U.S. crude edges up from six-and-a-half-year low, expiring Brent dips

Fri Aug 14, 2015 3:40pm EDT
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By Robert Gibbons

NEW YORK (Reuters) - U.S. crude oil edged higher after falling to a fresh 6-1/2-year low on Friday, posting a seventh weekly loss amid concerns over global oversupply, while Brent futures slipped as the front-month September contract approached expiration.

Data showing North Dakota crude oil production rose a second straight month in June helped pull U.S. crude off its session high, along with the stronger dollar .DXY and weaker-than-expected consumer sentiment.

"Producers don't seem to want to blink," said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut, commenting on the North Dakota data.

Producers in the United States added two oil rigs this week, a fourth straight week with additions, energy services firm Baker Hughes Inc (BHI.N: Quote) said. [RIG/U]

U.S. crude bounced early off a fresh 2015 low and then received a lift from data showing U.S. producer prices rose for a third straight month in July.

U.S. September crude CLc1 settled at $42.50 a barrel, up 27 cents, and continued to seesaw in post-settlement trade. It reached $42.96 after falling to $41.35, the lowest front-month price since March 2009, and finished off more than 3 percent for the week.

Expiring Brent September crude LCOU5 fell 19 cents to settle at $49.03, but gained nearly 1 percent for the week, snapping a string of six weekly losses. Brent prices are well above the 2015 low of $45.19 from January, despite its recent slide.

Brent October crude LCOV5 also fell.   Continued...

A customer holds a nozzle to fill up his tank in a gasoline station in Nice December 5, 2014. REUTERS/Eric Gaillard