Oil futures rose on Friday, February 22, but this appreciation was eclipsed by the contracts falling almost 3 percent during the week.
Market participants pushed the value of the commodities sharply lower as they responded to various reports indicating strong U.S. supplies of oil.
The Associated Press reports that April crude futures finished the day at $93.13 per barrel on the Comex division of the New York Mercantile Exchange, which represented a daily gain of 29 cents. Brent crude ended trading on the London-based ICE Futures exchange closed 57 cents higher at $114.10 a barrel.
The U.S. inventories of crude increased by more-than-expected during the most recent week, according to data supplied by The Energy Information Administration on February 21, according to MarketWatch.
The gain that crude prices made on Friday were also attributed to encouraging information related to the global economy, with recent data provided by the Zew Institute revealing that business optimism rose sharply in Germany in February, The Associated Press reports.
Neal Ryan, managing partner at Ryan Oil & Gas Partners LLC, stated that the market is currently more concerned with the global economic stage than information that is specifically related to oil, according to MarketWatch.
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