Oil prices rose on Friday and were on course for a second consecutive week of gains as more countries moved ahead with plans to relax economic and social lockdowns put in place to halt the coronavirus pandemic and as more output was shut in.
FILE PHOTO: A pump jack operates at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford
Both contracts are heading for a second week of gains after the lows of April, when U.S. oil crashed below zero, with Brent advancing more than 13% this week and WTI up 23%. The Organization of the Petroleum Exporting Countries and allies led by Russia, a group know as OPEC+, began implementing a deal on record supply cuts amounting to 9.7 million barrels per day from the start of May.
“Price-wise, we still expect to see some mild price swings as the traders get bullish on shut-ins and then again bearish on the stock builds that continue to pile up,” said Rystad Energy oil markets analyst Louise Dickson.
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