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Oil settles US crude closed at its highest level in 11 weeks
10.10.2015
Oil prices ended the futures volatile trading session on Friday with no little attraction between the negative market factors change is the continued oversupply and positive data sixth consecutive weekly decline in the number of oil rigs running show in the United States.
US crude closed contracts for the nearest high maturity of 20 cents to 49.63 dollars a barrel, the highest level at the settlement since late July while the global Brent crude futures fell 40 cents to 52.65 dollars a barrel.
Although Brent fell in Friday's session, however, already allocated contracts for both indices end the week on gains of about 9 percent is the largest increase in percentage terms in six weeks.
The oil was supported by data from Baker Hughes oil services company showed that US energy companies reduced the number of oil platforms for the sixth straight week, the longest series of weekly declines since June.
The market also received support from the minutes of the latest meeting of the Federal Reserve, which was published on Thursday showed that a larger number than expected of members of the Monetary Policy Committee of the Central Bank and the US have agreed to postpone the first increase in US interest rates in ten years.
The oil industry source told Reuters that Saudi Arabia's largest oil exporter in the world has kept its crude stable in September maintain the high level of production as part of a strategy to defend its market share. It ended 29 quarters e
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