Oil Trades Near Five-Month Highs

摘要

Oil futures moved modestly higher in tepid trade on Friday but posted their biggest weekly gain since July. Traders and analysts said bullish outlooks on demand from the International Energy Agency (IEA) and Opec had helped fuel trading through the week. "Underpinning the prevailing sentiment is the positive afterglow of [the] week’s frenzy of bullish oil demand forecasts from the leading energy agencies. These upgraded projections have, coupled with the recent decline in Opec output, shored up rebalancing expectations,” said Stephen Brennock of PVM Brokerage.