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Oil prices stabilize near year-and-a-half lows just before the end of the year

The Address | Benghazi – Libya

NEW YORK – Oil prices stabilized on Friday at the end of a week of market volatility near the end of the year, supported by the rise in US equity markets but still under pressure from concern over an oversupply of crude.

Brent crude futures closed at $ 52.20 a barrel at $ 52.20 after hitting a session high of $ 53.80.

US benchmark WTI futures rose 72 cents to settle at $ 45.33 a barrel after reaching $ 46.22 a barrel earlier in the session.

The benchmark crude oil was the third consecutive weekly decline, with Brent falling nearly 3 percent while US crude fell 0.4 percent.

Traders said crude prices rose on Friday, boosted by gains in US stocks. Oil prices have largely followed the footsteps of Wall Street and both asset classes have seen volatile sessions throughout the week.

Earlier this week, oil prices plunged to their lowest level in a year and a half and headed towards ending the year on losses of more than 20 percent, partly affected by increased supply.

Source: agencies


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