $48.26.

Oil prices climbed after the U.S. Energy Information Administration said total domestic crude production fell by 100,000 barrels a day to 9.25 million barrels a day for the week ended June 23. That was the biggest decline in weekly output since July 2016.

There was additional support stemming from a decline in U.S. gasoline inventories, which more than offset an unexpected rise in crude supplies.

Oil prices have been under pressure in recent weeks as concern over rising U.S. shale output canceled out production cuts by OPEC and non-OPEC members.

Last month, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.

The cartel will not rush into making a further cut in oil output or end some countries' exemptions to output limits, OPEC delegates said earlier this week, although a meeting in Russia next month is likely to consider further steps to support the market.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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