Crude oil prices rose slightly on Friday, recovering from the free fall during the previous two sessions, which was triggered by large sell-offs on capital markets and signals that supply concerns are exaggerated. On a weekly basis, however, quotes remain on negative territory.
The futures on US crude oil, West Texas Intermediate (WTI), with delivery in November rose by 1.13% to 71.77 USD per barrel. The Brent variety increased by 1.13% to 81.17 USD per barrel.
Wall Street’s losses continued in sixth consecutive session and the global stock index MSCI, which tracks stock performance in 47 countries, collapsed to a one-year low following fear of investors for escalating the US-China trade war and the risks associated with with the recent rise in interest rates.
According to data from the Energy Information Administration, the crude oil inventories in the United States increased by 6 million barrels last week, more than twice above the analysts’ expectations of 2.6 million barrels.
Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) lowered its forecast for the growth of world oil demand next year for the third consecutive month, due to expectations for economic development, trade disputes and volatile emerging markets.
In the Gulf of Mexico, the manufacturers have cut their daily oil production by about 40% due to Hurricane Michael. Some operators, however, have begun to return their staff to the platforms. It affected 680,107 barrels of oil per day, according to information from 30 companies.
On the commodity markets, the gold depreciated by 0.37% to 1,223 USD per ounce, but it continues to gravitate around its 10-week peak reached in the previous trading session. With small changes in the upward direction, silver and copper are traded, while platinum is slightly cheaper.
The dollar index, which measures the strength of US dollars against a basket of six major currencies, rises by 0.03% to 94.72 points.