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Crude Futures Tread Water

OIL

Crude futures have hugged a narrow range in Asia-Pac trade on Friday; WTI is down $0.06 from settlement levels at $63.40/bbl, while Brent is down $0.03 at $66.91/bbl. WTI is on track for gains of around 7% this week, its best week since early March.

  • A number of positive signals on demand this from week from the IEA and OPEC have helped oil gather momentum and break out of recent ranges. Data from China earlier was slightly below estimates but still showed an economy progressing at a decent clip and should also be supportive of demand going forward. Earlier in the session CNPC said China's oil demand is expected to rise 1% this year.
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