Brent crude oil and U.S. crude for March delivery traded almost two dollars higher on Friday, promising a steady appreciation in the weeks ahead.
Benchmark Brent crude traded 1.90 dollars higher at 58.47 dollars per barrel, while the U.S. crude for March delivery traded at 52.18 dollars per barrel, up by 1.70 dollars
The steady appreciations were attributed to fighting in Libya and stronger economic signals from the U.S. which had helped futures rebound from near-six-year lows.
In Libya, fighting over control of power had highlighted the threat of a breakup in the country, imperiling the country’s oil exports.
In the U.S., non-farm payroll data due later on Friday is expected to show firm job growth in the world’s largest oil consumer in January, a positive signal for demand.
“The official selling price to Europe increased quite a lot.
“They’re reflecting the tighter picture in the Mediterranean,” Olivier Jakob of Petromatrix, a daily research newsletter on the oil markets in Zug, Switzerland, said.
