Oil edges down but WTI set for record 10th week of gains

Oil prices edged down on Friday after rising more than 2 percent in the previous session, buoyed by lower US crude inventories and geopolitical tension in the Middle East.

US crude futures are in their longest winning streak since records began in 1983, helped by a drop in crude and product stockpiles last week, reflecting better demand in the world’s largest oil consumer.

West Texas Intermediate for July delivery was at $60.55 a barrel, down 17 cents on the day but poised to post gains for the 10th week.

July Brent crude fell 23 cents to $66.31 a barrel by 0246 GMT after closing up 2.3 percent on Thursday. Front-month Brent prices are set to post a small drop this week.

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Posted in: Indian Market Tips