The stability came in light of fears of the specter of a coordinated move by the major world economies to withdraw from their strategic stocks of crude.
oil prices
Brent crude futures rose 28 cents, or 0.3%, to $81.52 a barrel by 0145 GMT, after falling to a 6-week low on Thursday, before turning the course and closing 1.2% higher.
The futures contracts for West Texas Intermediate crude were not less fortunate than the previous one, as it also rose 19 cents to 79.20 dollars a barrel, after it fluctuated in a range of more than two dollars before closing higher.
The two crudes are heading to a fourth week of decline.
The market volatility followed a Reuters report that the United States had asked China, Japan and other major buyers to join the draw on strategic oil reserves.
“The market remains very tight (in supply) and any volumes drawn are unlikely to significantly alter the global balance,” commodity analysts at Fitch Solutions said in a note. “As such, we expect any price declines to be limited in scope and duration. “.
The Biden administration’s push for a coordinated drawdown of oil stocks is seen as a signal to the OPEC+ grouping of the need to increase production to address fears of rising fuel prices in the world’s largest economies, starting with the United States, China and Japan.
Unprecedented restrictions
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, has maintained what analysts say are unprecedented limits on production, even as prices rebounded from their sharp decline during the early stages of the coronavirus pandemic.
On the other hand, data showing that Saudi oil exports hit an 8-month high in September, the fifth consecutive month of rise, helped keep prices in check.
Prices reached their highest level in seven years last month as the market focused on the rapid rise in demand, which coincided with the lifting of closures and the recovery of economies in the face of a slow increase in supplies from members of the OPEC + grouping.
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