Good Week For Oil After Dreadful H1

Oil prices climbed for a seventh straight session on Friday, thanks to a weaker U.S. dollar, in their longest bull run since April but were still set for the worst first-half performance since 1998.

Lingering worries about oversupply have knocked 16 percent off Brent crude so far this year, despite a deal involving OPEC members and some other major producers to curb production by about 1.8 million barrels per day (bpd).

Brent fell 19 percent in the first half of 1998 and would need to close at $46.01 a barrel or lower on Friday to do worse this time.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.