West Texas Intermediate crude oil futures moderately rose in value on Friday but the energy commodity was diving toward its largest weekly losses in about four months, according to Bloomberg.
Conjecture is mounting that very strong production of the energy commodity in the U.S., the globe's largest consumer of crude oil, will strengthen supplies. Economic data released by the U.S. noted the countries refineries generated crude oil at its most rapid pace since 1989.
"Lower crude oil processing led to rising U.S. crude oil inventories, which pushed prices lower in recent days," analyst Carsten Fritsch with Commerzbank AG in Frankfurt told the news source on Friday. "Processing rates must almost reach summer peak levels to drain inventories again, given rising supplies."
At 9:14 a.m. on Friday, WTI crude oil futures edged up 0.08 percent, an 8-cent lift to $97.19 per barrel. Brent crude oil futures dropped 0.4 percent, a 43-cent decline to $106.56 per barrel.
Reuters reports Brent crude oil futures were supported by strong demand from China, the world's second-largest consumer of the energy commodity. Factory production this month in China developed at its most rapid pace in seven months.
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