Oil Chops Sideways But Posts Weekly Loss

摘要

Oil treaded water for much of Friday, with benchmark contracts closing slightly higher after a week of steady declines. Trading action has been in line with the gloom expressed in multiple monthly reports released this past week. Opec, the US Energy Information Administration (EIA) and the International Energy Agency (IEA) all saw loose fundamentals for the first half of the year (OD Jan.17’20). Energy Intelligence also sees loose balances, although these are forecast to tighten in the second half.