Oil falls from 2015 peaks, Brent jumps 9.6 percent on the week

Fri Apr 17, 2015 4:12pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Robert Gibbons

NEW YORK (Reuters) - Crude futures fell from 2015 peaks in choppy trading on Friday, but Brent's 9.6 percent weekly gain was its biggest in more than five years as Middle East turmoil and signs of lower U.S. production lifted prices.

U.S. crude also retreated from its 2015 high, but registered a fifth straight weekly gain, which at 7.9 percent was the biggest since it jumped 13.5 percent in the week to Feb. 25 2011.

Brent June crude fell 53 cents to settle at $63.45 a barrel, having swung from $62.95 to $64.50 after hitting $64.95, its 2015 high, on Thursday.

Brent's second straight weekly gain, the fourth in five weeks, was its biggest since a 9.9 percent rally in the week to Oct. 16, 2009.

U.S. May crude, expiring on Tuesday, fell 97 cents to settle at $55.74. It reached a 2015 peak of $57.42 on Thursday.

Yemen's escalating conflict sparked Thursday's rally and on Friday military units protecting the Masila oilfields withdrew.

While Yemen is not a major oil producer, the conflict raises concern about risks to supply from the region's major exporters, especially Saudi Arabia.

Oil rallied Wednesday on data showing the smallest weekly U.S. inventory build since Jan. 2. That followed reports of U.S. production beginning to pull back as the price retreat since June weighs on producers.   Continued...

 
Oil storage tanks are seen at sunrise with the Rocky Mountains and the Denver downtown skyline in the background October 14, 2014.  REUTERS/Rick Wilking