Crude oil prices pared gains Friday as bearish U.S. inventory data dampened bullish sentiment from OPEC production cuts and upcoming U.S.-China trade talks.
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Domestic crude stockpiles rose by 7,000 barrels but were "virtually unchanged" at 441.4 million barrels last week, the Energy Information Administration said. Gasoline inventories rose by 6.9 million barrels and distillates by 9.5 million barrels.
Analysts polled by S&P Global Platts had expected a 1.3 million-barrel fall in crude supplies, along with a 1.6 million-barrel increase each for gasoline and distillate stocks.
Late Thursday, the American Petroleum Institute calculated a 4.5 million-barrel drop in crude stockpiles with gasoline supplies up by 8 million barrels and distillates by 4 million barrels.
U.S. crude oil prices rose 1.9% to settle at $47.96 a barrel after surging about 4% earlier. For the week, oil rose 5.8%, marking the first weekly gain in a month.
Brent crude oil prices, the global benchmark, finished up 2% at $57.06 a barrel, gaining 7.2% for the week. Both benchmarks hit a two-week high Thursday and extended gains early Friday after data showed the U.S. added 312,000 jobs in December vs. expectations for 176,000.
Exxon Mobil (XOM) popped 3.7% on the stock market today, Chevron (CVX) rose 2.1%, Royal Dutch Shell (RDSA) gained 2.3% and BP (BP) advanced 3.1%.
Crude Oil Prices Rise On China, OPEC
Crude oil prices rose earlier Friday after China's commerce ministry said it would hold trade talks with U.S. counterparts in Beijing on Jan. 7-8.
Also, early indications of production cuts by Saudi Arabia gave crude oil prices a further boost. OPEC and Russia agreed last month to curb output by 1.2 million barrels per day to stabilize prices.
Platts, an independent energy information provider, also reported Friday that the total U.S. rig count fell by 36, or 3%, to 1,147 in December. The rig count was up by 117, or 11%, from December 2017.
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The post Crude Oil Prices Pare Gains On Latest Bearish Sign But End Week Higher appeared first on Investor's Business Daily.
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