15 May 2015 – Oil prices were little changed on Friday but set to end the week slightly higher despite ample supply, buoyed by a weaker dollar, forecasts of lower US crude output and a pick-up in global demand.
US crude is on track to rise for a ninth week, which would be the benchmark’s longest winning streak since 1983.
US crude stockpiles have fallen from record levels, while international oil agencies cut US production forecasts after low prices hurt shale producers.
June West Texas Intermediate futures were down 13 cents at $59.75 a barrel early on Friday. July Brent crude edged up 3 cents to $66.73 a barrel.
Front-month Brent is on track for a weekly gain after a 1.6% decline last week interrupted its month-long rally. But analysts said prices have outperformed weak oil fundamentals.
Supply continues to exceed demand growth, which has been curbed by a lacklustre global economy.
“Recent price action across a number of commodities suggests the rally in recent months has largely run its course,” ANZ analysts said in a note.
The bank noted that WTI has failed to rise above $62 a barrel twice in the past week despite a weaker US dollar.