Crude Oil Prices Firm, Set For Biggest Weekly Gain Since Mid-May

Crude oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output. U.S. crude futures have added 5.1 percent this week, while benchmark Brent has gained 4.7 percent, marking the biggest rise for both markets since the week ending May 19. U.S. crude was trading up 0.7 percent, or 29 cents, at $45.22 a barrel at 0223 GMT on Friday, with Brent climbing 0.6 percent, or 28 cents, to $47.70 a barrel.

Oil prices received momentum from Wednesday's U.S. data and the market rejected the lows that we saw. There are two key drivers. One is U.S supply side response to low oil prices. We could see more gains if there is a further drop in oil output, and the other factor is a weaker U.S. dollar. For More Information About Commodity Advisory Firm Please Visit : www.paceresearchindia.com and Call : 8817774774