On Thursday, both UK and US crude futures had edged up, while the crude prices remained well-supported amid an ongoing production drop of OPEC’s untold kingpin, Saudi Arabia, and a surprise drop of US oil inventories and drilling rigs.
At the Thursday’s (April 18th) market closure, the UK crude futures had been marginally up at $71.97 per barrel, anchoring near yesterday’s (April 17th) five-month high of $72.27. Besides, the Brent Crude futures had also secured a 0.6 percent weekly gains so far, while further gains appeared to be on the card.
While Brent crude had been well on-route to secure fourth consecutive weekly rise on Thursday (April 18th), the US West Texas Intermediate crude was slightly up at $64.02 a barrel, and the US crude had added 0.2 percent this week so far despite a surprise drop of US crude oil inventories and drilling rigs.
Although, US crude had been struggling to gather momentum being in an overbought territory, it was on-course to post its seventh straight weekly gain in a row. As US crude and gasoline inventories had surprisingly dropped this week, remarking their first downsize in four weeks, the Vice President of market research at Tradition Energy Stamford, Connecticut, Gene McGillian said, “I think it’s pretty clear that tightening supplies and receding fears of demand growth is a boost to the market to these five month highs”.