Oil prices rose higher on Friday, on track to a second straight weekly gain.
Global benchmark Brent crude rose 0.72 percent to $66.86 a barrel on London’s intercontinental Exchange, on track for a 3.1 percent weekly gains.
West Texas Intermediate crude oil for April delivery also was trading 0.73 percent higher to $63.23 a barrel on Friday. For the week, the contract is set for a weekly increase of about 2.94 percent.
“The crude oil market is facing some dollar headwinds this morning, but the EIA storage report on Thursday was one of the most bullish reports in recent history, and should lend support to crude oil prices for the next few days,” said Robert Yawger, director energy at Mizuho, according to MarketWatch.
On Thursday, oil price jumped after the U.S. Energy Information Administration reported an unexpected drop in crude stockpiles. Crude stockpiles fell by 1.6 million barrels in the week ended Feb. 16.
The Organization of the Petroleum Exporting Countries and allies is expected to cut oil production. However, U.S. production is expected to rise even more this year and top 11 million bpd in late 2018.
"The bull rally which we have seen for the black gold could fade away as the U.S. oil production undermines the OPEC production cut commitments," Naeem Aslam, chief market analyst at Think Markets UK Ltd. said, according to CNBC.