KXIP vs KKR Live Score

"You had the API showing a strong build in crude oil and nothing fantastic on the products", says Olivier Jakob, managing director of consultant Petromatrix GmbH.

US West Texas Intermediate crude gained 11 cents to stand at US$67.15 a barrel by 0702 GMT, bouncing off a session low of US$66.81 a barrel having fallen nearly 2% on Thursday. For the week, WTI was on track for a 2.5% fall, adding to last week's near 5% decline and shrugging off a 3.6 million-barrel drop in USA crude stockpiles last week.

By the end of last month, both OECD and USA inventory levels were lower than the averages for April 2013 to April 2017.

The drawdown assuaged some worries from USA traders who have watched the West Texas Intermediate crude (WTI) benchmark weaken due to high production levels and signals that OPEC will let its supply-cut pact come to a close.

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WTI's discount to Brent widened, settling at US$11.02 a barrel after ballooning to as much US$11.57 during the session, largest since 2015.

US Crude Oil futures remained under pressure in comparison to global Brent Crude, which rallied to push the spread between the 2 to the highest level in more than 3 years.

Oil fell Friday morning as markets mulled the future of OPEC supply cuts and after USA crude production continued to climb to record highs.

Concerns about growing United States crude production and a glut trapped inland due to a lack of pipeline capacity have pressured prices of WTI, doubling its discount to Brent over the course of a month. It was still set to rise 0.5% for the week. On Wednesday, the American Petroleum Institute was said to report a 1 million barrel increase in crude stockpiles, double the gain forecast in a Bloomberg survey of analysts.

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The largest fall in production was registered in Nigeria, according to the survey based on shipping data from external sources, Thomson Reuters flows data, and information provided by sources at OPEC and oil and consulting firms. That was the eighth time drillers have added rigs in the past nine weeks.

The speculator group cut its combined futures and options position in NY and London by 50,937 contracts to 370,980 during the week to May 29, the U.S. Commodity Futures Trading Commission said.

Saudi Arabia and Russian Federation said last week that they are considering boosting production to ease potential supply disruptions in Iran and Venezuela.

Kazakhstan is consulting other producers on the potential easing of a 2016 oil output reduction agreement between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members, Kazakh Energy Minister Kanat Bozumbayev said recently.

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