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Oil on track

FOREX_OIL_FXPIG

Crude-oil futures Friday were marginally lower, but looked set to mark a second straight weekly advance, as bullish inventory reports underpinned bullish sentiment.

West Texas Intermediate crude oil for April delivery CLJ8, -0.08%  on the New York Mercantile Exchange— the U.S. benchmark—gave up 5 cents, or less than 0.1%, to trade at $62.73 a barrel. For the week, the U.S. benchmark oil contract was on pace to show a weekly gain of 1.7%, based on last Friday's close, marking its second weekly increase after a 4.2% five-session gain last week.

The global benchmark—Brent crude LCOJ8, +0.00% —lost 21 cents, or 0.1%, to $66.25 a barrel, but was set for a weekly return of more than 2%.

Friday's tepid pullback was partly attributed to a marginally stronger U.S. dollar, which was up 0.1% on Friday, as measured by the ICE U.S. Dollar Index DXY, +0.13%

Commodities pegged to the dollar like crude-oil futures can fall as the dollar strengthens, because those assets become more expensive to buyers using other monetary units.

On Thursday, oil prices turned higher after government data showed an unexpected drop in crude inventories last week. The Energy Information Administration said crude-oil stocks fell by 1.616 million barrels in the week ended Feb. 16. Analysts surveyed by The Wall Street Journal had forecast a 1.9 million barrel rise.

Looking ahead, the market will be watching for weekly rig-count data from oil-field services Baker Hughes Inc. BHGE, +4.78% at 1 p.m. Eastern Time. Last week, the closely watched report showed a weekly rise of 7 oil rigs drilling for oil to 798, marking the fourth consecutive weekly increase.

The threat of growing output from U.S. shale producers has posed the biggest threat to crude prices as the Organization of the Petroleum Exporting Countries and major producers outside the oil cartel, including Russia, attempt to cap global oil production to tamp down a glut of oil that walloped prices nearly four years ago.In other energy products on Thursday, April gasoline RBJ8, -0.27%  declined 0.2% to $1.957 a gallon, while heating oil HOJ8, -0.17%  slipped by 0.2% to $1.950 a gallon.April natural gas NGJ18, -0.97% meanwhile, shed 1.7% to $2.630 per million British thermal units.

Source: marketwatch.com

Crude-oil futures Friday were marginally lower, but looked set to mark a second straight weekly advance, as bullish inventory reports underpinned bullish sentiment.

West Texas Intermediate crude oil for April delivery CLJ8, -0.08%  on the New York Mercantile Exchange— the U.S. benchmark—gave up 5 cents, or less than 0.1%, to trade at $62.73 a barrel. For the week, the U.S. benchmark oil contract was on pace to show a weekly gain of 1.7%, based on last Friday's close, marking its second weekly increase after a 4.2% five-session gain last week.

The global benchmark—Brent crude LCOJ8, +0.00% —lost 21 cents, or 0.1%, to $66.25 a barrel, but was set for a weekly return of more than 2%.

Friday's tepid pullback was partly attributed to a marginally stronger U.S. dollar, which was up 0.1% on Friday, as measured by the ICE U.S. Dollar Index DXY, +0.13%

Commodities pegged to the dollar like crude-oil futures can fall as the dollar strengthens, because those assets become more expensive to buyers using other monetary units.

On Thursday, oil prices turned higher after government data showed an unexpected drop in crude inventories last week. The Energy Information Administration said crude-oil stocks fell by 1.616 million barrels in the week ended Feb. 16. Analysts surveyed by The Wall Street Journal had forecast a 1.9 million barrel rise.

Looking ahead, the market will be watching for weekly rig-count data from oil-field services Baker Hughes Inc. BHGE, +4.78% at 1 p.m. Eastern Time. Last week, the closely watched report showed a weekly rise of 7 oil rigs drilling for oil to 798, marking the fourth consecutive weekly increase.

The threat of growing output from U.S. shale producers has posed the biggest threat to crude prices as the Organization of the Petroleum Exporting Countries and major producers outside the oil cartel, including Russia, attempt to cap global oil production to tamp down a glut of oil that walloped prices nearly four years ago.In other energy products on Thursday, April gasoline RBJ8, -0.27%  declined 0.2% to $1.957 a gallon, while heating oil HOJ8, -0.17%  slipped by 0.2% to $1.950 a gallon.April natural gas NGJ18, -0.97% meanwhile, shed 1.7% to $2.630 per million British thermal units.

Source: marketwatch.com

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