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.
U.S. crude futures have added 5.1 % this week, while benchmark Brent has gained 4.7 %, marking the biggest rise for both markets since the week ending May 19.U.S. crude was trading up 0.7 %, or 29 cents, at $45.22 a barrel at 0223 GMT on Friday, with Brent climbing 0.6 %, or 28 %, to $47.70 a barrel.
"Oil prices received momentum from Wednesday's U.S. data and the market rejected the lows that we saw. It has been a bullish week for the oil market," said Michael McCarthy, chief market strategist at Sydney's CMC Markets.
Data indicating a fall in U.S. production bolstered markets this week after crude prices hit a 10-month low last week in the face of a mounting supply glut.U.S. crude output fell 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016.
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