Crude prices gained modestly Friday, helped by a weaker dollar, putting the U.S. benchmark on track for a 10-day winning streak that would be its longest since December 2016. A move higher in the last few minutes of trading on Thursday allowed oil futures to notch a ninth straight session of gains, the longest winning streak in about nine years for the U.S. benchmark and in more than 11 years for global crude prices. The recent advance for the energy complex has been powered by optimism over U.S.-China trade talks, as well as a December output drop from major producers and a more-recent decline in U.S. crude inventories. OPEC oil production fell by 630,000 barrels a day to a six-month low of 32.43 million barrels in December, according to an S&P Global Platts survey released earlier this week. Click read more below for additional detail.
Futures rose as much as 2.1 percent in New York as equities climbed after the Federal Bureau of Investigation said it maintains the view that Hillary Clinton’s handling of her e-mails wasn’t a crime. A magnitude 5 earthquake struck near Cushing, prompting some pipeline operators to shut operations at the site as a precaution. Russia, the world’s biggest energy producer, is “on board” with an OPEC agreement to limit crude oil production to help re-balance the market, according to OPEC Secretary General Mohammed Barkindo.
West Texas Intermediate for December delivery rose as much as 92 cents to $44.99 a barrel on the New York Mercantile Exchange, and was at $44.74 at 12:46 p.m. in London. The contract slid 59 cents to $44.07 on Friday. Total volume traded was in line with the 100-day average. Prices slipped 9.5 percent last week, the most since the period ending Jan. 15.
Brent for January settlement rose as much as 80 cents, or 1.8 percent, to $46.38 a barrel on the London-based ICE Futures Europe exchange. Prices declined 8.3 percent last week, the most since January. The global benchmark traded at an 80-cent premium to January WTI.
The tremor occurred 2 kilometers (1.2 miles) west of Cushing at a depth of 5 kilometers, the U.S. Geological Survey said on its website. Magellan Midstream Partners LP, a pipeline operator, is working through a controlled shutdown in the area, spokesman Bruce Heine said in an e-mailed statement. There was no damage to its assets and the company expects to resume operations on Monday, he said.