Reduced inventories prompted West Texas Intermediate crude oil futures to advance on Friday as the energy commodity marked its first weekly climb since late last month, according to Bloomberg.
Economic data released by the Energy Information Administration, the accounting arm of the U.S. Department of Energy, indicated supplies dropped by 1.78 million barrels last week at the Cushing, Oklahoma facility. Also spurring the price of the energy commodity higher on Friday was ongoing fighting between Ukraine security forces and pro-Russia militants.
"The decline in stockpiles was a surprise; I expected there to be more builds," chief investment officer Jonathan Barratt with Ayers Alliance Securities in Sydney told the news source on Friday.
At 9:04 a.m. on Friday, WTI crude oil futures rose 0.65 percent, a 65-cent increase to $100.91 per barrel. At 9:03 a.m., Brent crude oil futures increased 0.52 percent, a 56-cent lift to $108.60 per barrel.
CNN reports Russia President Vladimir Putin set foot in Crimea on Friday to celebrate Victory Day, his first visit to the region that Russia annexed from Ukraine in March.
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