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Oil Update: US Crude drops 14 percent, closing at $46.04 as market continues to remain oversupplied

Oil prices climbed for a seventh straight session on Friday, but still posted their worst first-half performance since 1998.

Oil prices climbed for a seventh straight session in thin trading on Friday, posting their longest bull run since April, but still turned in their worst first-half performance since 1998.

U.S. crude futures ended Friday's session $1.11 higher, up 2.5 percent, at $46.04 a barrel, having added 7 percent this week. Benchmark Brent climbed 48 cents to $47.90 a barrel by 2:38 p.m. ET (1838 GMT) and has gained 5 percent this week.

Crude hit a 10-month low last week as rises in output revived concerns about global oversupply. But data this week showing a temporary dip in U.S. oil production has dented the bearish sentiment.

U.S. crude output dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016.

The oil market shrugged off news that production from Libya, one of two OPEC members exempt from the group's supply deal, had soared above 1 million barrels per day (bpd).

The U.S. dollar fell to its lowest since October in early trading on Friday, giving investors an incentive to buy dollar-denominated commodities such as crude oil.

Posted on: 2017-07-01T12:12:00+05:00
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