This week’s move has been “driven by a rebuilding of confidence, with traders agreeing with the [International Energy Agency’s] comments that oil has turned a corner,” Colin Cieszynski, chief market strategist at CMC Markets, told MarketWatch.
May Brent crude LCOK6, -0.19% the global benchmark, shed 34 cents, or 0.8%, to $41.20 a barrel, cutting its weekly gain to around 2.3%.
On Friday, Baker Hughes BHI, +1.35% reported that the number of active U.S. oil-drilling rigs rose by 1 to 387, while total active domestic oil rigs fell by 4 to 476.
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