Oil prices rose over the week thanks to a slump in US crude stockpiles, a softer dollar and hopes of a OPEC-Russia deal to tackle a supply glut.
But they fell heavily Friday on profit-taking, losing nearly all of the previous session’s sizeable gains.
Both main contracts had soared more than two dollars Thursday and Brent briefly went above $50 a barrel after the US Department of Energy said the country’s commercial crude inventories slumped by 14.5 million barrels, the sharpest weekly drop in 17 years.