WTI crude oil futures rose toward $76 per barrel on Friday, cutting the 5% plunge from the prior session that took prices to their lowest since July, but still on course to book its fourth consecutive weekly loss amid concerns of low demand and respite to supply. The latest data from the EIA showed that crude oil stocks in the US rose by 17.5 million barrels in the last two weeks, taking inventories to their highest in 2-1/2 months. Additionally, higher output from non-core OPEC members added some relief to global supply levels, softening the impact of repeated output cuts from Saudi Arabia and Russia. In the meantime, the same EIA report pointed to a 7.6% decline in fuel product supplied from the earlier week halfway through November, consistent with the body’s earlier report that stated the oil market will not be as tight as initially thought.
