Oil seesaws ahead of consumer nations’ meeting on stocks release
Oil prices seesawed on Friday ahead of a meeting of consuming nations to discuss a new release of emergency oil reserves alongside a huge planned release by the United States.
US West Texas Intermediate (WTI) crude futures dipped 6 cents to $100.22 a barrel at 0057 GMT after trading as high as $101.75. The contract slumped 7 per cent on Thursday.
Brent crude futures rose 5 cents to $104.76 a barrel, after dropping 5.6 per cent on Thursday. The May contract expired on Thursday at $107.91.
The planned US release caused Thursday’s falls. On Friday the two benchmark contracts were each headed for a weekly loss of around 13 per cent, their biggest in two years.
