Oil prices end week on a higher note

Oil prices rose by over 6% on Friday to end with the biggest weekly gain in a month as drawdowns in US crude inventories endorsed hopes that a global oversupply may be near tipping point after almost two years, as per Reuters. The shutdown of the Keystone crude pipeline to Cushing, Oklahoma supported U.S. crude futures. Oil also drew support after Russia said its crude output fell in April, ahead of a meeting of major oil-producing countries in Doha aimed at freezing output. U.S. crude stockpiles fell by nearly 5 mln barrels last week versus analysts forecasts for a build of 3.2 mln barrels. Brent crude futures rose by US$2.5 to US$41.9 a barrel, while US crude futures moved up to US$39.7.
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