KONTAN.CO.ID - JAKARTA. Oil prices were on track for a seventh consecutive weekly decline for the first time in half a decade on Friday on concerns about surplus supply, but prices rose on the day after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures LCOc1 were up $1.71, or 2.3%, at $75.76 a barrel at 12:04 p.m. ET [1704 GMT], while U.S. West Texas Intermediate crude futures CLc1 were up $1.75, or 2.5%, at $70.67 a barrel. Offering some support, data showed U.S. consumer sentiment perked up much more than expected in December, a development likely to be welcomed by Federal Reserve officials.
Oil Climbs 2% but Still Headed for Seventh Weekly Drop
KONTAN.CO.ID - JAKARTA. Oil prices were on track for a seventh consecutive weekly decline for the first time in half a decade on Friday on concerns about surplus supply, but prices rose on the day after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures LCOc1 were up $1.71, or 2.3%, at $75.76 a barrel at 12:04 p.m. ET [1704 GMT], while U.S. West Texas Intermediate crude futures CLc1 were up $1.75, or 2.5%, at $70.67 a barrel. Offering some support, data showed U.S. consumer sentiment perked up much more than expected in December, a development likely to be welcomed by Federal Reserve officials.