Oil climbs on falling US crude output, weekly drop in sight

Source: Reuters
© ScanPix/Reuters
Crude futures was trading elevated on Friday, as traders bet declining US oil production may decrease a global supply glut. However, both benchmarks are heading for weekly falls. Futures for WTI advanced 1.49% to $47.06 per barrel, while Brent futures added 1.17% to trade at $50.31 per barrel by 07:29 AM GMT. Friday's recovery was also sparked by comments from Russia, as it does not exclude the possibility of production cut. 
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