Investing.com oil traders will continue to monitor global crude oil supply and energy demand prospects next week.
Futures rallied 3% on Friday. This suggests that US sanctions have helped to streamline supply while improving expectations for higher fuel demand.
Data showing a weekly decline in US drill numbers also contributed to the success. Drills cut 15 rigs during the week ending Feb. 1, cutting the lowest number since May 201
It was the fourth time in the past five weeks that the US energy companies had reduced the number of rigs, suggesting a possible slowdown in domestic production activity.
US Friday's session closed at $ 1.47, or 2.7%, at $ 55.26 a barrel on the New York Mercantile Exchange. WTI rose to its best since November 21, reaching $ 55.66.
The US benchmark rose last week by about 2.9%, its fourth weekly profit in the last five weeks.
Internationally on the ICE (NYSE) 🙂 The Futures Europe futures market rose $ 1.91, or about 3.2%, to $ 62.75 a barrel. The week increased by 1.8%.
After the oil price in free fall ended in 2018, it has risen by about 15% since the beginning of the year.
Overall, the recent progress of the energy complex has been supported by the evidence of a decline in global production.
OPEC, led by Saudi Arabia, and their non-member ally led by Russia agreed to collectively reduce production by a total of 1.2 million barrels per day (bpd) during the first six months of 2019, destroying supplies worldwide.
Venezuela is expected to stay in the headlines next week after the US Treasury imposed sanctions on the Venezuelan state-owned oil company PDVSA, which left tankers stuck in ports.
Fresh data on commercial crude oil inventories and manufacturing activity in the US will also grab market attention this week.
Investing.com has compiled a list of major events that could affect the oil market.
Tuesday, Feb. 5
This is to be published its weekly update on US oil stocks.
Wednesday, February 6
He will publish his weekly report on oil supplies.
Friday, February 8  publishes weekly data on the number of US rigs.
– Reuters contributed to this report
Fusion Media or any person involved with Fusion Media assumes no responsibility for the resulting loss or damage of any reliance on the information, including data, quotations, graphics and buy / sell signals posted on this Website are included. Please inform yourself comprehensively about the risks and costs associated with trading the financial markets. This is one of the riskiest forms of investment.