Oil prices extend gains on dip in US output

Oil prices extend gains on dip in US output

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.

As of 7:44, a barrel of Brent oil rose in price by 0.57% to $47.90. At the same time futures for WTI rose 0.6% to $45.20 per barrel.

U.S. crude production dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016. But analysts said the decline was related to temporary factors, including production shut as a precaution in the Gulf of Mexico due to Tropical Storm Cindy, along with maintenance in Alaska, Reuters reported.

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