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Crude prices gained over the week despite the huge weekly build in US inventories as reported by the Energy Information Administration ((EIA)). Stockpiles rose by 7.9 million barrels, taking the cumulative increase to 30 million barrels over the last seven weeks. Brent crude rose to $62.51 per barrel while WTI advanced to 57.24.
Bullish signs for the oil price continue to emerge amid positive China manufacturing data and falling US rig counts. The number of US oil and gas rigs fell for the 11th time in the last 12 weeks. According to Baker Hughes, the