Oil futures traded lower Friday, pulling back one day after US prices stood their longest stroke of consecutive session wins in nine years, but remained on track to score another weekly rise in a row.
A step higher in last few minutes of trading on Thursday allowed oil futures to notch a ninth straight session of winnings. It was the longest winning strike since January 2010 for the US benchmark. For the global benchmark Brent was the longest for more than 11 years.
"I think oil prices went up too fast, without a break, so what we see could simply be beneficial in receiving important levels of resistance," says Fawad Razaqzada, market analyst at Forex.com. But "fundamentally, the outlook does not look too bright. Not only has the OPEC supply [looking] increased, but the outlook for demand does not look too great this year."
Friday negotiations, West Texas Intermediate crude to February delivery
decreased $ 1.37 or 2.6% to $ 51.22 per. Barrel. Settlement on Thursday at $ 52.59 per. Barrel on the New York Mercantile Exchange was the highest since December 7, according to Dow Jones Market Data. WTI was ready for a weekly increase of approx. 6.9%.
Prices climbed out of a bear market Wednesday and after Thursday's settlement is climbed by about 24% from 52 weeks made at $ 42.53 on December 24.  Read: Oil prices are on the verge of slowing down over a bullish line in the sand flowing bear market
Read: Here's how close the stock market and oil prices track each other
March Brent Raw
decreased by $ 1.11 or 1.8% to $ 60.57 per. Barrel with prices of a gain of 6.1% for the week. Settlement of $ 61.68 per. Barrel on ICE Futures Europe Thursday was the highest since December 4.
The market grew just before the oil settlement Thursday after the Federal Reserve chairman Jerome Powell stressed again that the central bank is flexible and patient and can change the policy of one dollar if economic prospects deteriorate, a step that can be seen as support for the future oil demand . Following the comments, the dollar continued to strengthen and US benchmark stock indices traded higher as oil futures settled.
"Powell sharply highlighted in the midst of a Fedspeak frenzy who reiterated his latest comments from last week that the central bank's commitment was to be cautious about monetary policy, which, of course, was considered very positive by the oil markets as a Fed break be great for venture capital, "says Stephen Innes, head of the Asia region, who deals with Oanda.
Overall, the latest energy complex progress has been driven by optimism in US-China relations, and declines in December from major manufacturers and a decline in US stockpiles last week. Oil production from the Organization for Petroleum Exports declined in December by 630,000 barrels to a 6-month low of 32.43 million barrels in December, according to a survey by S & P Global Platts released earlier this week.
"A large bullfight is still far from formulating" in the oil market and "prices are still close to 30 percent lower than the latest highs in October to put current levels in perspective," says Balint Balazs, global commodity analyst at Schneider Electric. However, in the short term, OPEC + cuts, continued decline in Iranian exports and a weaker dollar will help support crude prices. "
Oanda's Innes said "the market is locked in recent industry insider reports that Iran will see its raw exports further expanded in January as it struggles to find new buyers in fresh US sanctions, although traditional Meanwhile, Baker Hughes in the United States reported that the number of domestic rigs Drilling for Oil fell for another week in a move-4 to be at 873 a week, suggesting a slowdown in crude production.
At Nymex, the prices of petroleum products fell with oil. February petrol
decreased 2.2% to $ 1.40 a gallon, with prices rising to rise by about. 3.9% in the week while February heating oil