Oil settled higher in volatile trade on Friday
Traders shrugged off the tenth consecutive week of inventory buildup in the US to focus on the positive Chinese PMI data, which signalled strong economic activities rebound.
International benchmarks for crude oil ended the volatile trading session on Friday, 3 March 2023 higher following a report that the UAE has no plan to exit OPEC. Traders shrugged off the tenth consecutive week of inventory buildup in the US to focus on the positive Chinese PMI data, which signalled strong economic activities rebound.
Both Brent and NYMEX plunged more than $2/barrel throughout the early trading hours on a media report that the UAE was planning to leave OPEC and pump more oil. The report later was denied by the UAE.
Brent added $1.08 to close at $85.83/barrel.
WTI gained $1.52 to close at $79.68/barrel.