Oil prices stabilized Friday after the previous session`s sharp gains - GEPL Capital Ltd
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* The U.S. Department of Defense began sending real-time satellite and sensor data to Canadian authorities on Friday, technology it said would help more quickly identify new fires as that nation endures one of its most destructive early wildfire seasons. The U.S. has already dispatched more than 600 firefighters to Canada to help battle the flames. President Joe Biden, who has linked wildfires to climate change, said U.S. officials were monitoring air quality and aviation delays.
* Oil rose on Friday and posted a weekly gain, as higher Chinese demand and OPEC+ supply cuts lifted prices, despite expected weakness in the global economy and the prospect for further interest rate hikes. Brent crude gained 94 cents to settle at $76.61 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.16 to $71.78. Brent posted a weekly gain of 2.4% and WTI rose 2.3%.
* An underwhelming storage build has led to an overwhelming in demand prospects for natural gas, resulting in the biggest weekly price gain for the fuel since March.The front-month gas contract on the New York Mercantile Exchange’s Henry Hub settled Friday’s session at $2.6320 per mmBtu, or metric million British thermal units — up 9.9 cents, or almost 4% on the day. This week’s breakout above $2.60 was the first for a Henry Hub front-month in three weeks.
* Oil prices stabilized Friday after the previous session’s sharp gains, and are set to break a two-week losing streak on optimism about crude demand from Chinese refineries as well as a weaker dollar.
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