Oil prices surged on Friday

International benchmarks for oil prices surged remarkably on Friday (8 April) on report that the US commercial inventory has fallen by 4.9 million barrels on the week ending 1 April, triggering great optimism among traders that global oversupply is now waning. Besides, the Federal Reserves on Thursday also gave optimistic comments regarding the recovery progress of the US economy while elected to go slow on lifting the key interest rate. Market is now watching closely the long awaited meeting between global major oil producers this 17 Apr in an effort to further discuss measures to bring oil supply-demand back to normal. Although analysts remain divided about the meeting outcome, it generally has a great psychological impact on the market prices.

WTI closed at   $39.72/b (+$2.46) May delivery

Brent closed at $41.94/b (+$3.27) June delivery

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