Oil prices climb on US inventories draw; OPEC+ impasse caps gains
Oil prices rose for a second day on Friday as data showed a draw in U.S. inventories, but were headed for a weekly loss amid uncertainty about global supplies fuelled by an OPEC+ impasse.
Brent crude oil futures were up 27 cents, or 0.4%, at $74.39 a barrel by 0644 GMT. U.S. West Texas Intermediate futures were up 39 cents, or 0.5%, at $73.33 a barrel.
Prices on both sides of the Atlantic were on track for a weekly loss of more than 2%, dragged by the collapse of output talks between the Organization of the Petroleum Exporting Countries and allies including Russia, or OPEC+.
“The drop in stockpiles reinforced views that demand was picking up as the U.S. driving season has begun,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
