The price of crude oil futures was on the uptick on Friday morning amid anticipation that the Copenhagen meeting of European finance ministers will result in funds being augmented, according to Bloomberg.
As the energy commodity hurtled toward a second consecutive quarter of gains, the finance ministers were embarking on two days of meetings. One day after slipping roughly 2.5 percent, crude oil futures were on the rise but still driving toward a weekly loss. One driver of those losses is news about the inventory of U.S. oil reaching its highest level in about seven months.
"If the finance minister meeting is able to push equities up or down, it should also influence crude," analyst Hannes Loacker with Raiffeisen Bank International in Vienna told Bloomberg. "In the short-to-medium-term it does seem the worst of the crisis is over. In the longer term, euro countries have to prove the bunch of measures taken to stabilize their budgets have been successful."
At 7:52 a.m. on Friday, crude oil futures were up 0.67 percent, an 82 cent lift to $123.21 per barrel.
Reuters also noted the recent losses were attributable to discussion about the likelihood of consumer countries releasing strategic reserves of the energy commodity.