![]() ![]() drillers cut back on the number of oil rigs they were running, with oil finishing $1.47 higher at $55.26 a barrel.thus US crude prices for March ended the week nearly 3% higher, while Brent crude for April, the currently traded international oil benchmark, finished at $62.75 a barrel, a gain of $1.16 or 1.8% from the prior week's close. sanctions on Venezuelan exports had tightened supply and then after weekly data showed U.S. oil prices then jumped with the stock market on Friday morning after the Labor Department reported a larger than expected surge in US employment and continued rallying throughout the day, first on signs that U.S. crude inventories and an unexpected drop in gasoline supplies.after oil prices rose to two-month high of $55.37 a barrel on Thursday morning, economic concerns again overtook the rally that afternoon, when Trump’s suggestion that a trade deal with China could be postponed triggered a move nearly 3% lower, with oil ending the day down 44 cents to $53.79 a barrel, but still finishing the month of January 18% higher, the largest gain for that month on record. ![]() as Gulf Coast refiners scrambled to find more costly replacement barrels for the cheap heavy sour Venezuelan crude they were optimized for, US oil prices rose another 92 cents to $54.23 a barrel Wednesday, after the weekly EIA report showed a smaller than expected increase in U.S. Oil prices finished the week higher for the 4th time in 5 weeks, mostly on new US sanctions on Venezuelan oil exports, which were also accompanied by associated distortions in refinery product pricing and even greater spikes in grades of oil seen as replacements for Venezuelan crude.after falling 0.7% to $53.69 per barrel on concerns over a global economic slowdown last week, prices for US oil for March delivery fell $1.70, or 3.2%, to $51.99 on Monday, as weak industrial earnings reports from both China and the United States renewed fears of a global downturn that would dampen fuel demand.oil prices steadied at the start of trading on Tuesday, and then jumped more than 2 percent later, after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, with March oil finishing up $1.32 at $53.31 a barrel. ![]()
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