Increased supplies in the world's largest consumer facilitated West Texas Intermediate crude oil futures' drive toward their longest bearish trend in 15 years on Friday, according to Bloomberg.
But those losses were tempered by mounting confidence about the U.S. Federal Reserve being poised to keep economy-spurring monetary stimulus measures in place. Members of the U.S. Senate Banking Committee might vote next week on the White House nomination of Vice Chair Janet Yellen to lead the Fed after she testified before the committee on Thursday.
"Dovish comments from Yellen are providing support," chief strategist Michael McCarthy with CMC Markets in Sydney told the news source on Friday. "Some of those funds that are being redeployed across asset classes are flowing into oil. The fundamentals, the supply side in particular, are pointing in the other direction and that's another reason why today looks like investment support."
At 9:13 a.m. on Friday, WTI crude oil futures gained 0.8 percent, a 75-cent lift to $94.51 per barrel. Brent crude oil futures rose 1.33 percent, a $1.42 lift to $108.54 per barrel.
Reuters reports Yellen said on Thursday that tapering is not her immediate intention should she be approved.
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