POST TIME: 18 November, 2019 00:00 00 AM
Weekly oil prices edge up amid concerns over global demand
XINHUA, Houston

Weekly oil prices edge up amid concerns over global demand

Oil prices edged up for the week ending with the price of West Texas Intermediate (WTI) for December delivery up 0.84 per cent and Brent crude oil for January up 1.26 per cent.

WTI closed the week at 57.72 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January finished the week at 63.30 dollars a barrel on the London ICE Futures Exchange.

WTI and Brent crude prices have increased 27.11 per cent and 17.66 per cent, respectively, so far this year, falling from their peak levels in April when the growth of WTI hit over 40 per cent and Brent crude over 30 per cent.

On Monday and Tuesday, oil prices declined as traders awaited more clues concerning global trade with WTI down 0.44 dollar and Brent crude down 0.45 dollar, respectively.

On Thursday, oil prices pulled back slightly after data showed a hefty weekly rise in US crude stocks.

US crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 2.219 million barrels during the week ending Nov. 8, beating analysts' expected growth of 1.649 million barrels, which implies weaker demand and bearish for crude prices.

However, the gains on Wednesday and Friday outpaced the drops amid expectations of improved demand for the energy and concerns over downtrend of U.S. drilling rigs.

Oil prices got some support on Wednesday after US Federal Reserve Chair Jerome Powell said the current stance of U.S. monetary policy is "likely to remain appropriate" as long as the U.S. economy stays on track.