Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations of the OPEC+ group of oil producers extending output cuts to the end of the year.
U.S. crude inventories fell by a more-than-expected 10.6 million barrels last week, government data on Wednesday showed.
Commercial crude oil inventories have plunged by 34 million barrels since the middle of July.
A weaker U.S. dollar, which looks set to end a six week winning streak, also helped prices.
A stronger dollar pressures oil demand by making the commodity more expensive for buyers holding other currencies.
Persons:
Brent
Organizations:
U.S . West Texas, bbl, Organization Petroleum Exporting, National Australia Bank, ANZ, Federal Reserve
Locations:
OPEC, Saudi Arabia, U.S