Crude oil prices capped a fifth week of gains without the volatility that characterized much of April when prices plummeted.
Brent crude rose to $35.33 per barrel as WTI advanced to $35.49. The spread between Brent and WTI has also been narrowing over the last three weeks, closing last week at $1.87 per barrel. But this week closed at nearly parity.
This may point to speculators overextending in WTI Nymex futures.
While WTI crude registered its highest ever month-to-month movement, it remains about 94 percent below its level at the start of the year. And