Futures rose Friday and are up 4.6 percent for the week. U.S. output slid for a 10th week to the lowest level since September 2014, the Energy Information Administration said Wednesday. Fire fighters in Canada successfully defended Suncor Energy Inc. and Syncrude Canada Ltd.’s oil-sands operations and rain brought some relief even as the fire spread into remote forests to the east.
Oil has surged more than 80 percent since slumping to the lowest in 12 years earlier this year on signs the global glut will ease as U.S. production falls. The market moved into a deficit earlier than expected following supply disruptions in Nigeria and an increase in demand, according to Goldman Sachs Group Inc.
West Texas Intermediate for June delivery, which expires Friday, rose as much as 39 cents to $48.55 a barrel on the New York Mercantile Exchange. Total volume traded was about 59 percent below the 100-day average. The more-active July contract gained 21 cents to $48.88 at 7:29 a.m. Hong Kong time.
Brent for July settlement lost 12 cents, or 0.3 percent, to $48.81 a barrel on the London-based ICE Futures Europe exchange on Thursday. The global benchmark crude ended the session at a premium of 14 cents to WTI for July.