Oil prices inch up on signs of tighter global supply
Oil futures edged up on Thursday as a drop in crude exports from OPEC’s de facto leader, Saudi Arabia, and a draw in U.S. drilling rigs and oil inventories supported prices.
Brent crude futures settled at $71.97 a barrel, up 35 cents from their last close and near Wednesday’s five-month high of $72.27. Brent saw a weekly gain of 0.6 percent, marking the fourth consecutive weekly rise for the international benchmark.
In post-settlement trade, the contract added 4 cents to $72.01 a barrel.
U.S. West Texas Intermediate (WTI) crude futures settled at $64.00 a barrel, up 24.00 cents. U.S. futures gained just under 0.2 percent for the week, their seventh weekly gain in a row.
