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Oil ticks higher in Europe

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic advanced on Friday as investors squared off short positions heading into the weekend.

At the time of writing, WTI crude was up 70 cents at USD 47.07/barrel. Brent was up 55 cents at USD 50.28/barrel. Prices were down nearly 10% earlier this week on renewed signs of global supply glut.

However, prices recovered losses largely on the back of a broad based USD weakness and rise in the stock markets. Despite the recovery seen today, Oil prices in the US – WTI – appears on track to register its steepest weekly loss in 10 weeks.

Moreover, Oil remembered gravity after the International Energy Agency (IEA) said the market is likely to remain oversupplied through 2016.

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